Hobby Lobby Closes 61,500 SQFT Store in Tacoma Central Shopping Mall – The Registry

By The Registry Staff

Arts and crafts retailer Hobby Lobby has closed its store in the Tacoma Central shopping center earlier this month. The 61,484-square-foot space, located at 3130 S. 23rd, appears to now be available for lease, according to a report from the Puget Sound Business Journal. The vacant building is owned by an entity affiliated with Pietromonaco Jackson Properties, a Mercer Island-based real estate company. The property is listed for lease at $16 per square foot, or $82,000 per month for the entire building. The property sits on a 5-acre site and includes parking.

Hobby Lobby still operates stores in the South Sound area, including locations in Lakewood, Puyallup and Olympia. The closure of the Tacoma Central store has not at this time affected these other locations, according to the report.

The Puget Sound region has seen a number of retail exits in recent months, particularly in the Seattle area.

Earlier this year, the city saw the closure of The North Face at its 15,000 square foot location at 520 Pike St., which it has occupied since 2019. The property is owned by Tishman Speyer. Also in recent months, athletic apparel brand Lululemon confirmed its closure from Pacific Place, citing decreased sales volumes. That move followed the impending closure of Fox’s Seattle, a long-standing jewelry store. Those departures have heightened anxieties among other downtown business owners. When there are vacancies nearby, it increases concerns about safety and overall foot traffic, according to a report in KOMO news, which broke the Lululemon news first.

Some retail brands have shared plans for growth as well, according to a recent report by Northmarq. These brands will be actively opening new locations and growing their store bases in the coming months and years, including Walmart, Target and Ross Dress For Less, among others. The growth of these tenants, which typically anchor or shadow-anchor multi-tenant retail centers, could provide new prospects for players across the commercial real estate industry.