Venice, Florida is set to welcome its very first Walmart store. The retail giant has acquired 22 acres of land at the northwest corner of Twin Laurel Boulevard and Laurel Road, strategically located near Interstate 75. This development marks a significant expansion for Walmart in the region, with the company also securing other land parcels across Florida for future store openings.
Key Takeaways
- Walmart has purchased 22 acres in Venice, Florida, for its first store in the city limits.
- The land, zoned for commercial use, was acquired for $20.8 million.
- The new store will be situated near Laurel Nokomis School and Sarasota Memorial Hospital – Venice.
- This acquisition is part of a larger expansion by Walmart in Florida, involving seven new stores.
Walmart’s Florida Expansion
LQ Commercial, a real estate brokerage, facilitated the acquisition of the 22-acre parcel in Venice on behalf of Walmart. This transaction is part of a larger deal encompassing six sites across Florida, totaling 150 acres for seven future Walmart stores, with a combined value of $51.1 million. Other acquisitions include significant acreage in Freeport, as well as land leases in Lady Lake and Ocala, and parcels in Destin and Spring Hill.
Peter Klein, senior associate at LQ Commercial, highlighted these acquisitions as a testament to Walmart’s confidence in Florida’s economy and consumer demand, anticipating job creation and economic vitality in these growing markets.
Local Impact and Future Developments
The new Walmart store in Venice will be located across from Laurel Nokomis School and in close proximity to a Publix Super Market and Sarasota Memorial Hospital – Venice. While the land is zoned for commercial use, it is currently undeveloped green space. Residents in the vicinity have expressed concerns regarding potential traffic increases, a sentiment echoed by development following the opening of Sarasota Memorial Hospital-Venice in late 2021.
In parallel with this new store development, Walmart has been investing in its existing Florida locations. The company recently announced nationwide renovations as part of its “store of the future” campaign, which will remodel 650 stores across the country, including 34 in Florida. Over the past five years, Walmart has invested more than $1.6 billion in store upgrades within the state. Earlier this year, a Walmart Neighborhood Market in Santa Rosa Beach was among the first to open with these new renovations.
Sources
- Walmart buys 22 acres to build first store in Venice city limits, Sarasota Herald-Tribune.