Retail News
Openings: 49 stores
Ace Hardware: 3
At Home: 1
Bealls: 1
Dollar General: 7
Dollar Tree: 10
EOS Fitness: 1
Family Dollar: 3
Five Below: 5
H-E-B: 2
Hobby Lobby: 1
Homesense: 1
Sprouts Farmers Market: 1
Walgreens: 13
Closings: 20 stores
Chuck E Cheese: 1
CVS: 1
Family Dollar: 8
Five Below: 1
Food Town: 1
LA Fitness: 1
Office Depot: 1
Office Max: 1
Old Navy: 1
Pet Supermarket: 1
Petco: 1
True Value Hardware: 1
Walgreens: 1
South includes: AL, GA, NC, SC, TN, VA
Openings: 62 stores
Academy Sports: 1
Ace Hardware: 5
Aldi: 4
Bargain Hunt: 1
Barnes & Noble: 1
Burlington: 2
Dick’s Sporting Goods: 1
Dollar General: 17
Dollar Tree: 8
Family Dollar: 1
Farmers Home Furniture: 1
Five Below: 4
Golf Galaxy: 1
Hobby Lobby: 1
HomeGoods: 2
Life Time Fitness: 1
Marshalls: 1
Nordstrom Rack: 2
Ollie’s Bargain Outlet: 1
Planet Fitness: 1
Publix: 2
Ross: 1
Sky Zone Trampoline Park: 1
Tractor Supply: 1
True Value Hardware: 1
Openings: 38 stores
Bargain Hunt: 1
Best Buy: 1
Burlington: 2
CVS: 1
Dick’s Sporting Goods: 1
Dollar General: 4
Family Dollar: 8
HomeGoods: 1
Kirkland’s: 1
Office Depot: 1
Office Max: 1
Rooms To Go: 1
Staples: 1
True Value Hardware: 7
Walgreens: 7
Openings: 26 stores
Ace Hardware: 1
Aldi: 1
Barnes & Noble: 1
Burlington: 1
Costco: 1
dd’s Discounts: 2
Dollar General: 6
Dollar Tree: 2
EOS Fitness: 1
Five Below: 1
GFS Marketplace: 1
Habitat for Humanity: 1
Pet Supplies Plus: 1
Publix: 5
Whole Foods: 1
Closings: 17 stores
Badcock Furniture: 1
Big Lots: 1
Citi Trends: 1
CVS: 1
Dollar General: 3
DSW Shoe Warehouse: 1
Family Dollar: 1
Greenwise: 1
Habitat for Humanity: 1
Kirkland’s: 1
Old Navy: 1
Party City: 1
Publix: 2
Sears Appliance: 1
Openings: 41 stores
Ace Hardware: 2
Blink Fitness: 1
Burlington: 3
dd’s Discounts: 3
Dollar General: 12
Dollar Tree: 10
Family Dollar: 1
Five Below: 3
H-E-B: 1
Home Depot: 1
IKEA : 1
Pet Supplies Plus: 1
Tom Thumb: 1
Tractor Supply: 1
Closings: 19 stores
Albertsons : 1
Barnes & Noble: 1
Bealls: 1
Big Lots: 3
Burlington: 3
CVS: 1
Dollar General: 1
Family Dollar: 1
Five Below: 1
Kirkland’s: 1
LA Fitness: 1
Randalls Supermarket: 1
Save-A-Lot: 2
Tom Thumb: 1
South includes: AL, GA, NC, SC, TN, VA
Openings: 53 stores
Ace Hardware: 1
Burlington: 2
Compare Foods: 1
Dollar General: 24
Dollar Tree: 7
Electronic Express: 1
Family Dollar: 7
Five Below: 2
Habitat for Humanity: 1
Harbor Freight Tools USA: 1
HomeGoods: 1
La-Z-Boy: 1
Pet Supplies Plus: 1
PETsMART: 1
Planet Fitness: 1
Walgreens: 1
Openings: 35 stores
Bealls: 1
Big Lots: 4
Burlington: 1
CVS: 1
Dollar General: 6
Electronic Express: 1
Family Dollar: 4
Gabe’s Discount: 1
Habitat for Humanity: 3
Jo-Ann Fabric: 1
Kirkland’s: 1
Lidl: 1
Old Time Pottery: 1
Party City: 1
Petco: 2
Staples: 1
Total Wine & More: 1
True Value Hardware: 1
Walgreens: 3
Notably, prices in 2023 tumbled by 12% compared to the previous year. The average capitalization rate paid in 2023 stood at 6.75%, signaling a significant 20% decrease in value for asset sales over $15 million. Amid these challenging circumstances, investors like Woolbright anticipate a turnaround in 2024, with hopes pinned on the Federal Reserve's potential interest rate cuts to reignite the retail property market.
South Markets include: Atlanta, Nashville, Charlotte, and Raleigh/Durham
Even among the top 10, the top four: Wells Fargo, Truist, Band of America and Chase are all in "the 400 Club" and each of them operates over 400 branches. While Florida's population has record growth, the top 10 banks are still shrinking by 1.5%. In 2023, they closed 41 branches out of the nearly 3,000 they operate in the state. Amongst the top four, Wells Fargo and Truist both shrank by about 5% which is a substantial contraction. On the other hand, Bank of America and Chase basically remained unchanged. In 2023, Fifth-Third Bank grew by 10% and TD Bank grew by nearly 5%. As Florida's population continues its record growth, Woolbright predicts that over the next 5 years, Florida's banks will start to expand once again with much of that growth likely coming from the smaller banks.
