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

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That’s how Whiskey Joe’s on Rocky Poingt is filling its dining room most said CEOHoward adding, “Our biggest problem is our parking lot isn’tt big enough.” Bell contends sales at Whiskey Joe’ss are up 25 percent since the waterfrontr restaurant, formerly known as was renovated and renamed late last year. The original Whiskeyg Joe’s, owned by the Anaheim, Calif.-baser chain, closed years ago after sufferinbghurricane damage. “Despite the economy you can be successfulo inthis market,” said Bell, echoinb the sentiments of CEO Mike Duke.
Some national including Circuit City andLinens ‘n have shut down, while other retaill companies, along with shopping centere landlords, are struggling to survive the recession. Centers acrosa the country are cutting costs and shavingvbusiness hours, including , one of the largesft shopping center owners in the nation. Westfield has three local malls — Westfieled Citrus Park, Westfield Brandoj and Westfield Countryside. Not all retailer are suffering. Discount retailers — including Wal-Mart, , Marshalls and Corp. — are growing market share at the expense of otherdepartment stores.
“Theres are discount store cycles and departmenftstore [full price offerings] cycles in the retaill business,” said broker Jim Roberts. The industry is now in the midsyt of a discount store he said. Grove at Wesley Chapel, an 800,000-square-foo t center opened by in 2007, has mostly discount retailers, includinh a Dollar Tree. Its other discount tenants include TJ Maxx, Ross Dress for Less, Dick’sz Sporting Goods, , Babies Us and Toys “R” Us. “T o a number of shoppers, Dollar Tree has a certain entertainmentf value. It has gotten a whole lot more fashionabl over last two or three years as theeconomyg declined,” Roberts said.
“Everyone is tryingh to stretchtheir budget.” Despite those national discount many of the outparcelo buildings remain vacant at Grove, and the there is Landlords squeezed by closings, Rentws Landlords are feeling the pinch as stores close and rents decline. The closingf of big-box stores, such as Circuit illustrates “the challenges facing our industry,” said Davidf Conn, EVP of the retail servicea divisionat . Conn, a longtime Bay area contendsthe region’s retaikl market is among the hardest hit in the country due to the housingy market collapse, high foreclosure rate and growing jobless.
Conn’w assessment is supported by the 2009 retail markeg report released inlate March. The Bay area was ranked No. 35 amonbg 43 markets, according to the report. The area was only ahea of Detroit, Jacksonville, Cleveland, St. Louis, Cincinnati, Kansa City, Sacramento, Calif., and Tucson, Ariz. The Tampza region’s retail vacancy rate is expected to see one of the largest increases in the nationin 2009, hitting 10.3 states the report.
Pinellas is expected to fare bette inthe mid-9 percent broker Patrick Berman contends the local retail markef was one of the first in the country to feel the pain of the housingf collapse and it should be one of the first to Berman doesn’t think the region is faring as badl as the Marcus & Millichap report He thinks the area is more in the middlr of the pack. East Pasco County, with its newetr subdivisions and shopping has been among the hardesthit locally, the Marcuds & Millichap report states. The area saw fast growthh as builders put up houses and retai l developments inthe Today, empty new storefronts dot State Road 56 near Interstate 75.
CBRE data shows that east Pasco’se vacancy rate was 10.3 percent at the end of 2008. Urbaj areas with more residents and established subdivisions and shoppinhg centers in Hillsborough County also are but notas much. It’s stilpl unclear what businesses will fill thelocal big-bos locations vacated by Circuit City and Linenz ‘n Things.