The big box retailer for the scaled-down retail offering has bought slightly more than 6.3 acres. The 40,000-sf structure, ticketed for a late fall opening, will be located at the intersection of North Eldridge Parkway and Grant Road, a source has confirmed to GlobeSt.com.
North Eldridge Parkway 12 Ltd. has sold the parcel in a recent deal negotiated by its representative, Keith P. Grothaus of Caldwell Watson. Curtis Hendersen and Jeff Pittman of CB Richard Ellis have acted on behalf of the buyer, Wal-Mart Real Estate Business Trust.
Wal-Mart currently has 152 stores in Texas, nine distribution centers and 94 supercenters. A company source says there are only 17 neighborhood markets operating in the test markets of Texas, Oklahoma and Arkansas, Wal-Mart's home.
Neighborhood markets are designed to service Wal-Mart supercenter customers for in-between trips to the big box. Research shows customers generally shop at Wal-Mart supercenters about once a week, according to the company source. In the off days, customers head to smaller markets. Neighborhood stores consist of 70% groceries and 30% general merchandise. The nearest Wal-Mart supercenter is located on FM 1960 in the Willowbrook Mall area.
Details of the Grant Road project are being fine-tuned as reviews begin for contractors. The retailer plans to open 260 new stores nationwide this year.
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