Texas Retail Giant Spec’s To Move Into Dallas Market By Year EndJuly 29, 2011
Houston, Texas-based retailer Spec’s Wines, Spirits & Finer Foods is planning to enter the Dallas market by year-end, according to a report in The Dallas Morning News. The paper quoted Spec’s vice president of marketing Lisa Rydman Key, who said the company is planning two to three Dallas stores for its initial entry and is currently in lease negotiations. Rydman Key added that Spec’s hopes to have at least one of those locations open by the end of 2011.
The move into Dallas will pit Spec’s—which does $500 million in annual sales—against the area’s current top retailer, Centennial Wine & Spirits, which is projecting $250 million in 2011 revenue and is also expanding. With formerly dry areas around Dallas—such as Trophy Club near Fort Worth and Lowry Crossing in Collin County—recently voting to go wet, the region is developing as a new battleground for beverage alcohol retailers. Kroger and 7-Eleven have upped their beverage alcohol activities in the market, and Trader Joe’s is also reportedly exploring a Dallas location.
The Dallas entry will be Spec’s farthest move north in the Texas market, and it’s only part of an ambitious expansion across the state. Spec’s recently opened a 30,000-square-foot store in El Paso, marking its first entry into the West Texas market. The retailer also operates 10 stores in the Austin area. Currently boasting 93 units, Spec’s will open two more outlets in the coming weeks—one in Killeen and one in Georgetown. Spec’s is also planning a second San Antonio store, according to Rydman Key.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.