Newport Restaurant Group announced the permanent closure of Foodlove Market, set for January 25. The market, which opened in August 2021, will cease operations despite growing year-over-year sales and strong community support.
In a statement posted on social media and the company’s website, Newport Restaurant Group explains the decision stems from “unsustainable losses” despite the market’s popularity among locals.
“We are proud to have created something that locals love and truly felt different from our other concepts,” the statement reads. “Guest sentiment supported this and watching people meet at the market and become ‘regulars’ has been a delight.”
Foodlove Market, conceived during the early days of the COVID-19 pandemic, combined elements of a grocery store, deli, takeout meals, and restaurant concepts. The innovative approach aimed to meet changing dining habits during uncertain times.
“The concept of Foodlove was born early in the pandemic,” the company explains. “We are restaurateurs, and much like the entire hospitality community, saw our restaurants close overnight. The uncertainty of that time had us wondering if the way people dined going forward would be altered.”
Despite the market’s growing popularity and increasing sales, Newport Restaurant Group cites a lack of experience in managing this type of hybrid business model as a contributing factor to its financial struggles.
“Combining grocery store, deli, takeout meals, and restaurant concepts was not something we have experience in,” the statement acknowledges. “Despite the dedication of our employee-owners who worked very hard to make Foodlove a success, and bringing on team members who do have the relevant experience, we have continued to realize unsustainable losses.”
The closure affects staff members, many of whom have been with Foodlove since its opening day. Newport Restaurant Group expresses gratitude for their dedication and hard work throughout the market’s operation.
While Foodlove Market is closing, the space will not remain vacant. Newport Restaurant Group plans to introduce a new restaurant concept later this year, leveraging their expertise in the hospitality industry.
“Later this year, you can look forward to enjoying a new experience in the Foodlove space as we open our doors to what we do best – a new restaurant concept,” the company states, promising more information in the future.
Wooden Pin Baking Co., Newport Restaurant Group’s wedding cake business, will continue to operate out of the Foodlove space by appointment only.
The company invites community members to visit Foodlove Market before its closure on Jan. 25 for a final meal, shopping trip, or conversation.
