Salt Lake City— Through support from the Salt Lake City business community and the City’s Business Development Division, Rico Foods has found a new home in the state’s capital city at 945 W Folsom Avenue.
Known as one of the original anchor tenants to the Granary District neighborhood, Rico Foods helped build up the community we know today. However, despite recent sales increases fueled by the COVID-19 pandemic, Jorge Fierro faced a new crisis. His rent was rising to an unsustainable level due to economic growth and development. His lease was set to expire on Aug. 31 while his business needed to adapt quickly to meet the growing demand.
With help and support from business leaders throughout the City and the increase in sales, Fierro was able to buy the new 7,000 square foot location on Folsom Avenue for $750,000.
“Small business owners are vital to our economic success and growth,” said Roberta Reichgelt, Salt Lake City’s Local Business and Entrepreneurship Manager. “Jorge Fierro is a local business icon and has done so much for our community. We couldn’t be happier to see our private sector come together and help the Rico Brand stay in Salt Lake City.”
Reichgelt’s team assisted Fierro with business licensing needs and expedited the process to ensure the downtime during the move would be minimal.
“Our team has had a longstanding relationship with Jorge and the team at Rico Foods,” said Ben Kolendar, Director of Salt Lake City’s Department of Economic Development. “We value our small business community and will continue to do everything we can to ensure their success.”
Now, Fierro wants to be active in helping other small business owners work with the City to achieve the same goals of finding efficient and affordable office space. He’s also quick to thank those who reached out during his time of need.
“It was overwhelming to hear from people who were offering help to find a new location or to share office space. The City has bent over backwards for me. I can’t thank them enough for their kindness,” Fierro said.
Rico Brand’s new facility will streamline operations and help grow the company from 28 to 36 employees in the coming months. Annual sales are expected to reach $2.5 Million in 2020.
About Rico Brand Foods Rico Brand makes fresh, preservative-free, handmade gourmet Mexican food, available at grocery and specialty food stores throughout Utah. Using authentic family recipes, the ‘Rico Way’ has made a legacy of making great food – over 20 years the brand has become a widely recognized symbol of freshness and quality. Rico Brand’s roots are established in a superior customer experience and passion for making a difference in the local community. Learn more at www.ricobrand.com
About Salt Lake City Department of Economic Development Formed in 2016, Salt Lake City’s Department of Economic Development is focused on building Salt Lake City as a vibrant, beautiful, prosperous, diverse, and authentic place – a place that is economically accessible to everyone. Known as the “Crossroads of the West,” Salt Lake City is strategically located for businesses to succeed. SLCDED works to streamline processes, provide excellent customer service, and offer an array of resources and services to recruit and retain businesses in the City, and ensure they have the tools to thrive. For more information, visit www.slc.gov/ed