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Sep 25, 2009
A Latino-led private-equity firm has agreed to open a supermarket in a Chicago area that’s been labeled a food desert.A South Side neighborhood called Back of the Yards doesn’t have many grocery stores, especially since Chicago’s largest black-owned supermarket, Farmers Best Market, closed there in July.Now a company with deeper pockets has signed a lease for that space. It’s called Rincón Capital. The founding partners are Colombians who settled in Miami and Houston. Their portfolio includes a bank, an online payday lender and a money-transfer business.In Chicago, they plan to provide financial services along with groceries. The Back of the Yards store, tentatively named Super Mas, is scheduled to open in November.If it works, the owners would like to replicate the model in other Latino and black neighborhoods of the city.
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