As of Mar 31, 2017, the company operated 135 stores in 19 states in the Southwest, Mountain-West and Midwest.

In fiscal 2016, the company opened 23 new stores. During the first half of fiscal 2017, the company opened 9 new stores. The company plans to open 15 to 20 new stores in fiscal year 2017. Long-term, the company believes the US market can support at least 1,100 Natural Grocers stores, including approximately 200 additional stores in the 19 states in which the company currently operates or has signed leases.

With the exception of 3 stores, all stores are leased, with lease terms typically ranging between 10 and 20 years, with additional renewal options. Of the current leases for stores, 2 expire in fiscal year 2017, 4 expire in fiscal year 2018, 7 expire in fiscal year 2019, 6 expire in fiscal year 2020, and the remainder will expire between fiscal years 2021 and 2062.

Stores range from 5,000 to 16,000 selling square feet with an average of 10,600 selling square feet and 16,200 gross square feet, with a typical new store averaging approximately 11,000 selling square feet. New stores are typically located in prime locations which offer easy customer access and high visibility, and many stores are near other supermarkets or gourmet food retailers.

TTM20162015201420132012
Stores135126103877259
Store growth20.5%22.3%18.4%20.8%22.0%20.4%
Total gross square feet (M)2,1742,0321,6691,3541,098802
Total gross square feet growth20.1%21.8%23.2%23.4%36.9%29.5%
Avg store gross sq ft16,10016,10012,10012,10015,20013,600
Avg store gross sq ft growth-0.4%-0.5%4.1%2.1%12.2%7.6%