Big-box shakeup: Expansions surge as retail closures reshape Phoenix market
- Big-Box Expansion Fueled by Closures: Phoenix’s retail market continues to attract expanding tenants across wholesale/warehouse, grocery, home, variety, and fitness sectors. Much of this growth is being driven by the closures of other big-box retailers, freeing up valuable real estate.
- Major Tenant Exits Creating New Opportunities: Party City (15 AZ stores), Big Lots (20 AZ stores), and Joann Fabric (11 AZ stores) have announced large-scale closures after filing for bankruptcy, vacating mid-size retail spaces ranging from 10,000 SF to 85,000 SF. These closures are creating opportunities for expanding value retailers and experiential concepts.
- Fastest Growing Retailers: Hobby Lobby has expanded its footprint by 47% since pre-2020. Meanwhile, Fry’s Food Stores led in total square footage growth from 2020-2024, adding 777K SF, while Walmart followed with 545K SF, reinforcing grocery and general merchandise as key drivers of big-box expansion.
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