Trader Joe’s Expands with New Location in Santa Monica

Trader Joe’s has acquired a former Rite Aid store in Santa Monica for $22 million, marking the company’s fourth location in the popular seaside city. The deal, completed this month, involves a substantial property at 1331 Wilshire Blvd, according to real estate data provider CoStar. This expansion aligns with the grocery chain’s aggressive growth strategy, which has recently seen new openings across California.

The Monrovia-based retailer, renowned for its unique product offerings, opened a new branch in Costa Mesa earlier in October 2023 and is set to enhance its presence in Santa Monica. The new store will occupy 17,800 square feet and provide 125 surface parking stalls, a significant increase in size compared to the existing location at 2300 Wilshire Blvd, which spans just 2,130 square feet.

Trader Joe’s has established over 600 locations nationwide, with around 200 in California. The company describes itself as a “neighborhood grocery store,” offering a wide range of products under its own label, including popular items like Mandarin Orange Chicken and Cold Brew Coffee Concentrate.

While it remains unclear whether Trader Joe’s will maintain operations at both Santa Monica locations, there is a precedent in Los Angeles. In Sherman Oaks, two stores operate across the street from each other, a decision made after the company initially planned to close the older location once the new one opened. The store manager stated that keeping both open was viewed as a fun option, which Trader Joe’s confirmed.

As grocery stores in Southern California and nationwide compete for budget-conscious consumers, Trader Joe’s expansion comes at a time when inflation has led to rising supermarket prices. Consumers are increasingly seeking affordable options, and Trader Joe’s aims to meet this demand with its distinctive offerings and pricing strategies.

Founded in 1967 in Pasadena, Trader Joe’s is privately held and owned by families who also have a stake in the Aldi supermarket chain. The company’s continued commitment to expansion signifies its confidence in the evolving grocery market, particularly in high-demand areas such as Santa Monica.

The exact opening date for the new store has not yet been disclosed, with Trader Joe’s not immediately responding to inquiries regarding the timeline. As the retailer prepares to welcome more customers, Santa Monica residents can anticipate an exciting new shopping experience in their community.