Expanding grocery store sets sights on Tucker.
Phoenix, Arizona-based Sprouts Farmers Market plans to join the new "The Meridian at Tucker" shopping center under construction on Northlake Parkway. Previously rumored to be in talks, I have now received confirmation that the grocery store has signed a lease for a 30,000 square foot space in the center. Sources say the store should be open sometime in the first half of 2017.
Hobby Lobby will be the largest tenant at 50,000 square feet followed by Dick's Sporting Goods at 45,000 square feet. ROSS Dress For Less will be 25,000 square feet, and DSW is slated to be 16,000 square feet.
There are currently ten Sprouts stores open in metro Atlanta including the most recent store on Piedmont Avenue in Morningside. Other new Sprouts stores are planned for Duluth, Peachtree City, Decatur and West Cobb.
The Duluth store, anchoring Fuqua's Sugarloaf Marketplace at the corner of Sugarloaf Parkway & Peachtree Industrial Boulevard, is scheduled to open May 11th.
The Peachtree City store, anchoring the new Shops at Lexington Circle at GA Highway 54 and Walt Banks Road, is scheduled to open July 6th.
The Decatur Sprouts store will anchor Fuqua's new Decatur Crossing center at Scott Boulevard and North Decatur Road. The store is expected to open in the first quarter of 2017.
The West Cobb Sprouts will be located in Parkside West Cobb, a new center from Columbia Properties. Located beside The Avenue West Cobb on Dallas Highway at Casteel Road, the new center will also be anchored by Marshalls, ULTA, Petco and Stein Mart. The center will also be home to a few restaurants including Zoës Kitchen and Mellow Mushroom. The West Cobb Sprouts should also open in the first quarter of 2017.
While I do believe the Northlake/Tucker area could be a good market for the grocer, I generally think they are over-expanding in metro Atlanta. Sprouts, which went public (SFM:NASDAQ) during the summer of 2013 and more than doubled on its first day, has come back to Earth. Once trading at nearly $50 per share, Sprouts closed yesterday at $25 and change, down about 7% on news of lower than expected quarterly revenue for the first quarter of 2016.
What are your thoughts on Sprouts Farmers Market in comparison to other similar stores in metro Atlanta? Do you think Sprouts delivers on their "Healthy living for less" message? If you are a fan of Sprouts, where should they open next?
Please share your thoughts below.
