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Organic Garage Puts Its Sights on Significant Store Expansion
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Organic Garage Ltd. has announced a major expansion initiative, partnering with Savills Real Estate to identify new retail locations in the Ontario market. This plan marks the company’s most ambitious growth effort to date. Target areas include Toronto, Mississauga, Brampton, and Hamilton, with sites needing to meet specific size and operational criteria. CEO Matt Lurie expressed confidence in Savills' expertise to drive this strategy, highlighting the increased demand for organic and specialty foods during the pandemic.
Positive
Engaged Savills Real Estate for expansion strategy.
Plans for the largest expansion since inception.
Targeting key locations in Ontario, enhancing market reach.
Increased demand for organic foods as a pandemic-proof business.
Negative
None.
The Company outlines its target growth plan in the Ontario market and engages Savills Real Estate to lead expansion potential
TORONTO--(BUSINESS WIRE)--
Organic Garage Ltd. (TSXV: OG | OTCQX: OGGFF | FRA: 9CW1), one of Canada’s leading independent organic grocers and a developer of plant-based foods, is pleased to announce that it has engaged Savills Real Estate to represent the company in locating, negotiating and signing prospective new Organic Garage sites, as the company prepares for the largest expansion plan since the company’s inception. The teams at Savills and Organic Garage have analyzed the Ontario market and outlined the following locations that the company will be accepting new site proposals from agents and developers.
Organic Garage's expansion target regions. (Graphic: Business Wire)
TORONTO
MISSISSAUGA
BRAMPTON
HAMILTON
MARKHAM
KITCHENER
RICHMOND HILL
BURLINGTON
BARRIE
GUELPH
ST. CATHARINES
WHITBY
CAMBRIDGE
MILTON
AJAX
WATERLOO
HALTON HILLS
AURORA
NEWMARKET
CALEDON
BRANTFORD
PICKERING
All sites must preferably be within 3 kilometers of the towns or cities listed above, and approximately 10,500 square feet in size, and will have to meet the strict financial and operational criteria the company has outlined. The company’s representatives at Savills will be reviewing these criteria when discussing new sites with landlords and developers.
Matt Lurie, Organic Garage President & CEO stated, “I am extremely confident in the experienced team at Savills to do what they do best and help drive our most aggressive, and exciting new-site expansion strategy for the Organic Garage brand. We have a long-term strategy that we will be working towards executing while still maintaining financial discipline and ensuring shareholder value. During the last 18 months we have seen first-hand the importance and demand of grocery retail in the economy as a pandemic proof business, along with the continued growth in the Organic and Specialty foods segments of grocery retail. Organic Garage has the brand, combined with the unique retail experience and value proposition that developers have been looking for to differentiate their properties and showcase independent retailers, not just the big grocery chains. Ontario residents want something different - the healthiest products at the lowest prices - and that’s what we do best.”
Jordan Karp, Savills Executive Vice President and Head of Retail Services Canada stated, “Savills Retail Team is honoured to have this exciting opportunity to work with Organic Garage on their existing and aggressive expansion plan. With eyes focused on the future, Organic Garage’s timing to move forward and expand across the Greater Toronto Area and beyond could not be better. Developers and Landlords are keenly focused on securing best-in-class tenants and new retail to their properties that deliver an exceptional shopping experience. Organic Garage does just that!”
About Organic Garage Ltd.
Organic Garage (TSXV: OG | OTCQX: OGGFF | FRA: 9CW1) is one of Canada’s leading independent organic grocers and is committed to offering its customers a wide selection of healthy and natural products at everyday affordable prices. The Company’s stores are in prime retail locations designed to give customers an inclusive, unique and value-focused grocery shopping experience. Founded in 2005 by a fourth-generation grocer, Organic Garage is headquartered in Toronto. The Company is focused on continuing to expand its retail footprint within the Greater Toronto Area. For more information please visit the Organic Garage website at www.organicgarage.com
About Savills
Savills is a full-service commercial real estate firm that delivers integrated real estate solutions through a multidisciplinary approach. Placing our client first at every step of the real estate process, our Retail Services team customizes strategies based on an in-depth understanding of each client's needs to achieve their goals.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.
Forward looking statements are subject to both known and unknown risks, uncertainties and other factors, many of which are beyond the control of Organic Garage, that may cause the actual results, level of activity, performance or achievements of Organic Garage to be materially different from those expressed or implied by such forward looking statements. Although Organic Garage has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.
Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Organic Garage's actual performance and results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
