Hobby Lobby Will Relocate Store to Belk Space in Waco
The craft retailer will transition into a 96,240-square-foot site as the existing anchor tenant prepares to depart.
Updated on Oct. 10, 2026 in Openings & Closings
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Hobby Lobby is set to move its Waco operations into the space currently held by Belk at 2700 W. Loop 340 following the anchor store's planned closure on January 8, 2027. The retailer secured the new retail footprint through a long-term lease agreement finalized in late 2026.
Why it matters
The relocation reflects a shift in anchor tenancy at the Central Texas Marketplace, signaling upcoming site turnover for local commercial real estate. Operators should monitor how the reconfiguration of this large-format retail space impacts traffic patterns and neighboring co-tenancy viability.
Hobby Lobby has committed to a 10-year primary lease for a 96,240-square-foot facility, including three additional five-year renewal options. The move follows the execution of a formal lease agreement dated July 8, 2026.
The players
Hobby Lobby
A national private retail chain specializing in arts and crafts supplies with over 1,000 locations.
Belk
A regional department store chain operating nearly 300 stores across 16 states.
City of Waco
The municipal authority responsible for zoning, building permits, and commercial development oversight.
The details
Hobby Lobby will vacate its current location at 1200 Richland Drive to occupy the site currently leased by Belk. The transition depends on the completion of the existing lease at 2700 W. Loop 340, with the new tenant expected to undergo a site remodeling process. While the lease was executed in September 2026, the City of Waco has yet to issue specific building permits for the property as of October 2026.
Timeline
July 8, 2026: Hobby Lobby signed the lease agreement for the new retail site.
September 18, 2026: The Memorandum of Lease was officially executed.
October 5, 2026: The Memorandum of Lease was filed in McLennan County.
January 8, 2027: The existing Belk store is scheduled for permanent closure.
Market Landscape
This transition aligns with the broader industry trend of retail anchor turnover, where specialty retailers capitalize on expiring department store leases to capture prime real estate. The move marks a shift in the Central Texas Marketplace's tenant composition, mirroring national shifts in power from legacy department stores to high-volume craft and home decor specialists.
Operators in the Central Texas Marketplace should prepare for potential disruptions in consumer traffic flow as the anchor space undergoes transition in early 2027. Review existing vendor contracts or sub-leasing agreements if your business relies on the proximity of legacy department store foot traffic.
The takeaway
Retail anchors are increasingly trading spaces as specialty chains leverage the footprint of departing department stores to expand their local presence. Monitor public permit filings in McLennan County to track the specific construction timeline for the site renovation.
What happens next
Permit applications for the remodeling of the 2700 W. Loop 340 site are expected to be submitted to the City of Waco following the store closure on January 8, 2027.
Further reading
For more on local commercial real estate shifts, visit our Openings & Closings section.
Source note: This article includes information reported by Kwtx.
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