Lucky's Market

Lucky's Market

Company type	Private
Industry	Supermarket
Founded	1 January 2003 (2003-01-01) in Boulder, Colorado, United States
Founder	Bo Sharon, Trish Sharon
Headquarters	Boulder , United States
Area served	United States (primarily Colorado and Ohio)
Key people	Bo Sharon, Trish Sharon
Products	Organic food products, groceries
Parent	LM Acquisition Co. LLC (Colorado), Lucky's Market Ohio (Ohio)

Lucky's Market is a name shared by two separate regional supermarket operators: LM Acquisition Co. LLC based in Colorado and Lucky's Market Ohio located in Ohio.

The Colorado-based entity, LM Acquisition Co. LLC, which trades as Lucky's Market, was established in Boulder, Colorado, in 2003 by entrepreneurs Bo and Trish Sharon. The supermarket chain has a primary focus on organic food products. Between 2016 and 2019, Kroger held a minority ownership interest in the company. At its height in 2019, Lucky's Market managed 39 outlets spread across ten states. However, Kroger’s withdrawal of financial backing late that year led to a drastic reduction to six stores across four states and culminated in a Chapter 11 bankruptcy filing in January 2020. Subsequently, the Sharons repurchased these remaining stores and rapidly sold off four locations outside Colorado, maintaining only two stores—in Boulder and Fort Collins—by April 2020.

The Ohio branch, known as Lucky's Market Ohio, was formed in 2020 when the proprietors of Dave's Market acquired the two Ohio-based stores from LM Acquisition and continued operations under the Lucky's Market brand.

History

In 2003, Bo and Trish Sharon launched Lucky's Market by purchasing and refurbishing North Boulder Market in Boulder, Colorado. They emphasized organic food offerings and expanded with a second store opening in Longmont, Colorado, in August 2013. The chain distinguished itself by allowing customers to enjoy craft beer served by the pint while shopping, incorporating cup holders into shopping carts to improve the shopping experience.

Rapid expansion beyond Colorado

The company’s growth outside Colorado began with its third store debuting in Columbus, Ohio, in October 2013. Lucky's Market targeted value-conscious consumers seeking natural and organic foods within a trendy environment, frequently featuring craft beer tastings to engage food enthusiasts.

The fourth store opened in Columbia, Missouri, in January 2014, followed by additional Missouri locations in Ellisville (July 2014) and Springfield (November 2017). Montana saw its first Lucky's Market established in Billings (March 2014), with a second outlet launching in Missoula (May 2018); both Montana stores closed by February 2020.

In May 2014, the sixth Lucky’s Market location opened in Louisville, Kentucky, celebrated with a unique "bacon cutting" event. Michigan was added to the portfolio with stores opening in Ann Arbor (February 2015) and later Traverse City (January 2017). Wyoming’s inaugural location opened its doors in Jackson (March 2015).

Additional expansions included Indiana with a Bloomington store (May 2015), Iowa with Iowa City (June 2015), and Georgia with Savannah (July 2015). These single-store entries illustrate Lucky’s approach of targeting university towns and emerging markets to grow brand recognition and market share across diverse regions.

Kroger investment

In 2016, Lucky’s Market entered Florida’s market and expanded to eight stores by late 2017 despite competition from chains like Sprouts Farmers Market and Earth Fare. In April of that year, Kroger Co. made a substantial investment into Lucky’s Market, facilitating accelerated expansion plans aiming for 50 Florida locations by 2020. At that point, Lucky’s operated 17 stores across 13 states primarily located in the Midwest and Southeast.

The chain added a second Ohio store in Cleveland in May 2018 and opened its fifth Colorado location in Fort Collins by January 2019. Beginning August 2019, Lucky’s Market started carrying Kroger’s Simple Truth private label organic products to broaden its selection.

Nevertheless, Kroger announced its exit from Lucky’s Market in December 2019. In Kroger’s third-quarter financial report, it recorded a $238 million impairment charge related to this investment, including a $107 million net loss tied to its minority ownership stake. Subsequent bankruptcy documents revealed that Kroger held a controlling 55% interest at the time of divestiture.

Widespread store shutdowns and bankruptcy declaration

On January 21, 2020, Lucky's Market revealed plans to close 20 out of its 21 Florida stores, maintaining only the West Melbourne location. Clearance sales continued until February 12. Construction projects for 14 additional Florida outlets and a new Denver store scheduled for Spring 2021 were canceled. Reports suggested that up to 32 stores across ten states would close, shrinking the chain by 82% down to just seven stores. The remaining outlets were located in Colorado, Michigan, Florida, Ohio, and Missouri, while the company completely exited markets in Georgia, Indiana, Kentucky, Montana, and Wyoming.

Less than a week later, Lucky's Market filed for Chapter 11 bankruptcy, with intentions to transfer leases of five Florida stores to Publix and six to Aldi. Bankruptcy documents showed assets valued between $100 million and $500 million against liabilities ranging from $500 million to $1 billion, involving between 10,001 and 25,000 creditors. The seven surviving stores were slated for sale to a new entity controlled by founders Bo and Trish Sharon. Shortly thereafter, the West Melbourne store also ceased operations, reducing Florida's presence to zero. Additional Florida locations were sold to Winn-Dixie (five stores), Hitchcock's Markets (one), and Seabra Foods (one).

Financially, Lucky's Market reported a net loss near $100 million for the fiscal year ending January 2020, accompanied by a 10.6% decline in sales at established stores. The Sharon founders purchased the remaining stores in late January 2020 but divested all locations outside Colorado by the conclusion of the first quarter of that year.

In Michigan, the Ann Arbor store closed in February 2020; Traverse City's outlet shuttered in late March after acquisition by Oryana Co-op. In Missouri, the Columbia store was sold to Schnucks in early April. Meanwhile, the final two Ohio stores in Cleveland and Columbus were acquired by Dave's Markets during this timeframe.

Lucky's Market Ohio

In 2020, the Saltzman family—owners of Dave's Market—purchased two Lucky's Market locations in Ohio from founders Bo and Trish Sharon, obtaining exclusive rights to operate under the Lucky's Market name within Ohio. Functioning as Lucky's Market Ohio, this grocery chain operates independently from the original Colorado-based company.

The brand expanded its presence with a third store opening in Concord Township, Lake County, in September 2021. In 2022, a fourth location was announced for Columbus and subsequently launched in May 2024. This growth aligns with the company’s strategic focus on expanding within Ohio’s grocery retail sector.