ShopRite stores offer fresh foods and more to West Philadelphia residents
Through the Age Strong initiative, Capital Impact Partners recently completed a $3.6 million loan to Brown’s Parkside, an operator of grocery stores in Philadelphia. The loan, which is a participation in a larger $9 million loan led by Reinvestment Fund, supports the operation and development of ShopRite grocery stores in the Parkside and Haverford neighborhoods in West Philadelphia. Each store provides healthy foods and services for an older, high-need population in an otherwise underserved area.
Brown’s Super Stores, Inc., the parent company, is a well-established brand in the Philadelphia community. Their success is in large part due to its ability to offer a more comprehensive in-store experience and low prices. Many of their stores incorporate banking services, specialty prepared food offerings, a large variety of fresh produce and seafood, discount bulk items, and most recently, primary care and nutrition services.
The Parkside store currently offers banking and financial services via an in-store credit union branch, as well as pharmacy services, which set it apart from other similar grocers in the area.
The Parkside and Haverford ShopRite stores are both located in low and moderate-income census tracts, with 46% and 19% poverty, respectively. Both stores receive a large percentage of sales through food stamps or other assistance programs. In the Parkside census tract, approximately 73% of all households led by adults 45-64 earn at or below 80% of the area median income. In the Haverford census tract, 76% of all households led by adults older than 65 earn at or below 80% AMI.
This loan frees up capital from Reinvestment Fund to be used to finance the expansion of Parkside’s fresh and prepared food offerings and the addition of a health clinic.