NAVIGATION

January 18, 2018
Shopping for malls

Photo:

Northeast Florida

Shopping for malls

Regency Centers' focus helps it buck the national trend.

Mark Basch | 7/26/2017

With brick-and-mortar stores across the country under stress, Jacksonville-based shopping center developer/operator Regency Centers is banking — cautiously — on its strategy of focusing on retail centers anchored mainly by grocery stores.

In February, it merged with Equity One, making it the largest company in its sector of groceryanchored centers, with 429 properties across the country. The deal also added six properties to Regency’s 16 existing centers in northeast Florida.

“We don’t have our head in the sand,” says Regency CEO Hap Stein, whose parents founded Regency’s predecessor company a half-century ago. “We’re not going to be immune, but we feel very strongly the sky is not going to fall in.”

Regency’s properties are 96% leased, with a tenant base focused on goods and services that shoppers can’t necessarily get online. Its target customers are generally affluent, with an average household income of $105,000.

Besides supermarkets, which continue to attract daily shoppers despite online delivery competition, tenants include restaurants, hair stylists, medical offices and fitness centers.

While some of Regency’s tenants have closed, the company has been able to replace 95%, keeping occupancy high.

“Retailers want to be where other successful retailers are,” says Stein. “We’ve had a track record over the years of working through these disruptions that occur.”

Regency Centers

  • Headquarters: Jacksonville
  • 2016 revenue: $614 million
  • Properties: 429 encompassing 57 million square feet
  • Largest markets:
    Southeast Florida (54 properties)
    Southern California (42 properties)
    Baltimore/D.C. (35 properties)
    Northern California (33 properties)
    N.Y. metro (24 properties)
  • Five-year stock return: 116.4%

See other stories from Florida Trend's August issue.

Get Florida Trend's August magazine – print or digital. Select from these options:

EXISTING
DIGITAL
SUBSCRIBERS

Access Article Now!

DIGITAL
SINGLE
ISSUE

Get a single DIGITAL copy of this issue

$4.95

PRINT
SINGLE
ISSUE

Get a single PRINT copy of this issue

$4.95
plus $3 postage & handling

PRINT SUBSCRIPTION

One year in PRINT

$14.98*
plus a FREE gift!

DIGITAL SUBSCRIPTION

One year DIGITAL

$14.98*
plus a FREE gift!

ALL ACCESS SUBSCRIPTION

One year Combo
PRINT + DIGITAL

$24.95*
plus a FREE gift!


CURRENT  PRINT  SUBSCRIBERS

If you are already a print subscriber,
ADD DIGITAL EDITION ACCESS
to your existing subscription here!
(or call our office at 727-892-2643)

* offer valid for new subscribers only

Tags: Northeast

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single digital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

81 year old commercial crabber reflects on life on the Little Manatee River
81 year old commercial crabber reflects on life on the Little Manatee River

Gus Muench, 81, has over 200 crab traps in the Little Manatee River. He has lived on and crabbed this river since 1976. Today, he sells his catch and runs an eco-tourism business, Gus’ Crabby Adventures. 

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you think Florida will prevail and get a favorable ruling at the U.S. Supreme Court in the water dispute case with Georgia?

  • No
  • Maybe some relief
  • Yes
  • Unsure, need to understand case better

See Results

Ballot Box
Subscribe