Sprouts opens new Phoenix HQ amid ongoing expansion
A fast-growing natural and organic grocer has a new home base.
Sprouts Farmers Market has opened a new 180,000-sq.-ft. build-to-suit corporate headquarters at the CityNorth mixed-use property in Phoenix. The new seven-acre campus features a new office building, a flagship Sprouts store, and additional retail space for complementary tenants.
Keyser Commercial Real Estate served as Sprouts' commercial real estate advisor throughout the relocation process, supporting the company across site selection, incentives and transaction and project management.
"Sprouts had a clear vision for what it wanted its new headquarters to mean for its people and its future," said Jonathan Keyser, managing partner of Keyser Commercial Real Estate. "Our job was to understand that vision and help Sprouts navigate the real estate decisions and execution required along the way. It has been incredibly rewarding to see their vision become a reality and to celebrate this milestone alongside their team."
The new headquarters comes amid an upcoming leadership change for Sprouts. Nick Konat, currently president and COO, will take on the role of CEO and join the board of directors, effective Jan. 4. He will succeed Jack Sinclair, who has served as CEO since 2019 and will move to the role of executive chairman.
Sprouts is on track to open 42 net new stores this year, slightly ahead of its original guidance. Upon the release of its latest financial results, the grocer said it will open at least 15 stores in the third quarter, marking its largest quarterly opening cadence to date.
Sprouts reported earnings per share of $1.37 for its quarter ended June 28, compared to earnings per share of $1.35 in the year-ago period. Analysts had expected earnings per share of $1.35.
Net sales rose 5% to $2.3 billion. E-commerce sales rose 12%, representing approximately 16% of the quarter’s total sales. Same-store sales inched down 1%.
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Sprouts employs approximately 36,000 team members and operates more than 500 stores in 25 states nationwide.
