Does Santa Monica need another Trader Joes?…
Trader Joe’s has bought a former drug store in Santa Monica, paving the way in which for a fourth location in the seaside metropolis for the favored grocer.
The retailer paid $22 million this month for a shuttered Rite-Aid at 1331 Wilshire Blvd., according to real estate data supplier CoStar.
The Monrovia-based grocery chain, recognized for its ingenious unique merchandise and frozen meals, has been on an growth spree across the nation and opened a new department in the Orange County metropolis of Costa Mesa earlier this month.
In October, a store opened in the Los Angeles County metropolis of La Verne.
“We see ourselves as your neighborhood grocery store,” the company said on its web site, asserting its latest store openings. “Step inside and you’ll find unconventional and interesting products in the Trader Joe’s label like Mandarin Orange Chicken and Cold Brew Coffee Concentrate.”
There are more than 600 Trader Joe’s nationwide and around 200 in California.
Santa Monica areas embody 2300 Wilshire Blvd., where Trader Joe’s occupies 2,130-square toes on the ground ground of an house building, according to CoStar.
The former Rite Aid location a few blocks away is way bigger at 17,800 sq. toes and comes with 125 floor parking stalls.
It’s unclear whether or not Trader Joe’s will continue to operate both areas, but there may be precedent in Los Angeles, where there are two TJ’s across the road from one another in Sherman Oaks.
The initial plan was to close the outdated Sherman Oaks location when the new department was prepared — both are off the 101 Freeway on Riverside Drive.
But in the end, the company determined it may be “fun” to keep both open, the new store’s supervisor said last June. Both shops are anticipated to stay open, the company confirmed.
Trader Joe’s didn’t immediately reply to a request for remark about when the new Santa Monica store will open.
The company’s growth comes as grocery shops across Southern California and the nation compete to win over budget-conscious shoppers.
Inflation has pushed up grocery store costs in current years, inflicting average Americans to cut back on discretionary spending and search out bargains.
Trader Joe’s is privately held and owned by households who also own half of the Aldi grocery store chain, according to its web site.
Its first location opened in Pasadena in 1967.
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