As was announced in a Facebook post today:
To Our Devoted and Loyal Customers,After more than 70 years working for the family business, Tony Russo is retiring. Our business will close this fall.
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This is awful news indeed. It is such a great business. Seems like it could be sold and maintained?
Sounds like a well earned retirement but sad that the business is closing. My guess is a developer will buy the land and build apartments
MaryLee, yes, or maybe a Life Sciences facility? Unfortunately, JB Sloan, I just don’t think it being sold and maintained is in the cards. I’m sure a developer offered lotsa $$$, and my guess is that they just cashed out. Russo’s was great while it lasted, but, like with many local indie-owned stores in desirable locations, it’s just a matter of time until an offer “too good to be refused” is tendered.
One of my favorite places to shop for produce. Horrible news. It is sad that the local environment (the Waltham environment, since Newton is even less inviting!) does not enable a business like Russo’s to be profitable.
Awful news not just for those of us who shop there, but for their employees; the many businesses that depend on Russo’s for their wholesale business; and all the farmers and artisans who sold their products through that business.
I feel like I’m in mourning! I can’t believe it’s going away.
Profit margins are so slim. I assume they own the building and was offered an obscene amount of money by a developer? Last of a real ‘authenticate’ small business grocery which had great prices and great selection. Employees always look genuinely happy to work there. So sad
My mom is so sad. She has been shopping there for 30 years.
This is sad indeed– we are longtime customers, like many of you going back to before they expanded the original cramped building space (that the larger space was still cramped everyday tells you all you need to know about Russo’s popularity).
Let’s not forget the bakery. We will have to scramble to find a suitable replacement for that end of the business alone.
I’m hardly plugged into the business/real estate sector, but I remember reading or hearing rumors several years ago that Russo’s would close and/or be sold. Have a couple of friends who’ve worked there for ages — hope they can land somewhere else without too much trouble.
Behind Russo’s is a multi acre lot which recently sold. Perhaps it is to be developed for mixed use. The developers may have decided they did not want Russo’s as an abutter. Together the lots are very big. Unfortunately, greater Boston is an immense target for nation wide development.
Heard the 4 acre lot sold for $8 million and may be developed by a life sciences company. Quite a nice retirement egg for Mr Russo.
This is a terrible loss for the community and for me as well. I’ve shopped there for 20 years and easily tell people where I live in relation to Russo’s.
That said, I feel like there is more to this story than just being offered money for the land. This isn’t an easy decision for a family to make after a century in business, so there must be quite a bit here that we, as customers, cannot know.
@Charles Tanowitz – my guess is that Mr. Russo was ready to retire and give up the brutal hours the business required. He may not have had younger relatives who wanted to maintain the business. It happens.
The money from developers is very likely the reason for not seeing if employees or someone else wanted to buy the business. There’s no way anyone buying it would be able to compete with developers, and it’s not unreasonable for Mr. Russo to want a comfortable retirement.
@Meredith you may be right. I also wonder if we’ll see other businesses grow out of this. There are customers who are now without suppliers, both on the retail and wholesale side. And there are employees with knowledge, expertise and connections. We don’t know what the family is thinking and I’ve not heard much from employees, so we don’t know that either. Could the family be thinking about investing in businesses started by employees? Could customers back businesses started by some of the employees? If businesses do come out of this, can they work with the Chamber (or Watertown) to connect with the pop-up concepts to try out different locations?
I’m hopeful that we will have something positive emerge.
I love Russo’s and I’m sad to see it go. But let me come at this a different way.
Congratulations to Tony Russo. He led a family business for decades. He built it into something terrific that the community will miss. He worked incredibly hard. And he is walking away on what is hopefully his own terms.
To the folks saying it was profit margins being tight, or that his business was unprofitable, I think you are making assumptions. All we know is what was in notice saying he was shutting down the business.
This is a man who worked hard hours for something our community grew to cherish for decades. We should be thanking him, not questioning his choices. If he chose to sell to a developer vs have his kids or another buyer take over, that’s his choice. That is his family’s name on the store.
