We initiated a new position during the third quarter in recent IPO and New York retail icon, Fairway Group Holdings Corp. (FWM). Fairway is one of the fastest growing food retailers in the U.S. and has been a strong performer since its April 2013 public debut. The company's famous New York City grocery stores are among the highest grossing in the industry, with sales volumes and productivity levels significantly ahead of conventional grocers. This is the result of a differentiated merchandising strategy that combines branded consumer goods such as Cheerios, Tide and Coke with rapidly growing natural, organic and specialty offerings that afford customers a unique one- stop shopping experience. We believe Fairway possesses meaningful unit growth potential from a small base of just 14 stores today and powerful store economics that will drive accelerated growth for years to come, as it builds out a Northeast and national presence over time. (Matt Weiss)
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