Company’s CEO honored with Business Pioneer Award
iFresh Inc., an Asian American grocery supermarket chain and online grocer, has entered into agreements to manage four stores owned by third parties, for which iFresh would receive a management fee. These stores are located in New York (249-26 Horace Harding Expwy, Little Neck; and 22 Barker Ave, White Plains), Maryland (15108 Frederick Road, Rockville) and New Jersey (625 Kinderkamack Rd. River Edge).
The Little Neck and Rockville stores are owned or partially owned by Long Deng, chairman and CEO of iFresh.
According to the agreements, during the term, the stores will operate under the “iFresh” name, and the retailer will manage, operate, market and develop the businesses. iFresh’s management agreements (including all other management agreements previously entered into) are expected to generate other income to iFresh of about $331,000 per year.
“We are pleased to enter the management agreements with the four stores. This step will enhance iFresh’s brand, accelerate our expansion and generate more revenue for the company,” said Deng.
iFresh celebrated the openings of two managed stores—in California and Texas—early last week.
iFresh CEO wins Business Pioneer Award
Deng received the Business Pioneer Award at the Chinese American Citizens Alliance (CACA) of Greater New York Annual Gala and Award Dinner.
The CACA of Greater New York is the oldest Asian-American civil rights organization in the U.S. The President of the Chinese American Citizens Alliance of Greater New York, Wai Wah Chin, commented:
“As an outstanding entrepreneur of the new generation of Chinese Americans and a proactive pioneer of Chinese politicians, Mr. Deng has been fighting for the rights of Chinese Americans. We appreciate his contribution to the Chinese-American community,” said Wai Wah Chin, president of the New York CACA.
Deng, who serves as the president of U.S. Chinese Chamber of Commerce and as New York Republican State Committee finance co-chair, said, “I am honored to receive this award. With increasing Chinese immigration, Chinese-American communities become bigger and increasingly demand better living standards. As an Asian American supermarket chain, iFresh grows with their need for a better life.”
iFresh Inc., headquartered in New York, New York, operates nine retail supermarkets in the U.S. and two in-house wholesale businesses located in cities with highly concentrated Asian populations. The company aims to satisfy the increasing demands of Asian Americans for fresh and culturally unique produce, seafood and other groceries that are not found in mainstream supermarkets. According to iFresh, its in-house proprietary delivery network, online sales channel and strong relations with farms that produce Chinese specialty vegetables and fruits, enable it to offer specialty perishables at competitive prices.