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• A regional Kroger or Albertsons for the Northeastern U.S.
• A regional Kroger that also owns high-end specialty markets like Whole Foods or Wegmans.

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• Groceries and Everyday Essentials: A broad selection of food items, household goods, and general merchandise typically found in a supermarket.
• Specialty Foods: Offerings include natural and organic foods, ethnic and international foods, and various prepared foods.
• Baked Goods: Freshly made items from on-site bakeries.
• Deli Items: A wide assortment of meats, cheeses, and prepared dishes from an expanded delicatessen.
• Pharmacy Services: Prescription fulfillment and over-the-counter medications provided through in-store pharmacies.

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Village Super Market (VLGEA) primarily sells to individual consumers through its chain of supermarkets.

Its major customer categories include:

• Everyday Grocery Shoppers: Individuals and families seeking a wide range of products for their regular household grocery needs, primarily served by its ShopRite supermarkets.
• Specialty and Gourmet Food Enthusiasts: Customers interested in natural, organic, ethnic, international, and prepared food offerings, often found at its Fairway Markets and Gourmet Garage specialty stores.
• Convenience-Seeking Consumers: Individuals looking for quick meal solutions from prepared food sections or utilizing in-store pharmacy services.

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John J. Sumas, Chief Executive Officer
John J. Sumas has served as a Director of Village Super Market since 2009 and as Co-President since 2018. He has held various supervisory positions within the company since his employment in 1987, including Chief Operating Officer, General Counsel, and Vice President.

Nicholas J. Sumas II, President and Chairman of the Board
Nicholas J. Sumas II has been a Director of Village Super Market since 2009 and a Co-President since 2018. He has served in diverse supervisory roles since joining the company in 1994, including Chief Marketing Officer and Vice President. Mr. Sumas is also an executive officer and a member of the Board of Directors of Wakefern Food Corp.

John L. Van Orden CPA, Chief Financial Officer and Treasurer
John L. Van Orden serves as the Chief Financial Officer and Treasurer for Village Super Market.

John P. Sumas, Executive Vice President, Secretary and Director
John P. Sumas holds the positions of Executive Vice President, Secretary, and Director at Village Super Market.

Luigi Perri, Principal Accounting Officer and Controller
Luigi Perri is the Principal Accounting Officer and Controller for Village Super Market.

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The key risks to Village Super Market's business (VLGEA) are primarily centered around intense competition, its integral relationship with the Wakefern Food Corp. cooperative, and the high operating costs associated with its geographic concentration.

1. Highly Competitive Supermarket Industry with Thin Profit Margins: Village Super Market operates in a fiercely competitive food retail environment characterized by narrow profit margins. The company faces direct competition from various retail formats, including national, regional, and local supermarket chains, as well as warehouse clubs, supercenters, drug stores, discount general merchandise stores, and online retailers. Some of these competitors possess greater financial resources, lower merchandise acquisition costs, and lower operating expenses, which can materially and adversely impact Village Super Market's results of operations through competitive pricing and promotional programs.
2. Reliance on Wakefern Food Corp. Cooperative and Related Disputes: Village Super Market's business model is deeply integrated with the Wakefern Food Corp. cooperative, which provides significant purchasing power and brand equity through banners like ShopRite. While this membership offers a competitive advantage, it also limits the company's strategic independence and exposes it to the collective health and operational dynamics of the cooperative. There are ongoing litigation and commercial disputes with Wakefern, including those related to Village Super Market's Morton Williams acquisition, which introduce uncertainty and could potentially increase costs and impact business operations.
3. Geographic Concentration and High Operating/Labor Costs: The company's operations are concentrated in the high-cost, heavily unionized markets of the northeastern United States, specifically New Jersey, New York, Pennsylvania, and Maryland. This geographic concentration leads to higher labor and overall operating costs compared to competitors operating in lower-cost regions or with non-unionized workforces. This puts persistent pressure on already thin profit margins. Additionally, this concentration makes the business susceptible to regional economic downturns, adverse demographic shifts, and the specific regulatory and economic conditions within these states. A substantial portion of Village Super Market's employees are covered by collective bargaining agreements, posing risks of work stoppages and increasing costs related to healthcare and pensions.

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The clear emerging threat for Village Super Market is the accelerating shift in consumer preferences towards online grocery shopping, including home delivery and curbside pickup services. This trend, driven by the increasing sophistication and convenience offered by dedicated online grocers (e.g., Amazon Fresh), third-party delivery platforms (e.g., Instacart, DoorDash expanding into groceries), and large big-box retailers with robust e-commerce capabilities (e.g., Walmart Grocery), directly challenges the traditional brick-and-mortar supermarket model. This technological and logistical disruption is analogous to Netflix's impact on Blockbuster, as it alters the fundamental method by which consumers acquire groceries, potentially eroding in-store foot traffic and requiring significant investment in digital infrastructure and fulfillment capabilities to remain competitive.

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The addressable markets for Village Super Market's main products and services, which include a variety of groceries, specialty foods, and pharmacy items, are located within the regions where the company operates.

• For New Jersey, the Supermarkets & Grocery Stores industry is projected to have a market size of $29.3 billion in 2026.
• In New York, the Supermarkets & Grocery Stores industry is estimated to reach a market size of $54.1 billion in 2026.
• For Pennsylvania, the Supermarkets & Grocery Stores industry is anticipated to be $36.6 billion in market size in 2026.
• The Supermarkets & Grocery Stores industry in Maryland is expected to have a market size of $17.7 billion in 2026.

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Village Super Market (VLGEA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Ongoing Store Replacement and Remodeling Program: The company's strategy of replacing older, smaller stores with larger, more modern locations is a significant driver of increased comparable store sales and profitability. Recent examples include the opening of a replacement store in Watchung, NJ, and financing for a new replacement store in East Orange, NJ, indicating this is a continued focus for growth.
2. Expansion of Digital Sales Channels: Village Super Market has experienced substantial growth in its digital sales, with same-store digital sales increasing by 15% year over year. This trend is expected to continue, leveraging its online platforms for ShopRite, Fairway Market, and Gourmet Garage, along with their respective mobile applications.
3. Increased Sales in Fresh and Pharmacy Categories: The company has observed stronger performance and higher sales in its fresh food and pharmacy departments. This focus on key categories is contributing to overall comparable store sales growth.

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Share Repurchases

• As of fiscal year 2025, Village Super Market had approximately $1.349 million remaining under its authorized share repurchase program.

Inbound Investments

• In January 2025, the company completed New Markets Tax Credit financing to help fund the development of a replacement store in East Orange, New Jersey.

Outbound Investments

• Village Super Market Inc.'s long-term investments totaled $53.7 million as of January 24, 2026.
• The average annual growth rate for these long-term investments was 7% over the past three years and 12% over the past five years.

Capital Expenditures

• Village Super Market budgeted $75 million for capital expenditures in fiscal year 2026. These expenditures are focused on constructing a replacement store in East Orange, New Jersey, another replacement store in fiscal year 2027, several smaller remodels, and various merchandising, technology, equipment, and facility upgrades.
• Capital expenditures in fiscal year 2025 were approximately $58.8 million, absorbing a significant portion of operating cash flow.
• For fiscal year 2021, the company budgeted $25 million for capital expenditures, primarily for smaller remodels, expanding ShopRite from Home and self-checkout, and various technology and facility improvements.