Sprouts Farmers Markets closes 3 Houston area stores, markets space to new tenants as grocer shifts to smaller store format
The Sprouts Farmers Market at 1212 Old Spanish Trail was one of three in the Houston area to close in April 2023.Phoenix-based Sprouts Farmers Market has closed three grocery stores in the Houston area and put the property 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 rose by 3.5 percent over the year.
The most likely candidates 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.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Recipe: Roasted Brussels Sprouts with Bacon and Maple Syrup make a great springtime side dishTry pairing these delicious green orbs with grilled pork or salmon.
Leer más »
Nuggets Star Won’t Be Suspended for Pushing Phoenix Suns OwnerDenver Nuggets star Nikola Jokic won’t be suspended for shoving Phoenix Suns owner Mat Ishiba during Sunday’s playoff matchup between the two teams—but he will be fined $25,000 by the NBA.
Leer más »
NBA Fines Nicola Jokic $25K For Making Contact With Phoenix Suns OwnerThe Denver Nuggets center and two-time NBA MVP won't be suspended for the altercation.
Leer más »
Shooting victim found at downtown Phoenix McDonald's, police sayThe woman was taken to a hospital with serious, but non-life-threatening injuries.
Leer más »
Denver Nuggets star Nikola Jokic fined $25,000 after altercation with Phoenix Suns owner Mat IshbiaDenver Nuggets All-Star center Nikola Jokic was assessed a technical foul in the second quarter of Game 4 on Sunday after an altercation with Phoenix Suns owner Mat Ishbia.
Leer más »
Free water safety event at Phoenix Hilton resort, May 13On May 13, the Drowning Prevention Coalition of Arizona is hosting its annual Summer Water Safety Day to bring awareness to the dangers of water following four drownings this past weekend. MORE ⬇️
Leer más »