When you’re on vacation, you want to shop in the stores - not online, and the Millennials that are moving here want to visit the up-and-coming modern venues, not the old standbys. What could this mean for Florida’s retail future?
Florida is the center of retail rent growth in the United States- benefiting from visitors amid the changing landscape of stores and restaurants.
Tampa Bay, Miami-Dade County and Orlando rank among the top six regions in the country for retail rent growth, making Florida the only state with more than one area on that list.
Visitors to tourist areas from Walt Disney World to Miami Beach may be helping Florida's retail landlords boost their bottom lines.
Greater Tampa’s year-over-year same-store rents increased 5.9%. Miami-Dade, at 3.9%, was fifth.
A large percentage of retail sales in Florida comes from visitors, who are less likely to indulge in online shopping.
Some owners are adding so-called experiential retailers, incorporating housing into the malls or knocking down the buildings and replacing them with modern outdoor shopping venues.
Retail stalwarts Macy’s and Bloomingdale’s pulled out of the Miami Worldcenter after the downtown development switched from an enclosed mall to an outdoor center.
You must keep up with current trends, to maximize the value of your property.
Developers are paying top dollar, and they've got to figure out a way to squeeze every dime of net operating income out of the property that they can.
Florida's steady population growth also is a likely reason for robust retail rents.
Meanwhile, Miami-Dade leads the United States with the highest level of retail construction as a percentage of total inventory.