Like Chuck, I hope something local and great rises in Russo’s place. But take a moment to remember that there is a man and his family behind Russo’s. All businesses, even great ones, have a life cycle. And all great things must eventually come to an end.
So thank you Tony. My family have enjoyed your store for 15 years. I sincerely hope you enjoy your well deserved retirement.
Perhaps posters can speculate about where they will shop for produce post-Russo’s. For someone like me who buys a lot of herbs, Whole Foods and Wegman’s won’t cut it. I need ideas.
Jeffrey, Russo’s was a convenient one-stop resource but there are other options with fresher produce, more organic options, and locally grown. If you want to shop in person your best seasonal resource for local herbs and produce is definitely a farmers’ market. Dick’s Market Garden just returned to Newton’s Tuesday market and they’re top notch. I’ve even contacted them before some markets and asked them to pick some special items for me. There’s also Wally’s Vegetables, Freitas (best corn), Heavens Harvest (all organic), Flats Mentor Farm (unusal Asian herbs and produce) and Nicewicz (#1 for peaches). Oh, and don’t forget the stands at Newton Community Farm and Land’s Sake.There are several aggregators who pull herbs and produce from a variety of local farms and offer doorstep delivery. My favorites are Mass Food Delivery, What Cheer Fruit & Produce, Whats Good, and Market 2Day. Since discovering these options I stopped purchasing produce from Russo’s. I’ve compiled a bunch of shopping resources if you want to dig deeper: http://www.allovernewton.com. Feel free to contact me and I’m happy to share what I know!
@Lauren as wonderful as the Newton Farmer’s Markets are, they just don’t work for me. I’m not in a position to go over there during the limited time it’s open. The advantage to a retail presence like Russo’s is the combination of selection, quality, and convenience. I can go over there during the shopping time that works for me, or when I need to grab something last-minute. My job situation has forever made it nearly impossible to go to the Tuesday market on any regular basis. I used to go to the Saturday market in W. Newton, but that one had limited vendors and selection.
I’ve heard suggestions like Wilson’s Farm in Lexington or Volante Farms in Needham. I’ve also found H-Mart’s produce to be exceptionally good and I’ve been impressed with some of what’s at Wegman’s. None of those are particularly convenient to where I live, but that’s just a luxury.
Check out New England Country Mart. http://WWW.NewEnglandCountryMart.com. The freshest local produce, groceries, craft beer and wine delivery. No need to ever leave the convenience of your home as they deliver to Newton twice a day, seven days a week.
This is a huge loss for this Metrowester. The quality of their Asian vegetables beats the markets in Quincy and Chinatown.
I like the farmers markets but they’re limiting in hours and only open a few months a year. Also the prices can be very high there. Maybe the City could consider a winter market like in Wayland.
Flowers on special occasions. Fresh fruit and veggies Fresh bread. Desserts. Plants for the home garden. All at a reasonable price. Thank you Mr. Russo. Enjoy your retirement.
According to the deed publicly recorded today, the total price for the property owned by several entities was $36 million.
Dave A,
Can anyone put $36million in land cost in perspective?
Just curious how many sqft of commercial real estate is appropriate for that cost. Should be positive for Newton to have large employers literally next door
To put it in perspective the 6.5 acres owned by the Mt Auburn Club in Cambridge recently went for $36M
Russo’s has been the choice of many ethnic groups for years, with an assortment (particularly) of produce in one convenient location. Yes, we’ll find those foods elsewhere, but the convenience, selection, quality, and prices they offered was unique. (BTW, some may not know that they were also the back-up supplier for a number of farm stores across MA, offering a way for those farmers to offer high quality products they had not raised themselves, increasing the range of inventory and making those small sellers more viable in their communities.)
Sold for $36 million! I certainly would never have turned away that much, myself, when already considering retirement… who would? A well earned retirement cash-out for the entire Russo family.
Chobani’s Yogurt gave 10% of company to employees when they went public. Many became millionaires.
Would be amazing here if same happened, and $3.6mm were distributed to long-time employees!