Phoenix's 99 Cents Only Store Closures: A Retail Opportunity in a Tight Market
The Phoenix retail landscape shifted when 99 Cents Only filed for bankruptcy in April 2024, closing 28 stores across the metro area. These closures freed up over 632,900 square feet of retail space when the market was extremely tight, with quality expansion options dwindling due to minimal new construction over the past decade.
Dollar Tree acted swiftly, securing 12 locations across Maricopa County in May 2024, adding 280,000 square feet to its portfolio. The chosen sites are concentrated in West Valley, a region experiencing significant population growth. Continuing its U.S. expansion, Aldi?also purchased two locations for $6.9 million.
While the closures temporarily raised availability, the overall strength of the Phoenix retail market remains intact. As more retailers move in, demand will continue to balance supply, ensuring the region's economic resilience.
Source: CoStar News
Author: Connor Devereux