Despite intensely competitive market conditions and softening inflation, Wakefern Food Corp. reported record annual retail sales for its 52-week period ended September 28.
The Keasbey, NJ-based wholesale co-op amassed annual revenue of $20.1 billion a 2.2 percent increase over the prior year.
The results were announced at the company’s annual shareholders’ meeting held on October 17 at the Hilton in Parsippany, NJ. In addition to member-owners (ShopRite, Fresh Grocer and Price Rite), the meeting was attended by store management and corporate Wakefern staff. Moreover, thousands more teammates from across the cooperative tuned into the annual meeting, which was broadcast live.
Leadership reported on the 2024 fiscal year and how Wakefern and its family-owned supermarkets marked their 79th year in business with an eye to the future and the art of the possible.
Wakefern chairman Sean McMenamin, whose family owns two ShopRite stores in Philadelphia, said innovation combined with a steadfast commitment to customers and community position the nation’s largest retailer-owned cooperative for future success and growth.
“There is excitement we can all feel in the air with what’s happening at Wakefern right now, and the possibilities of what we can achieve together,” McMenamin told the audience. “I think that excitement comes from the fact that we have a bold plan for growth, and we are embracing our brand and legacy as the trusted neighborhood grocer.”
Mike Stigers, whose first full year as president (he joined Wakefern in June 2023) turned out to be the best year in the 78-year history of the co-op, also spoke. “That pioneering spirit that drove this cooperative in the beginning will drive us into the future. We are putting in place an exciting new strategy that will help our family-owned businesses grow and continue to serve their customers and communities.”
McMenamin and Stigers spoke about the company’s continued advancements in technology, e-commerce and own brands to enhance the customer shopping experience along with opportunities for Wakefern’s seven supermarket banners: ShopRite, Price Rite Marketplace, The Fresh Grocer, Dearborn Market, Gourmet Garage, Fairway Market and the newest addition, Di Bruno Bros.
Earlier this year, Wakefern acquired specialty retailer Di Bruno Bros. into the cooperative’s family of brands. A purveyor of gourmet cheeses and cured meats in the Philadelphia area since 1939, Di Bruno Bros. operates retail stores in the city while distributing specialty and imported oils, sauces, cheese spreads, jams, crostini and more to wholesale and retail customers nationwide.
“This new venture represents a tremendous opportunity for Wakefern as we look to expand the distribution of these delicious and distinct groceries nationally through a dedicated sales team,” said Stigers.
McMenamin welcomed third-generation grocer and Di Bruno family member Emilio Mignucci during the meeting. Mignucci, an expert cheese monger who grew up in his family’s business in Philadelphia, joined Wakefern as VP of the Di Bruno Bros. brand and will lend his culinary expertise to the Wakefern team that will help position the brand for future growth.
Also at the annual meeting, McMenamin presented the Chairman’s Award to former Wakefern Chairman Joseph Colalillo. Colalillo, president of the ShopRite of Hunterdon County who operates five ShopRite stores in New Jersey and Pennsylvania, served as Wakefern’s chairman for 18 years before McMenamin took over last year.
“Joe served this cooperative with pride, distinction and integrity – always working tirelessly for our team members and all the stakeholders in our cooperative. We thank him for his 18 years of distinguished leadership as chairman. He’s made Wakefern stronger and better through his guidance and friendship,” said McMenamin.
Wakefern shareholders elected to the board of directors at the meeting include: McMenamin (McMenamin Family ShopRites) as chairman; Larri Wolfson (Wolfson Family Supermarkets) and Dominick J. Romano, (RoNetco Family Supermarkets) as vice chairmen; Nicholas Sumas, (Village Super Market) as treasurer; Lawrence Inserra Jr., (Inserra Supermarkets) and Neil Greenstein (Greenstein Family ShopRite)as assistant treasurers; Richard Saker (Saker ShopRites) as secretary; and Ned Gladstein (Sunrise ShopRite), Shawn Ravitz (Ravitz Family Markets) and Marshall Klein (Klein’s Family Markets) as assistant secretaries. Mike Stigers was also appointed as president.
During the past year, Wakefern member-owners opened four new ShopRite stores and one The Fresh Grocer.
