Kroger buys stake in Lucky’s Market

Cincinnati-based Kroger announced April 1 “a meaningful investment” in Lucky’s Market, the Colorado-based natural grocery that opened a store in Lexington earlier this year.

The move “will significantly accelerate Lucky’s Market’s growth in new and existing markets,” according to a news release. Financial terms were not disclosed.

Lucky’s, which bills itself as “organic for the 99 percent,” has 17 stores in 13 Midwest and Southeastern states.

Analysts said the move could help bolster Kroger in the battle for market share with Whole Foods and Sprouts. Kroger had been pursuing The Fresh Market chain before apparently dropping out in mid-March. Fresh Market sold to a private equity firm for a reported $1.36 billion.

Kroger has expanded its organic and natural offerings, but Lucky’s will give Kroger a foothold in states where it has no presence, including Florida, where Lucky’s will soon have eight stores.

This story was originally published April 6, 2016 at 4:41 PM with the headline "Kroger buys stake in Lucky’s Market."