Tops Friendly Markets has acquired five New York stores that had been owned and operated by Supermarket Management Inc., one of the company’s longstanding franchise partners, according to a news release. The acquisition includes four full-service Tops stores in Depew, Lockport, South Buffalo, and Buffalo’s west side as well as one Tops Xpress store in Lancaster, N.Y.
The newly acquired stores will remain open and continue to operate as Tops Markets under the current store management teams, the release said. The Williamsville, N.Y.-based grocer says it will retain all 585 associates across the five locations, and there will be no disruption in store operations, including pharmacy services.
“At Tops Friendly Markets, we’re committed to serving the grocery needs of our communities,” said Tops Markets President Ron Ferri. “This commitment fuels our ongoing work to identify strategic opportunities to grow and expand, and it inspired our team’s excitement for this latest acquisition.
“Adding SMI’s five locations will strengthen our corporate store network and enable us to serve more customers across western New York,” Ferri continued. “Importantly, because we have worked so closely with SMI over the years, we are in a great position to provide a seamless transition for our associates and customers, who will enjoy a consistent experience with all stores remaining open and serving them as Tops Markets.”
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Supermarket Management Inc., a family-owned company led by company President Philip Perna, has been a franchisee of Tops Friendly Markets for over 60 years. In the early 1950s, the late Joseph Perna and Frank Perna began their grocery industry careers, becoming affiliated with Tops in 1963 when they opened one of the first franchised Tops locations in Lockport, N.Y. Since then, the Perna family has contributed to Tops’ growth by focusing on reliably meeting customer needs at their five successful store locations, the release said.
“It certainly won’t be easy for us to leave a business that has meant so much to our family, but we are proud of our efforts to serve the communities our stores are located in and thankful for our wonderful associates and loyal customers who have made our work so gratifying,” Perna said. “We are happy that our stores will remain part of the Tops family and confident that it will provide our customers and associates with the shopping and career experiences that they have relied on us to provide.”
In the coming months, Tops says it will invest over $8 million in renovating the store locations at 5827 S. Transit Road in Lockport, 5175 Broadway in Depew and 425 Niagara St. in Buffalo. These stores will remain open during renovations. Leadership will then actively pursue future investments and renovations at 1989 Seneca St. in Buffalo as well as at the Tops Xpress at 470 Aurora St. in Lancaster, the release said.
“The Perna family has worked tirelessly to serve Tops customers for over six decades, dating back to some of our company’s earliest days,” Ferri said. “We are proud to honor the impact and legacy of the Perna family and all the franchisees who helped build our company.”
Related: How Tops Friendly Markets is meeting shoppers where they are
After acquiring the five stores operated by SMI, Tops’ store network continues to have one more franchisee-owned location in Lewiston, N.Y. The agreement with SMI was finalized April 26, with the expected transition to take place within the next 30-45 days, the release said.
Full terms of the acquisition were not disclosed.
Tops says store associates and management teams will now have greater career-advancement opportunities within the larger corporate enterprise. Corporate store associates have access to training, competitive benefits, and career development support, and they can often transition into corporate positions that require their expertise as well as job opportunities within other stores or in the company’s distribution center, the release said.