The owners of Trancas Market and its landlord, the Malibu Bay Company (MBC), have come to a parting of the ways, and, on May 7, the market will close. Thereafter, the building will be closed for renovations, and shortly thereafter a yet unidentified, high-quality market will replace Trancas Market.
“We will have an announcement soon concerning the new supermarket operator,” MBC indicated in its press release. MBC wished to “apologize for any inconvenience,” but said, “We are excited that the residents of Malibu will have a new, high-quality supermarket by early summer.”
The Trancas Market term on the old lease had almost run out, and MBC indicated to Jerry Preston, owner of Gibson & Cooke, which owns the market, they had other plans for the market and didn’t intend to renew the lease. Trancas Market, which is about 17,000 square feet, is a smallr market by today’s market standards and is in need of some major renovations. It was described by Preston as a “tired market,” which he estimated would be considerably more costly to renovate than the Point Dume market on Heathercliff.
Jim Cascone, the Trancas Market manager, said a liquidation sale will begin April 24, and the business plans to be totally out of the store by May 5. Food and supplies will be sold, but fixtures will remain behind.
Preston bought the market in 1992 from Jerry Alexander, a longtime community figure and a fixture on the Malibu grocery scene. Preston’s company also owns the market at the Point Dume Shopping Center, on Heathercliff, which it is retaining and which is currently undergoing major renovations, expected to be 90 percent completed by June 15. Preston indicated they have a long-term lease at the Heathercliff store, which is about 23,000-24,000 square feet, and they’re there to stay. When the renovation is completed, there will be a kitchen and full bakery on the premises, a sushi takeout bar, home delivery and catering, an expanded wine section and brand-new display cases.