Trader Joe’s has purchased a former drug store in Santa Monica, paving the way for a fourth location in the seaside city for the popular grocer.
The retailer paid $22 million this month for a shuttered Rite-Aid at 1331 Wilshire Blvd., according to real estate data provider CoStar.
The Monrovia-based grocery chain, known for its inventive original products and frozen meals, has been on an expansion spree across the country and opened a new branch in the Orange County city of Costa Mesa earlier this month.
In October, a store opened in the Los Angeles County city of La Verne.
“We see ourselves as your neighborhood grocery store,” the company said on its website, announcing its latest store openings. “Step inside and you’ll find unconventional and interesting products in the Trader Joe’s label like Mandarin Orange Chicken and Cold Brew Coffee Concentrate.”
There are more than 600 Trader Joe’s nationwide and around 200 in California.
Santa Monica locations include 2300 Wilshire Blvd., where Trader Joe’s occupies 2,130-square feet on the ground floor of an apartment building, according to CoStar.
The former Rite Aid location a few blocks away is much larger at 17,800 square feet and comes with 125 surface parking stalls.
It’s unclear whether Trader Joe’s will continue to operate both locations, but there is precedent in Los Angeles, where there are two TJ’s across the street from one another in Sherman Oaks.
The initial plan was to close the old Sherman Oaks location when the new branch was ready — both are off the 101 Freeway on Riverside Drive.
But in the end, the company decided it might be “fun” to keep both open, the new store’s manager said last June. Both stores are expected to remain open, the company confirmed.
Trader Joe’s did not immediately respond to a request for comment about when the new Santa Monica store will open.
The company’s expansion comes as grocery stores across Southern California and the country compete to win over budget-conscious consumers.
Inflation has driven up supermarket prices in recent years, causing average Americans to cut back on discretionary spending and seek out bargains.
Trader Joe’s is privately held and owned by families who also own part of the Aldi supermarket chain, according to its website.
Its first location opened in Pasadena in 1967.
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