The German-owned grocery chain will open its ninth Orange County location by taking advantage of a former 23,800-square-foot former CVS location at Plaza El Toro.
With a planned November opening, the new store will take advantage of excellent visibility on El Toro Road in the growing residential community of Lake Forest.
“Each time we hear of a major retailer downsizing, it presents an incredible opportunity to reposition a location,” shares Coreland Companies’ Principal Matt Hammond who, along with Chris Premac, represents the landlord. “The entire drugstore industry has been challenged with intense competition, but that does not mean that their store locations were bad.
“El Toro Road and Muirlands Boulevard is a major thoroughfare connecting Lake Forest to the San Diego (5) Freeway. Since discussions began in 2021, ALDI was always attracted to the demographics of the area.”
Represented by Jason Gordon of Epsteen & Associates, ALDI executed a 10-year lease.
The expanding discount grocer is focused on capitalizing on cost-conscious Americans feeling the pinch at grocery stores. It plans to add 800 stores across the United States over the next five years.
“The key to successful retail is constant repositioning to keep up with trends,” commented Hammond. “CVS’s business became dated and forced its reorganization.
“ALDI will refresh this location and boost the shopping center’s attractiveness within the community. The neighborhood is looking forward to the new anchor, as well as the shopping center’s remodel to soon follow.”
For leasing information at Plaza El Toro or other properties, go to www.coreland.com/properties.