Walmart’s Humacao store undergoing $11M expansion
Walmart Puerto Rico is investing $11 million to add 30,000 square feet of new space to the Humacao store that anchors the eastern town’s Plaza Palma Real mall, company officials confirmed Wednesday. The remodeled store will be re-inaugurated Dec. 8.
Upon completion, the expanded Walmart will grow to 157,000 square feet and integrate a new full supermarket area, as well as completely remodeled departments throughout the rest of the store. The renovation project created 130 jobs at its peak, Walmart Spokeswoman Bruni Torres said.
Walmart’s renovation in Humacao is part of a joint strategy with Plaza Palma Real’s operators, DDR Corp., which late last week announced similar redevelopment projects with the mega-retailer in two malls in Florida and two in Ohio.
“These projects will deliver desired growth opportunities to the world’s most successful retailer and further strengthen DDR’s relationship with its largest tenant,” said Paul Freddo, senior executive vice president of leasing & development for DDR. “This is another example of our strategy to align with best-in-class retailers and focus on redevelopment as a significant driver of corporate growth.”
DDR is making a combined gross investment in these projects of approximately $20 million.
At DDR’s The Shops at Midtown Miami, a 645,000 square-foot mixed-use center in Miami, Florida, Walmart plans to build a 160,000 square-foot store on a currently undeveloped five-acre parcel adjacent to the existing center, which currently features Target, Marshalls, HomeGoods, PetSmart, Ross Dress For Less and The Sports Authority.
“The addition of Walmart at this prime center will further establish Midtown Miami as a dominant shopping and entertainment destination in the city,” DDR said.
Meanwhile, at DDR’s Tarpon Square in Tarpon Springs, Florida, located in the Tampa-St. Petersburg MSA, Walmart has purchased a former Kmart location and will open an 85,000 square-foot store.
The replacement of an underperforming Kmart with a new Walmart featuring a full line of grocery products will significantly drive traffic and improve leasing and co-tenancy at the center, DDR said.
Walmart also plans to expand existing stores at Southland Crossings in Boardman, Ohio.