Florida Real Estate has Restaurants and Retailers in Competition
Retailers and restaurants are competing for real estate space in Florida because of its relatively high tourist traffic and the weather that is ideal for year-round shopping and dining.
Faith Hope Consolo, chairman of the retail group for Douglas Elliman Real Estate said that restaurants and retailers are focusing more and more on the customer experience, “doing anything and everything to keep the consumer interested and coming back.”
Stores and restaurants are partnering up to give consumers the ultimate shopping and dining experience. Retailers like Tommy Bahama and Bass Pro Shops have added dining components to their stores, while malls and shopping centers now boast much more than just retail stores – from restaurants and movie theaters to gyms and spas. The combination of food and retail entices buyers to stay longer and spend more.
It is especially difficult for retailers and restaurants to obtain real estate in the Tampa area because of the growing population in South Florida. The consumer demand has forced rental rates up to the highest in the state. Consolo is hopeful that consumers’ “willingness to spend” will create ample economic opportunity in the 2015 holiday season.