July 2, 2022
Shopping for malls

Publix in the Nocatee Town Center

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

Florida Business News

Florida Trend Video Pick

Pop Goes the Waffle food truck opens Gulfport café
Pop Goes the Waffle food truck opens Gulfport café

Since first launching her company in 2017, the CEO and founder of Pop Goes the Waffle, Sara Fludd, has become one of the most recognized local food entrepreneurs in the Tampa Bay area.

Video Picks | Viewpoints@FloridaTrend

Ballot Box

Have your summer travel plans changed as a result of inflation?

  • No, the vacation is still on!
  • Yes, it got too expensive to plan!
  • Yes, I'm now doing a staycation
  • Saving up for next year
  • I don't have any summer travel plans
  • Other (Please share your comments in the comment section below)

See Results

Florida Trend Media Company
490 1st Ave S
St Petersburg, FL 33701
727.821.5800

© Copyright 2022 Trend Magazines Inc. All rights reserved.