Washington DC’S Grubb’s Southeast Pharmacy and Mini Mart Named One Of Nation's Fastest-Growing Firms In Under-Resourced Communities
Company included in Initiative for a Competitive Inner City IC 100 Ranking
Washington DC, 12/8/2020 - The Initiative for a Competitive Inner City (ICIC) announced that Washington DC’s Grubb’s Southeast Pharmacy and Mini Mart is a winner of the 2020 Inner City 100 (IC100) award which recognizes the 100 fastest-growing firms in under-resourced communities across America. The winners were picked based on revenue growth and job creation during the four-year period from 2015 to 2019.
Winners were revealed at the 2020 ICIC National Conference held virtually on December 8th. The full list is available here. Grubb’s Southeast Pharmacy and Mini Mart led by CEO William Fadel was ranked 65 based on its four-year revenue growth rate of 115.59%.
“This is a proud moment for us to be included on the IC100 list,” said William Fadel. “This is another proof point that what we are doing is working. It is incredibly rewarding to be recognized alongside leaders from so many industries across the county.”
In order to measure the impact of COVID-19 and the resulting economic crisis, ICIC conducted an in-depth survey of winners – gathering information on the companies’ estimated 2020 end-of-year revenue versus 2019, estimated 2020 end-of-year employment versus 2019, and information on a company leader’s approach to leading through the COVID-19 crisis.
Each winner shared stories of how they had to pivot due to the pandemic, from transitioning manufacturing centers to produce PPE, to learning how to sell virtually for the first time, to even holding free office hours with tech experts on a weekly basis – countless examples of innovation, grit, and resilience.
In addition to the survey, ICIC has collected demographic data on all the winners as well as metrics around revenue growth and job creation, included below.
2020 IC100 Winners by the Numbers:
Average Company Age: 17
Cities Represented: 56
States Represented: 29
Industries Represented: 25
Woman-Owned/Led: 42
BIPOC-Owned/Led: 51
Veteran-Owned/Led: 7
First-Time Winner: 71
Hall of Famers (will have won the IC100 for at least 5 times, including this year): 15
Average Four-Year Revenue Growth Rate: 310%
Average 2019 Revenue: $8,986,862.31
Total Jobs Created: 3,230
Total Employed by IC100 Winners in 2019 (year-end number): 7240
These numbers bear out some encouraging trends. This year’s IC100 list had the highest number of women-owned/led companies, an increase of eight companies from 2019 and 17 since 2015. The 2020 list also contains the highest ever number of BIPOC-owned/led companies, marking an increase of seven since 2019 and 11 since 2015.
“IC100 companies are forces of economic opportunity, optimism and transformation in their communities, and it’s an honor to recognize Grubb’s Southeast Pharmacy and Mini Mart’s leadership,” said ICIC CEO Steve Grossman. “Especially during this incredibly challenging time, as small business owners reckon with the economic fallout of the COVID-19 pandemic, these pioneering entrepreneurs have demonstrated a deep commitment to and passion for their local communities.”