Caught on cam: Bear flees coyotes near a Walmart
A bear was seen running away from a pack of coyotes in a Walmart parking lot in Canada.
Walmart has purchased a shopping center in Connecticut for $44 million, the latest instance of the retail giant buying not just the property on which a singular store can be built, but the surrounding property as well.
The company now owns the Walmart Center in Norwalk, Connecticut, about 50 miles from New York City. While Walmart already has a store at the plaza, it now owns the full strip, which includes retailers like Ulta, Panera Bread, Qdoba and more, Royal Properties Inc., the firm that represented the seller, said in a release.
“The amount of interest in this center was substantial. With several options to consider, Walmart stepped up with the best overall offer,” said Jeff Kintzer, principal of Royal Properties, in a statement.
The company’s latest purchase is not its first shopping mall acquisition this year; it closed deals on two plazas in January and May, respectively. Here’s what to know about Walmart’s recent real estate moves and how shoppers could notice a difference.
Walmart’s shopping plaza spree
The Norwalk shopping center is at least the third plaza Walmart has purchased this year.
In January, the company confirmed to multiple outlets that it purchased the Monroeville Mall in Monroeville, Pennsylvania. Unlike the Norwalk center, Walmart does not have an existing store in the Monroeville Mall.
According to a statement shared with multiple outlets, Walmart said it “is very interested in being part of any future redevelopment” of the mall. CBL Properties, the firm that oversaw the sale, said the deal was worth $34 million.
Then, in May, Walmart purchased the Bethel Park Shopping Center in Bethel Park, Pennsylvania, for $39.6 million, according to real estate records. The retailer already has a store in the strip, similar to the Norwalk center.
Walmart did not comment on the new real estate acquisitions when contacted by USA TODAY.
Buying entire shopping centers could impact the shopper experience, experts say
Retail experts told USA TODAY that Walmart’s acquisition of shopping centers presents more than just an economic investment; it’s also a strategic approach to managing customers’ full shopping experience.
In owning a shopping center, Walmart can oversee the facilities on site, which is a key part of the shopping experience, said Deborah Weinswig, the CEO of retail research firm Coresight Research.
“The whole thing is a customer journey. The customer journey, it starts in the parking lot,” Weinswig said. “And actually right now because of where we are with buy online, pick up in store, sometimes the only thing you do is go in the parking lot.”
John Rosen, an adjunct professor of economics at the University of New Haven, emphasized that Walmart wants to improve the full customer experience of shopping at their store, from its parking lot to which stores are nearby.
“If they can, then all of a sudden they’re making tons of money, right? They’re bringing people into the stores and they’re making real estate profits. They’re charging rent to the other people in the mall,” Rosen said.
As a landlord, Walmart can also have an edge in managing the other retailers in the centers it owns, Weinswig said.
“I don’t think they’re kicking anyone out,” she said. “But as, let’s say, space comes available, maybe there are different ways you’re thinking about the tenant mix.”
Walmart indicates plans to demolish one mall
While Walmart has not revealed plans for the Norwalk and Bethel Park centers, it has indicated a desire to demolish the Monroeville Mall.
Under the limited liability company South Saturn Ridge LLC, Walmart has applied for a state grant of $7.5 million through Pennsylvania’s Redevelopment Assistance Capital Program, according to state records.
The grant program is meant for “the design, acquisition, and construction of regional economic, cultural, civic, recreational, and historical improvement projects,” according to the state’s website.
In the application for the grant program, the company said it wants to make the Monroeville Mall a “modern, mixed-use destination that strengthens the regional economy.”
“The project begins with full demolition of the existing mall structures, clearing the site entirely for redevelopment,” the application says, adding that it hopes to construct new retail, restaurant and entertainment spaces.
This story was updated to fix an inaccuracy regarding Walmart’s new tenants at the Norwalk, Connecticut shopping center.
Melina Khan is a national trending reporter for USA TODAY. She can be reached at [email protected].
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