Since 1985, it was typical to see between 70-100 new retail projects per year in Florida; today, that number is down to 4-5 projects per year. The state hasn’t seen a new mall in the last two decades. And yet, Florida will continue to experience explosive population growth.
This might seem alarming, but it isn’t an apocalyptic indicator that retail is dying; rather, the data indicates that the nature of retail itself is changing. With the rise of curbside pickup, delivery services, and front-door stores seeing increased back-door sales, the average square footage of retail space per person in the state will contract over the next decade and retail development will nearly stop. In the 1980’s, Florida had approximately 17 sf retail space per person. By 2030, we will return to that level. This is just another system that is going through self-optimization.
