Hobby Lobby Set for First Oregon Location
By Alex Girda, Associate Editor
A retail giant is setting its sights on new opportunities in the state of Oregon, as Hobby Lobby has announced expansion of its Pacific Northwest operations with a brand-new store in the Portland area. The retailer has selected the Heritage Mall in Albany, Ore., to house its first location. Hobby Lobby currently operates three stores in the Seattle metro area, as well as two other locations in the state of Washington.
The retailer will join the tenant roster at the 408,878-square-foot shopping center in late 2014. Offering arts and crafts products, the Oklahoma City-based retail chain is reportedly under contract for around 61,000 square feet at 1871-2255 SE 14th Ave.
The new Hobby Lobby store will be occupying a spot held by a Gottschalks until 2009, as well as Old Navy’s current spot. The clothing retailer will reportedly move to the interior mall. According to CoStar Group, Heritage Mall was the subject of an $11 million REO sale in December 2012, when it was acquired by Vintage Real Estate. The shopping center’s list of 52 tenants includes names such as Target, Sears, Ross, Old Navy, Famous Footwear, GameStop, rue21 and Bath & Body Works.
The company currently has 531 stores across 44 states. The Portland Business Journal pointed out that the retail chain is best known for its corporate minimum wage standard of $14 an hour for its full-time employees, while part-time employees have their hourly rate set at the $9.50 mark. By comparison, Oregon’s minimum wage stands at $8.95 per hour.
Logo courtesy of facebook.com/heritagemallTags: economy, leasing, retail