Retail competitors are examining Bed Bath & Beyond’s retail space as it prepares to close its stores, reports CNN. This presents an opportunity for grocery stores to continue expansion in a tight market.
On April 23, the big-box brand filed for Chapter 11 bankruptcy protection after failing to secure the funds to keep it alive. As a result, the remaining 480 stores under the brand’s umbrella will close, presenting an opportunity to grocers wanting to expand into areas with low vacancy rates.
“A lot of great real estate is going to come available into a market where there’s been no vacancies. It will not take long for retailers to occupy those spaces,” Brandon Isner, head of retail research at CBRE, a commercial real estate firm, told the news source.
Bed Bath & Beyond has stores in all 50 states, with a concentration in dense areas of California, Texas, New Jersey, and Florida. The 35,000 square-foot average footprint entices smaller-format grocers.
According to Progressive Grocer, supermarket chains like Natural Grocers, The Fresh Market, and Aldi, plan to open locations in shuttered Bed Bath & Beyond Stores. Grocery Outlet Bargain Market moved into a vacated space in Pocatello, Idaho on April 6. Full Story
Related: Aldi Goes West; Whole Foods Plans Layoffs, Restructure
Image: Bed Bath & Beyond