Retailers, landlords offer more for less - Tampa Bay Business Journal:

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That’s how Whiskey Joe’s on Rocky Point is fillinbg its dining roommost days, said CEO Howard adding, “Our biggest problem is our parking lot isn’ big enough.” Bell contends sales at Whiskey Joe’s are up 25 percen since the waterfront restaurant, formerlyu known as Castaways, was renovated and renamed late last year. The original Whiskey Joe’s, owned by the Calif.
-based chain, closed years ago after sufferinghurricane “Despite the economy you can be successfuol in this market,” said Bell, echoing the sentiments of CEO Mike Some national retailers, including Circuit City and Linene ‘n Things, have shut down, while other retail companies, along with shoppinh center landlords, are struggling to survivew the recession. Centers across the country are cuttingg costs and shavingbusiness hours, includin g , one of the largest shopping center owners in the Westfield has three local malls — Westfielr Citrus Park, Westfield Brandon and Westfield Not all retailers are Discount retailers — including Wal-Mart, , Marshalls and Corp.
are growing market share at the expense of otherdepartmen stores. “There are discount storee cycles and departmentstore [full price offerings] cyclez in the retail business,” said broker Jim The industry is now in the midsgt of a discount store cycle, he said. Grove at Wesle y Chapel, an 800,000-square-foot center opened by in has mostlydiscount retailers, including a Dollar Its other discount tenants include TJ Ross Dress for Less, Dick’s Sporting , Babies “R” Us and Toys Us.
“To a number of Dollar Tree has a certain entertainment It has gotten a whole lot more fashionablre over last two or three years as theeconomhy declined,” Roberts said. “Everyone is trying to stretch theit budget.” Despite those national discount chains, many of the outparce l buildings remain vacantat Grove, and the therew is closing. Landlords squeeze d by closings, Rents Landlords are feeling the pinch as storesx close andrents decline. The closin g of big-box stores, such as Circuitf City, illustrates “the challenges facing our saidDavid Conn, EVP of the retailk services division at .
Conn, a longtimer Bay area broker, contends the region’s retailo market is among the hardest hit in the countrg due to the housing market high foreclosure rate andgrowing Conn’s assessment is supported by the 2009 retail marketf report released in late March. The Bay area was ranked No. 35 amongg 43 markets, according to the report. The area was only ahead of Detroit, Jacksonville, Cleveland, St. Cincinnati, Kansas City, Calif., and Tucson, Ariz. The Tampaq region’s retail vacancy rate is expected to see one of the largesf increases in the nationin 2009, hitting 10.3 states the report.
Pinellas is expected to fare bettet inthe mid-9 percent broker Patrick Berman contends the localo retail market was one of the firsf in the country to feel the pain of the housing collapse and it shoul be one of the firsg to rebound. Berman doesn’t thinl the region is farin as badly as theMarcua & Millichap report indicates. He thinks the area is more in the middle ofthe pack. East Pasco County, with its newer subdivision s andshopping centers, has been among the hardestg hit locally, the Marcus Millichap report states. The area saw fast growth as builderws put up houses and retail developmentws inthe boom. Today, empty new storefronts dot State Road 56 nearInterstates 75.
CBRE data showw that east Pasco’s vacancy rate was 10.3 percenrt at the end of 2008. Urban areasd with more residents and established subdivisions and shopping centeras in Hillsborough County alsoare hurting, but not as It’s still unclear what businesses will fill the locapl big-box locations vacated by Circuiy City and Linens ‘n Things.