Sprouts' latest real estate strategy means WA grocery store closure
Sprouts Farmers Market Inc. (Nasdaq: SFM) unveiled a new real estate strategy during an earnings call on last week that will lead to the closure of 11 older stores, including in the Puget Sound area.
In a statement to the Business Journal, the Phoenix-based specialty grocery chain said it would be closing stores in Washington, Texas, California, Georgia and Florida.
The lone Washington store set to close is at 19630 Highway 99 in Lynnwood. It will remain open through April 30. Sprouts has three other locations in the region: North Seattle, Mill Creek and Silverdale.
During the call, Sinclair and CFO Chip Molloy explained that the closing stores were opened by the previous leadership team and are approximately 30% larger than the current prototype and generate negative cash flow.
https://www.bizjournals.com/seattle/news/2023/03/07/sprouts-unveils-new-real-estate-strategy.html