Jugofresh is no more.
Owner Matthew Sherman announced the cold-pressed juice company shut down on Tuesday, closing all of its stores and ending its partnership with Whole Foods Market.
Sherman wrote in an email blast that his “lack of experience and rapid expansion are what ultimately led us to close.” The company grew quickly in its six years, with up to eight locations in South Florida and shops at Whole Foods Markets in downtown Miami, Fort Lauderdale, Coral Gables and others. “When you sign a deal with a large company it is difficult to maintain a clear brand message,” Sherman said.
In 2015, he sold the Biscayne Boulevard site in MiMo that he had planned to redevelop. Sherman made a $440,000 profit in two years, selling the building at 7501 Biscayne Boulevard for $1.4 million to developer Alex Karakhanian.
In his email, Sherman also cited rising retail rents and competition from online retailers. At the company’s flagship Sunset Harbour store, revenue dropped from $3.2 million in 2013 to $870,000 in 2017, he said. Competition also grew, with new juice bars popping up in Miami Beach, Brickell, Wynwood and downtown Miami.
Sherman could not immediately be reached for comment.