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The Most Profitable Botting Spot is a War Zone for ClansAt home store locations -
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People stayed home, then went to At Home -- in droves.
The home decor superstore chain shut down all of its locations in March and April because of the coronavirus. It also halted construction and expansion, including a new store in Oklahoma City. Stock prices for At Home Group Inc. — trading under HOME on the New York Stock Exchange — tanked, plunging under $2 per share at the end of March, from just over $7 in late February.
It all left a 117,000-square-foot space hanging smack in the heart of the Memorial Road retail corridor.
At Home, unlike too many other retailers, came roaring back during the summer and fall. Share prices, while still far removed from the $40-plus of summer 2018, and less than the $21 of mid-October, were trading at around $16 on Friday.
And construction crews are back at work at the Plaza at Quail Springs, where owner-developer JAH Realty LP signed a lease for the metro area’s third At Home almost exactly one year ago.
Jeff Norman, president of JAH, is breathing easier. The big-box space, along NW 134 west off N Pennsylvania just east of Quail Springs Mall, was in the throes of a major retrofit. The space was formerly occupied by three stores, Hobby Lobby, Red Rock Fitness and Toys R Us.
The redo was at a perilous stage: gutted, with load-bearing walls knocked out, Norman said,
“It was really a half-baked cake,” he said.
The new store was supposed to open in September.
Now it’s scheduled to open next spring. The lease had to be redrawn, Norman said.
What hasn’t been rewritten in retail during the pandemic? But it’s turning out to be a postponed positive — for At Home, for Memorial Road, for JAH Realty, and for all the people who stayed at home, or were stuck, long enough to realize some home improvements were in order.
Consumers’ appetite for home decor seemed insatiable before COVID-19, which had At Home sitting pretty with its 50,000-plus items offered in furniture, garden, home textiles, housewares, patio furniture, rugs, and seasonal, tabletop and wall decor. The stay-at-home and work-from-home phenomenon caused demand to explode.
It was a frenzied fall. Nationally, At Home reported a third-quarter net sales increase of 47.5% and comparable store sales increase of 44.1%.
“We not only delivered record comps of 44% in the third quarter, but also generated strong earnings flow-through as well as excellent free cash flow. ... Our inventory position is improving meaningfully, and fourth quarter performance to date has remained strong as our customers continue to find joy in refreshing their homes and decorating for the holidays,” At Home Chairman and CEO Lee Bird said Dec. 1 in announcing financial results.
He added, “Longer term, I couldn’t be more excited about our ability to expand our market share in a large, highly fragmented and growing industry. We have the potential to grow our store base nearly three times larger, and our real estate opportunities are only getting stronger. We also believe we can drive revenue per store significantly higher through both our in-store and omnichannel strategies.”
The sheer size of At Home stores compared to many other home decor stores surely helped — and still does — with social distancing requirements.
“Their business just went crazy,” Norman said. “Everybody was staying at home, not going out, and spending money on their homes, feeding right into their business model. ... I venture to say (the At Home signed at Plaza at Quail Springs) was the biggest retail deal in Oklahoma City this year.”
Real Estate Editor Richard Mize edits The Oklahoman’s Real Estate section, and covers housing, construction, commercial real estate, and related topics for the newspaper and Oklahoman.com. Contact him at [email protected] Please support his work and that of other Oklahoman journalists by purchasing a subscription at http://oklahoman.com/subscribe today.
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A COVID positive: At Home stores soar, and a new one in OKC is back on track
Richard Mize 
At home store locations -
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