Streams

Fairway Goes Public

Wednesday, August 08, 2012

The local Fairway grocery chain is one of the first companies to take advantage of a new program that lets smaller businesses go public through a more streamlined process. Greg David, director of the Business and Economics Reporting Program at CUNY Journalism School, Crain's New York Business contributor and author of Modern New York: The Life and Economics of a City talks about the Fairway IPO, and concerns over the level of disclosure in the process.

Guests:

Greg David

Comments [19]

Can't stand this guy! Why must you keep this guy is constant rotation? There are no other "experts" in your rolodex?

Aug. 12 2012 08:23 PM
newna from nyc

new yorkers DO stand up to Big Box Parking Lot retailers...it's call buying used. Preowned goods can be just as good as new.

Aug. 08 2012 11:14 PM

Last week, I went to buy a piece of carry-on luggage. Out of convenience, I reluctantly went to Innovation on Bway/68th. My salesperson was surly, disinterested and unhelpful. At that point I remembered that Gracious Home, right across the street, sells luggage. I went there and found the same item for the same price.

No win for me, you say? To the contrary. If all other things (like price) are equal, I'm going to Buy into NYC, not some faceless company disinterested in the community it serves.

Greg David needs to get in touch with what has made New York, New York, and not Paramus.

Aug. 08 2012 11:50 AM
fuva from harlemworld

So many of these experts are naked emperors. The word needs to be spread. (And, I know I'm wrong and God firgive me, but I cannot STAND his voice. I find it obnoxious.)

Aug. 08 2012 11:36 AM
RBB.50 from NYC

CP--What you might not know about David is that this railing against small business a roadshow of his own. (He was/is a huge Wal-Mart proponent.) He absolutely disdains any support of indigenous NY commerce based on the fact that it's just that--born and grown in New York City.

I do not at all advocate for supporting local business if it's not providing service and/or value. But I also don't advocate for the blanket dismissal of small businesses as David does. New York, unlike many America cities, is a sidewalk experience, making our commerce so much more part of the overall experience of living here. To reduce it to iconic brand names, offering in many cases, indifferent customer service. (For every great Trader Joe's, there's a lame a$$ Staples.), isn't very wise at all.

I wonder what Jane Jacobs would have to say on the topic?

Aug. 08 2012 11:13 AM
CP from NYC

Wow, surprised at these comments - I really loved this guest. He obviously didn't mean indie is bad or that every single NYer flocks to a big box store (especially not the WNYC audience, I suspect). And he's obviously right because big chains like Target, Whole Foods, Sbux, Trader Joe's, Ikea... are packed daily.

Really enjoyed learning about the concept of confidential IPO... seems shady, right?

Aug. 08 2012 11:02 AM
Rbb.50 from NYC

I've just about had it with Greg David speaking for my retail preferences as a New Yorker. I do not "flock to big box stores." He's free to discuss his preferences freely. But MY New York experience is not one based on Olive Garden, Coach and American Eagle Outfitters.

While I agree with him that the size or ownership of a business generally has nothing to do with customer service, that's about where my concurrence with his smug attitude ends.

His condescending dismissal of "indie businesses" in New York is not only wrong-headed, it's irresponsible.

Aug. 08 2012 10:44 AM
Judah from Manhattan

That guest was such a putz! Fairways is a union store, and (more importantly) that New Yorkers prefer big-box stores is completely wrong! This guy needs to get a grip.

Aug. 08 2012 10:43 AM
Celeste from Detroit, MI (former New Yorker)

New York City does not have the worst supermarkets in the country. We are spoiled for choice and have great quality and variety...especially in Manhattan...albeit, we pay quite a price for it. New Yorkers flock to big box stores because of price whereas people in other states are forced to shop at big box stores because of a lack of options. Take a look at the supermarket situation in Detroit.

Aug. 08 2012 10:40 AM
ikeakee from brooklyn

NEW YORKERS STOOD UP TO WALMART and instead settled for Ikea. But still...

Aug. 08 2012 10:39 AM
Ben from Manhattan

You need to correct your guest - Fairway IS unionized. http://ufcw1500.org/content/page/title/Union_Stores

Aug. 08 2012 10:39 AM
Adrienne Adams from Manhattan

FAIRWAY IS A UNION STORE!!!

Aug. 08 2012 10:39 AM
Mickey

Greg is wrong, Fairway in Manhattan at least is wall to wall union. Local 1500 I believe

Aug. 08 2012 10:39 AM
Thomas Pinch

If you give bad customer service, will you still/continue to make big profits for your investors?

This guest is a bozo.

Aug. 08 2012 10:38 AM
john from office

Fairway will be gone in a few years if they go public. The chase for profit will kill the image and family appeal of the place. The workers are happy and paid fairly, all of that will be gone.

Aug. 08 2012 10:38 AM
to fuva from harlemworld

fuva, they went public! you can't expect mice not to take advantage. come on.

Aug. 08 2012 10:32 AM
rose from Long Island

SOX is a good thing for companies. SOX is appropriate for all size companies.

Not the polluted version of SOX where big companies have narrowed the scope and limited the testing but keeping the intent of SOX pure, it makes a lot of sense. When a small business starts with just one or a few owners, they are SOX compliant becuase they have to be. As a small business grows that is where "short cuts" to controls occur and they can lose the internal oversight.

SOX is more than just testing for controls, it promotes effectiveness and efficiences throughout the organization and ensures there is policy and procedure alignment.



Aug. 08 2012 10:30 AM
Bob Suter from Huntington

Greg,

Legal Zoom is attorney Robert Shapiro's company--widely advertised on television and not exactly an unknown commodity.

Aug. 08 2012 10:29 AM
fuva from harlemworld

Saw mice in Fairway the other day, for the first time in 20+ years.

Aug. 08 2012 10:25 AM

Leave a Comment

Email addresses are required but never displayed.

Get the WNYC Morning Brief in your inbox.
We'll send you our top 5 stories every day, plus breaking news and weather.