Retail Development is expected to increase for 2019 when compared to 2018 with more than $90M square feet of new retail projected of which includes redevelopments, new restaurants, grocery anchored shopping centers and urban styled experience projects. FY 2018 is on pace to end up slightly less than $70M sf of new retail. The focus for developers will continue to be on mixed use projects that are e-commerce resistant and that continue to add an experience that can’t be replicated online. Concepts that drive experience include food halls, chef driven restaurants, entertainment offerings and fitness concepts many of which are expanding into redeveloped former anchor big box spaces and critical components to mixed use projects.
If you build it, they will come! New retail projects need to offer an experience that can’t be replicate online in order to win over consumers in this new world of e-commerce. Success stories are offered across the Southeast and throughout the United States. Projects of which that have done an amazing job at getting consumers engaged in their retail developments in the Tampa MSA have been Armature Works (Tampa), Sparkman Wharf (Tampa), Hyde Park Village (Tampa), International Plaza and Bay Street (Tampa), University Town Center (Sarasota), Sundial (St Petersburg) and Tampa Premium Outlets (Wesley Chapel). Expect retail projects and the shopping center world to evolve faster in this next decade than it has over the last 50 years, entertainment, innovation and developments which create a live work play environment will continue to drive retail construction for the foreseeable future!