As consumers increasingly turn to the internet to purchase goods, shopping center owners have sought to reinvent their properties as leisure and entertainment destinations by curating their collections of tenants to include services that cannot be provided online. CBRE's latest Florida research report explores how property owners across the state are reinventing retail as an experience.
Highlights from the report include:
•Growth in services spending represents a huge opportunity for Florida landlords and retailers as Floridians are expected to spend nearly 14% of their consumption expenditures on food and entertainment in 2016, nearly twice the national rate.
•To attract and retain customers, retailers and landlords are embracing "placemaking," building dynamic and engaging environments that have the ability to inspire and create a sense of place or community.
•The state’s consumer economy has been expanding rapidly thanks to strong population growth and tourism. This trend is expected to continue and to drive development of new and creative retail space.