Balducci’s was founded in 1916 by Louis “Pop” Balducci. The first Balducci’s store was situated in Brooklyn, New York.
Back in 1916, the company was the first to offer New York a store that combined a butcher, green grocer, fishmonger and delicatessen. Soon after, as the company’s revenue grew steadily because of the store’s set up, Balducci’s became a model for the other specialty shops that were in the area. Joe Balducci, along with his son Andy brought the business to its height in the 1970s until the 1980s. From its first specialty store in Brooklyn, the business was able to expand to Greenwich Village in Manhattan, as well as in other areas.
As the business grew however, so did the family conflicts. Ownership of the business was continually fought over by the Balducci siblings, Andy, Grace and Charlie. The conflicts even included the stores’ founder Pop Balducci. The family conflicts became a factor in the company’s decline. Eventually, ownership of the company was given to Andy Balducci. However, in 1999, Balducci’s was sold to Sutton Place Gourmet and became a subsidiary of the latter. The store in Greenwich Village was closed in January 2003 and Balducci’s was again sold to Bear Sterns Merchant Banking in November 2003. In December of 2005, nonperforming stores were closed to get rid of profit losses and as part of the company’s restructuring process.
In 2009, Balducci’s was acquired by the Angelo, Gordon and Co. Investment Firm, which was spearheaded by then CEO Bruce Weitz. To date, there are six full-service Balducci’s Food Lovers Markets located in the states of New York, Maryland, Connecticut and Virginia. Included in each of these stores is a catering service, Balducci’s own label of goods, a house ware department, a gifts department, a pantry, and an extensive array of specialty gourmet foods. A chef is also available in each of the stores to provide customers with a commendable fine-dining experience. Currently, Balducci’s Food Lovers Market remains to be a strong competitor in the area of specialty gourmet retail.
Headquarters: Bethesda, Maryland
Privately owned business
No. of Stores: 6
Annual Revenue: undisclosed
No. of Employees: more than 1200
Geography: Maryland, New York, Virginia, Connecticut
Demography: gourmet shoppers, value shoppers
Special Services: gourmet store
Balducci’s Food Lover’s Market