- Online grocery company, Goodfood Market (TSX:FOOD), is leasing a new fulfillment centre in the Greater Toronto Area to meet delivery demand
- The facility will begin operating by the end of May and the company expects the site to create 300 new jobs in the region
- The company has noted the sharp uptick in online grocery orders, in the wake of the COVID-19 pandemic
- Earlier this month the company saw a 61 per cent increase in revenue during its first quarter, and expects demand increase further
- Goodfood Market (FOOD) is up 3.19 per cent, with shares trading for C$4.20 and a market cap of $243.7 million
Online grocery company, Goodfood Market (TSX:FOOD), is leasing a new fulfillment centre in the Greater Toronto Area to meet delivery demand.
The facility will begin operating by the end of May and the company expects the site to create 300 new jobs in the region. The 42,000 square feet facility will serve the surrounding Toronto and Southern Ontario areas.
This is the company’s first facility in Toronto. It’s aimed at increasing the company’s holding capacity, as well as improving access to its customers in the region.
Jonathan Ferrari, CEO of Goodfood, said the company has noted the sharp uptick in online grocery orders, in the wake of the COVID19 pandemic.
“This rapid acceleration in adoption is changing how Canadians shop for groceries now and in the future, and it has motivated us to be closer to our members and to offer our services with more flexibility to a larger number of Canadians.
“We firmly believe these changes in consumer habits are here to stay and that Goodfood is well positioned to play a leading role in this transformation,” he said.
Earlier this month the company saw a 61 per cent increase in revenue in the three-months leading up to the end of February.
The company stated that this was not caused by COVID-19’s effect on demand. However, Goodfood is expecting to be positively impacted by the pandemic in the present quarter.
After dipping slightly at the onset of the pandemic, the company’s stock has risen more than 50 per cent since mid-March.
Goodfood Market (FOOD) is up 3.19 per cent, with shares trading for C$4.20 at 11:04am EST.