Business Leader Jim Ukrop Has Died at 89
The prominent Richmond figure led his family's supermarket chain and helped shape the local retail landscape.
Updated on Sept. 28, 2026 in Openings & Closings
Jim Ukrop, the longtime CEO and chairman of Ukrop's Supermarkets, passed away on Friday evening at the age of 89. He was a foundational business leader in Richmond who later pivoted into banking and venture capital.
Why it matters
Ukrop was a central figure in the growth of Richmond commerce, overseeing the expansion of his family grocery chain and launching multiple financial institutions. His career left a significant mark on the city's economic development and local business community.
The Ukrop family sold their grocery business for $140 million in 2010. Additionally, Jim Ukrop founded First Market Bank in the late 1990s, which was later sold to Atlantic Union Bank in 2010.
The players
Jim Ukrop
He was a prominent Richmond business leader who served as CEO and chairman of Ukrop's Supermarkets.
Ukrop's Supermarkets
This was a family-owned grocery chain that maintained dozens of locations throughout Richmond.
New Richmond Ventures
This is a venture capital firm founded by Jim Ukrop to foster business growth.
Atlantic Union Bank
This financial institution acquired First Market Bank from the Ukrop family in 2010.
The details
Ukrop expanded his family grocery store chain into dozens of locations throughout the Richmond area before transitioning into investment activities. After selling his primary retail and banking interests, he founded the venture capital firm New Richmond Ventures to support local startups.
Timeline
Jim Ukrop co-founded First Market Bank during the late 1990s.
The family grocery business was sold for $140 million in 2010.
First Market Bank was sold to Atlantic Union Bank in 2010.
Jim Ukrop died on Friday evening, September 25, 2026.
Market Landscape
The sale of the Ukrop grocery business follows the pattern set by the 2010 consolidation of regional family grocery chains, as larger corporate entities absorbed locally grown market incumbents. This transition reflects a broader shift toward large-scale ownership within the regional retail sector.
The passing of a central Richmond business leader highlights the long-term changes to the local retail and banking landscape that residents have experienced since 2010. While his businesses have long since transitioned to new ownership, his influence remains a part of the city's commercial history.
The takeaway
Jim Ukrop's career demonstrates the impact a single family enterprise can have on a city's economic identity over several decades. His pivot from traditional retail to venture capital highlights the importance of adapting to changing financial markets.
Further reading
Learn more about local business developments by visiting the Openings & Closings section.
Source note: This article includes information reported by Richmond BizSense.
