Special to
Realty/Builder Connection
St. Joe Commercial, the commercial development arm of the Jacksonville-based St. Joe Company, forecasts significant retail development in Florida as the nation’s economy recovers from the recession.
St. Joe Commercial President Frank W. Herring Jr. said last month he foresees increased retail development throughout the state that will get underway this year and next.
“The apparel industry is hurting and apparel retailers are feeling the brunt of that, but other retail development sectors are poised to come back strong and many of them have already started that cycle,” Herring said.
Wal-Mart Stores and Target are among the most active in the state, Herring said. Grocery and drug stores, which prefer smaller anchored centers, continue to be active.
Herring said development of lifestyle centers has declined somewhat due to apparel industry woes.
“Florida is affected more by population growth than the national economic cycle,” said Herring. “People are still moving into the state and all the economic projections show that will continue for the foreseeable future,” he said.
Herring said community developers should be wary of the current trend to develop town centers.
“There is a lot more to a town center than a grocery store and a few shops,” said Herring.