Faith Hope Consolo, the chairman of the retail group for Douglas Elliman Real Estate, spoke to the Tampa Bay chapter of the Commercial Real Estate Women's Network at the Westin Tampa Bay about real estate trends in Tampa Bay with regards to restaurants and retailers. "It's all about service now. Personal shoppers, concierge desks, valet parking, perk cards, loyalty programs, give backs," Consolo said about the retail industry. "Anything and everything to keep the consumer interested and coming back."
According to Tampa Bay, Consolo has explained why retailers and restaurants are competing for real estate in Florida. Speaking of the influx of those establishments, she said, "Florida has incredible tourist traffic, perfect weather for year-round shopping and dining, and entertainment. Restaurants are rushing into Florida." Based on what Consolo said, Florida is a dynamic market all year round. "Food follows Fashion" and stores are adding dining components to give people reasons to stay longer.
"Retailers and developers want people to spend time at their centers. Malls combine restaurants, movies, gyms, spas and other 'experiences.' More stores are adding dining components too, like Tommy Bahama and Bass Pro Shops. Restoration Hardware has been incorporating restaurants and wine bars into their locations for the obvious reasons to get people to stay longer and spend more. Starbucks is coming out with a cocktail menu."
Speaking of why restaurants find it hard to get good real estate in Tampa area, she said, "South Florida's density has driven retailer demand, pushing rental rates to the highest in the state. It is always the same: location, location, location. And sometimes the choices are limited. That creates the dilemma." She also mentioned that the 2015 holiday season is filled with economic optimism and that the consumer's willingness to spend will be the driving force to show growth.
