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Foursome Finer Foods Inc history
Foursome Finer Foods Inc company history timeline
1918: Dominick di Matteo opens his first store.
He was only 16 years old when he took over the management of a second store, launched in 1934.
1934: A second store is opened.
Although he intended to study dentistry at the California State Polytechnic College, he dropped out in 1973 and went to work full-time for the Stater chain.
In 1981, the family bought back the chain for $100 million, the same year that Dominick di Matteo, Sr. died.
James di Matteo Replaces Father as CEO in 1985
On the other end of the grocery business, Dominick's took steps to counter the rise of warehouse stores, in 1987 introducing Omni Superstores, massive stores (more than 85,000 square feet) that sold both food and non-food items 24 hours a day.
The firm's first deal came in 1987 when it acquired the Kansas-based Falley's chain.
Another initiative the chain was pursuing during this period was the introduction of in-store banking branches, in partnership with First Chicago NBD Corp., the first opening in 1995.
In fiscal 1996, Dominick's opened eight Fresh Store outlets, followed by another 15 the following year.
Customers did not like the changes and showed their displeasure by shopping elsewhere, resulting in Dominick's marketshare dropping to 22.8 percent by the end of 2001.
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