Sprouts Farmers Markets closes 3 Houston area stores, markets space to new tenants as grocer shifts to smaller store format
Shoppers at a Houston-area Sprouts. The chain has closed some of its stores and putting the space on the sublease market.Sprouts Farmers Market has closed three stores in the Houston area and put the properties on the market for sublease, adding to a growing supply of empty store space.
"Choosing to close a store is always a difficult decision. However, these stores, on average, were approximately 30 percent larger than our current prototype and often underperform financially,” Melonie Buchanan Petty, regional vice president of Sprouts Farmers Market, said in an email. “Sprouts continues to move forward with our strategy of opening smaller format stores that provide improved box economics and have been reduced to 23,000 square feet.
The closings come at a time of strong demand for retail space, with leasing activity in the Houston area totaling 2.4 million square feet in the first quarter, according to commercial real estate firm Partners Real Estate. Pent-up demand from before the pandemic made it the most active quarter for leasing in nearly seven years, even as rents increased by 3.5 percent over the year.
Potential retailers to backfill the Sprouts spaces likely won't be grocers. Other than H-E-B, few are expanding in the market, said Kyle Knight, a senior vice president at Texas-based retail real estate firm Weitzman.
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