TORONTO--(BUSINESS WIRE)--
Organic Garage Ltd. (TSXV: OG) (“Organic Garage” or the “Company”), an independent organic and natural foods grocery chain, is pleased to announce that developer construction has commenced on its long-awaited Leaside location. Once completed, Organic Garage anticipates that it will take possession of the facility to complete the store’s fit out phase by the middle of next year. The store will be the Company’s 5th location.
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Rendering of Organic Garage's Leaside location (Graphic: Business Wire)
Maintaining the aesthetic appeal of the Company’s most recently opened two locations in the Junction and Liberty Village, Organic Garage’s Leaside store will retain a historic quality and measure approximately 12,000 square feet in size. Due to the delay in construction of the project in which the store is to be situated, Organic Garage has been able to obtain significant concessions from the developer as compensation.
The Leaside neighbourhood ideally suits the Company’s mandate of expanding its store footprint into high population density locations in both established and growing markets within the Greater Toronto Area. Leaside is located northeast of Toronto’s downtown core and consists of over 229,000 households with an average household income of over $139,000 per year within a 5km radius according to the developer’s data.
“I am pleased that the development is finally under construction,” commented Matt Lurie, CEO of Organic Garage. “This location will be a great market for Organic Garage and we look forward to getting the store finished and opened for our customers who have been eagerly and patiently waiting. While the delays in developing the new plaza have been beyond our control, we are pleased with the concessions we have been able to negotiate and we are excited about bringing our message of “Healthier Food for Less” to the Leaside community.”
The Company remains focused on its goal of opening one to two new stores per year as it aims to position itself as one of Canada’s largest natural food grocers and establish the Organic Garage brand through its stated mission of making healthy food affordable and accessible.
About Organic Garage Ltd.
Organic Garage (TSX-V: OG) is one of Canada’s leading independent organic grocers 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 and operates a highly efficient supply chain through its centralized distribution centre. 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 .
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Cautionary Note Regarding Forward-looking Statements
This news release contains certain forward-looking statements presented for the purpose of assisting the reader to understand management's expectations regarding the Company's strategic priorities, objectives and plans. 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 "expects", "intends", "may", "plans", "will", and other similar expressions or the negative of these terms.
These statements include those related to the operations of the Company, which may be impacted by general business, economic, competitive, political and social uncertainties as they relate to the grocery industry.
By its nature, forward-looking information requires the Company to make assumptions and is subject to inherent risks, uncertainties and other factors which may cause actual results to differ materially from forward-looking statements made. Forward-looking statements are not a guarantee of future performance. Any forward-looking statements are made as of the date hereof and, except as required by law, neither Organic Garage assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.
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