Malls in Florida are bucking the trend
Most Florida malls are doing better than their national counterparts, but consumer shifts to online are just beginning to show up.
Look at Florida retail real estate numbers and see a picture of health. Vacancies in many major markets are low — about 4% when a figure twice that would be acceptable. Rents are rising. Investment activity overall is strong. In Broward, in a recent quarter, investment activity was up 417%, the best quarter in a decade, reports Colliers International South Florida.
Yet nationally, with 3,500 big-box stores slated to close this year, the phrase of the moment is “retail apocalypse.”
It’s a confusing time in retailing, says Ken Krasnow, executive managing director of the south Florida region for Colliers International. Florida retailers benefit from the state’s 20 million residents and 113 million visitors. Even for struggling national retailers, Florida stores rank among their best-performing. Only two of the 138 stores JCPenney closed this spring were in Florida — in Palatka and Jacksonville.
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