Popular Jericho, Richmond and Shelburne markets sold to new owners

Mike Comeau never intended to become a grocery store magnate, but after successfully turning around the former Richmond Corner Market he went on to purchase three more stores in Johnson, Waterbury and Shelburne and built another one in Jericho.

On Jan. 18, Comeau will sell those stores to Associated Grocers of New England, a 70-year-old New Hampshire based organization. Prior to this acquisition, Associated Grocers owned nine stores including two in Vermont. It serves as the wholesale supplier for roughly 100 stores across the state. The price of the sale was not disclosed.

Comeau said he never had a grand plan for his stores. When he purchased the Richmond Corner Market in 2004, his plan was to clean up the building and then lease it to someone else. Having worked at Grand Union during and after high school, he knew a little bit about the business and soon discovered he enjoyed the work. He eventually moved the store to a new location, renamed it Richmond Market, and began acquiring new businesses: Johnson’s Sterling Market, Village Market of Waterbury, Shelburne Market and Jericho Market.

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Valerie Wilkins of Jericho was thrilled when the Jericho Market opened in August of 2016 after having shopped at both the Richmond and Johnson stores. “I love the selection of products including lots of local produce, dairy, meats, and baked goods,” she said. “The staff is always friendly, and I inevitably run into someone I know from around town. I’m grateful they chose a design that fits in well with our rural community.”

“The plan had always been for me to sell the stores,” Comeau said recently. “That’s the evolution of what I’ve done in business starting with purchasing apartment buildings. I build something and sell it."

Comeau had been thinking about holding on to the stores for another five years but during conversations with Associated Grocers it became evident the group was interested in purchasing them earlier than that.

“Like most things in business and life in general, you don’t always get to choose the timing,” said Comeau, but he noted that with interest rates high, and sales strong and growing, it seemed like a good time to sell. “It wasn’t a small business anymore and it needed to be run as a big business,” he said.

Comeau’s vice president for operations, Mike Evans, comes from a corporate retail background and he said has enjoyed the opportunity to work on a smaller scale.

“Working on the independent side has taught me a lot about what communities are looking for which is the pinnacle piece behind Mike’s stores,” he said. Evans believes Associated Grocers will continue Comeau’s philosophy of putting customers and employees first.

“I think they will capture a lot of synergies and advance our technology,” he said. Evans stressed that this technology will not include scanners replacing sales associates. “Every customer should have some interaction with one of our associates,” he said. “That was part of Mike’s philosophy and that will be continued.”

Comeau believes his success in business is due in part to his willingness to take risks. “I was in the right place at the right time,” he said “but I was also never afraid to push all in. The Richmond Corner Store was an opportunity and I thought it was as far as I would go but then I had the opportunity to build another store and it went from there. Each time I went all in and each time could have been the failure of all of them.”

Associate Grocers was Comeau’s first choice as a potential buyer. “They’ve been like a partner since 2010 and they helped with equipment and design,” he said. “It’s a perfect fit and I couldn’t be happier.”

Associated Grocers CEO and President Mike Violette said he is excited about the addition of the stores, adding that the company was attracted by Comeau’s “hybrid” approach of combining conventional groceries with organic and specialty items, as well as local products.

“We see a value in that and we think we can learn from him for some of our other stores,” he said. Violette said he plans to retain all of Comeau’s employees.

Comeau says he and his wife Cathy will miss the stores. “We’re sad we can’t continue to run them but it was time to let them go,” he said. “We don’t have a plan for what’s next but we’ll spend some time travelling and enjoying a little bit of freedom.”

