Issues related to underperformance have been cited for the upcoming closures.
This article is based on corporate postings and accredited media reports. Linked information within this article is attributed to the following outlets: Wikipedia.org, ScrapeHero.com, and The-Sun.com.
Wikipedia features a comprehensive and well-attributed overview of the Sprouts Farmers Market grocery chain: Sprouts Farmers Market, Inc., is a supermarket chain headquartered in Phoenix, Arizona, USA. The grocer offers a wide selection of natural and organic foods, including fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat, poultry, seafood, deli, baked goods, dairy products, frozen foods, natural body care, and household items. Sprouts employs 35,000 workers and operates more than 380 stores in 23 states.
Sprouts Farmers Market was founded in 2002.
Per ScrapeHero.com: There are 399 Sprouts retail stores in the United States as of February 20, 2023. The state with the most number of Sprouts locations in the U.S. is California, with 133 retail stores, which is about 33% of all sprouts retail stores in the U.S.
Now comes word that 11 locations are permanently shuttering in the coming weeks.
Let us explore further.
According to a March 12th report from The-Sun.com, entitled “STORE NEAR YOU: Major Walmart and Costco Grocery Rival to Shut Raft of Stores in the Coming Weeks – See if Your area is Affected,” the upcoming closures of the individual Sprouts markets is a largely unexpected development.
As excerpted from the report: The chain's net sales are also expected to rise between four and six percent in 2023. Despite this, Lawrence Molloy, the chief financial officer of the retail chain, revealed that 11 of its underperforming stores would close in the coming months, per Winsight Grocery Business. Sprouts Farmers Market executives said they do not expect to open new stores in the cities affected by the upcoming shutdowns.
The report goes on to state: Only two of the 11 specific locations were named, including one in West Hollywood, California, and another in Wellington, Florida. Other states were mentioned for more closings, including Texas, Georgia, and Washington, although no store locations were specified.
The multiple closures of Sprouts Farmers Market locations is a developing story. In the event of pertinent updates to this matter, I will share them here on NewsBreak.
Thank you for reading.