That Rice Epicurean Markets will be reduced to a single store is another indication of how competitive the Houston grocery market has become as more chains enter the area.
"Rice was caught in the middle of a very competitive high-end grocery market," said Ed Wulfe, founder and chairman of Wulfe & Co. and a longtime figure in the city's retail development scene.
The 75-year-old family-owned Rice Epicurean announced Wednesday that it will close four of its five stores to make way for The Fresh Market, a specialty grocer based in Greensboro, N.C.
"It's a very emotional time," said Bruce Levy, chief financial officer of Rice Epicurean, as he explained the decision. "We've been in the grocery and real estate business, and as we look to the future we see real estate as the business with the most opportunity."
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