The retail industry has been dealing with an excess of store closures in recent months as a result of underperformance thanks to increased pricing across all sectors and ballooning inflation rates — not to mention recently increased tariff rates for goods imported from China, Canada, and Mexico that will ultimately cause a further price increase for goods in the coming days.
Despite being one of, if not the top retailer in the country, Walmart has also faced several setbacks and underperformance in recent months that has resulted in the closure of a fraction of its stores across the country. The state of Wisconsin in particular has seen the closure of three branches of the retailer but now that these locations have been closed down, what does the future hold for these empty plots?
Walmart says goodbye to some Wisconsin locations
Milwaukee, Wisconsin has said goodbye to three of its Walmart branches between 2016 and now with the newly emptied lots being eyed for redevelopment projects. Since then, no solid plans have been announced any of the three plots but it seems that now, all these years later, ground will finally be broken on new projects for these spaces. Two of the three locations were previously Walmart Superstores.
The Walmart superstore located in the Midtown Shopping Center had shut its doors in 2016 and the space was meant to be converted into storage units. Affordable Family Storage — an Iowa-based affiliate of Council Bluffs — purchased the space in 2022 for the price of $3.28 million. The purchased gained them a 161,000 square-foot building and its 15 acre lot on 5825 W. Hope Avenue.
The proposed plan to convert 107,000sq ft into 850 self-storage units — with the remaining space to be turned into four commercial small and mid sized storefronts — was unfortunately denied by the City Planning Commission. The reasoning behind this was due to the barring of self-storage centers at Midtown Center.
February revealed an independent plan for the development of 100 affordable apartments in the space next to the store.
The second Walmart location in Silver Springs was bought by 10330 Exceeding LLC for $3.5 million in January. Anup Khuller, gas station and convenience store operator, heads 10330 Exceeding LLC.
Khuller has filed conceptual plans with the city Department of Neighborhood Services and hopes to introduce commercial tenants to the space. Khuller aims to open a grocery store, liquor store, child-care center, and convenience store, amongst others, in this space.
The parking lot could also house two separate apartment buildings with close to 50 parking spaces each, according to the submitted plans.
These plans must still pass through the Board of Zoning Appeals, Plan Commission and Common Council before it gains complete approval and ground can be broken on the projects.
Latin American grocer takes over
A December filed building permit application with the Department of Neighborhood Services revealed that the final of the three closed Walmart locations is potentially going to be developed into a Latin American grocery store known as Monterrey Market.
Robert Montemayor, who leads Seismontes LLC, purchased this space for $4.35 million in January with the necessary review for these plans potentially coming in as early as March. Currently, Montemayor is also running two other Monterrey Market grocery stores. These stores are located at 3014 S. 13th Street. and 3920 S. 27th Street, respectively.
The previously occupied by Walmart space boasts a square footage of 39,900, spanning across a 5-acre lot. According to a statement made by Montemayor to the Journal Sentinel, there is an expectation that the market will be opened in the middle of June.
Monterrey Market stores describes itself as being “more than just a grocery store; we are a place where traditions are honored, and connections are strengthened.”