Houston-based Star Furniture is opening a store in nearby Cypress, Texas, in a former grocery store – but not before Berkshire Hathaway CEO Warren Buffett signed off on the deal.
Star will be leasing the 70,000-square-foot store, a former Randalls grocery store, later next year. Shortly after Randalls closed in July, Star signed a 10-year lease on the property.
Because Star Furniture typically owns its locations, Buffett had to approve the lease. Berkshire Hathaway purchased Star Furniture in 1997.
Star, which has seven stores in and around Houston as well as two outlet stores, will face immediate competition in its new location. The real estate firm that owns Star’s building is developing a home decor and furniture retailer at its 160,000-square-foot building at the same intersection. The project, which is roughly 50 percent complete, will include an 80,000-square-foot At Home store.