In 2023, there was a net increase of 172 new restaurant locations or a growth rate of 1.2%, which is in line with the pace of population growth. Starbucks was Florida's restaurant growth leader with 38 new stores. The top 8 companies accounted for nearly all of the net gain. On the other hand, there were three companies, Burger King, Boston Market and Subway, that combined closed just over 100 stores in 2023. To achieve the 1.2% growth, the restaurant companies opened 519 new locations and closed 347, so there is a constant battle with small gains in this highly competitive business.
In recent years, there were 3 openings for every 2 closings, but in 2023, Bed Bath & and Tuesday Morning closed a combined 101 stores which cancelled out the expansions. In 2024, Woolbright forecasts a return to big box openings far exceeding closings.
In addition, the price levels in 2023 fell by 12% as compared to 2022. The average capitalization rate paid in 2023 was 6.75% for asset sales over $15M. Woolbright, like many investors, expects that retail property values and volumes to improve significantly in 2024 as the Federal Reserve cuts interest rates.
Dollar General and Publix led the 100 companies operating big box stores in Florida. Today's leaders are far different than past years where mega chains like Walmart, Target, Lowes, Home Depot and Costco dominated.
Openings: 32 stores
ABC Fine Wine & Spirits: 1
Academy Sports: 2
Aldi: 2
Barnes & Noble: 1
Bealls: 3
Burlington Coat Factory: 4
Costco: 1
Dollar General: 1
Dollar Tree: 4
Five Below: 4
Marshall’s: 2
Pet Supermarket: 1
Publix: 2
TJ Maxx: 2
Total Wine & More: 1
ULTA: 1
Closings: 16 stores
Bealls: 1
Burlington Coat Factory: 2
CVS: 4
Family Dollar Stores: 2
Pet Supplies Plus Inc.: 2
PETsMART: 1
Save-A-Lot: 2
TJ Maxx: 1
Walgreens: 1
Openings: 58 stores
Academy Sports:
Ace Hardware Corporation: 2
American Freight: 2
Barnes & Noble: 2
Burlington Coat Factory: 6
Dollar General: 10
Dollar Tree: 7
Family Dollar Stores: 4
Five Below: 2
Harbor Freight Tools USA: 1
HomeGoods: 1
Kohl’s: 2
Life Time Fitness: 1
Michaels Stores: 2
Ollie’s Bargain Outlet: 2
Pet Supplies Plus Inc.: 1
Petco: 3
Powerhouse Gym: 1
Specs Wines, Spirits & Finer Foods: 2
Tractor Supply: 3
Walgreens: 2
Closings: 19 stores
Ace Hardware Corporation: 1
Cinemark USA: 1
CVS: 7
Dick’s Sporting Goods: 1
Dollar General: 2
Equinox Fitness: 1
Family Dollar Stores: 1
Petco: 2
Specs Wines, Spirits & Finer Foods: 1
Walgreens: 2
South includes: AL, GA, NC, SC, TN, VA
Openings: 80 stores
Aldi: 4
Barnes & Noble: 1
Bealls: 1
Burlington Coat Factory: 5
Citi Trends: 1
Costco: 1
Crunch Fitness: 1
Dollar General: 26
Dollar Tree: 11
Family Dollar Stores: 8
Five Below: 7
Floor and Decor: 1
Habitat for Humanity: 2
HomeGoods: 1
Michaels Stores: 1
Pet Supplies Plus Inc.: 1
Planet Fitness: 3
Publix: 3
Tractor Supply: 1
ULTA: 1
Openings: 34 stores
AMC: 1
Badcock Furniture: 2
Bargain Hunt: 1
Burlington Coat Factory: 1
Citi Trends: 2
CVS: 2
Dollar General: 5
Dollar Tree: 1
Family Dollar Stores: 6
Gold’s Gym: 1
Habitat for Humanity: 3
Office Max: 1
Old Time Pottery: 1
Save-A-Lot: 1
Staples: 1
ULTA: 1
Walgreens: 4
Openings: 21 stores
Ace Hardware Corporation: 1
Aldi: 1
Bealls Florida: 1
Burlington Coat Factory: 2
Dollar General: 4
Family Dollar Stores: 1
Five Below: 1
HomeGoods: 2
Michaels Stores: 1
Planet Fitness: 1
Ross: 2
Target: 1
Tractor Supply: 2
Trader Joe’s: 1
Closings: 9 stores
Aldi: 1
Best Buy: 1
Citi Trends: 1
CVS: 1
Office Depot: 1
Save-A-Lot: 1
Tractor Supply: 1
True Value Company: 2
Openings: 47 stores
Bealls: 1
Burlington Coat Factory: 3
Crunch Fitness: 2
CVS: 2
Dick’s Sporting Goods: 1
Dollar General: 1
Dollar Tree: 4
El Rancho Supermarket : 3
EOS Fitness: 1
Equinox Fitness: 1
Family Dollar Stores: 6
Five Below: 1
Floor and Decor: 1
Guitar Center: 1
H-E-B: 2
Home Depot: 1
Lowe’s: 1
Nordstrom Rack: 2
Ollie’s Bargain Outlet: 1
Pet Supplies Plus Inc.: 1
PETsMART: 2
Planet Fitness: 1
Ross: 4
Sprouts Farmers Market: 1
Target: 2
Closings: 13 stores
American Freight: 1
Dick's Sporting Goods: 2
Dollar General: 1
Petco: 8
Whole Foods: 1
