Florida’s Big Box Growth Flat in 2023

Last year, Florida’s retail occupancy held steady with 288 big box stores opening and 296 closing.

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.

Florida Retail Property Sales Plummet 65% in 2023

In 2022, Florida's retail property sales saw a record $3.0B in sales, but in 2023 the transaction volume in the major metropolitan areas dropped to only $1.0B across 28 sales.

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.

Florida Big Box Growth 2023

Over 70% of retail GLA is leased to "Big Boxes" is the shopping center ecosystem. In 2023, far more anchors opened than closed.

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.

Florida Box Openings & Closings: November 2023

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

Texas Box Openings & Closings: November 2023

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 Box Openings & Closings: November 2023

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

Florida Box Openings & Closings: October 2023

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

Texas Box Openings & Closings: October 2023

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

South Box Openings & Closings: October 2023

South includes: AL, GA, NC, SC, TN, VA

Openings: 81 stores

Ashley Furniture: 1
BrandsMart USA: 1
Burlington Coat Factory: 4
CMX Cinemas: 1
Crunch Fitness: 2
Dollar General: 18
Dollar Tree: 8
Family Dollar Stores: 10
Five Below: 3
Floor and Decor: 1
Gabe’s Discount: 1
Gold’s Gym: 1
Golf Galaxy: 1
Habitat for Humanity: 1
Harbor Freight Tools USA: 2
Havertys Furniture: 1
Hobby Lobby: 1
HomeGoods: 1
Lidl: 1
Lowe’s: 1
Marshall’s: 1
Michaels Stores: 1
Old Navy: 1
Pet Supplies Plus Inc.: 2
PETsMART: 1
Piggly Wiggly: 1
Planet Fitness: 3
Publix: 1
Ross: 4
TJ Maxx: 1
Tractor Supply: 1
True Value Company: 1
Walgreens: 2
Whole Foods: 1

Openings: 47 stores

Aldi: 1
AMC: 2
American Freight: 1
Ashley Furniture: 1
Books A Million: 1
Burlington Coat Factory: 1
CVS: 8
Dollar General: 7
Dollar Tree: 1
Family Dollar Stores: 5
Guitar Center: 1
Habitat for Humanity: 1
Lowe’s: 1
Marshall’s: 1
Office Depot: 1
Petco: 4
Piggly Wiggly: 1
Save-A-Lot: 2
TJ Maxx: 1
True Value Company: 2
Walgreens: 3
Whole Foods: 1

Florida Box Openings & Closings: September 2023

Openings: 28 stores

ABC Fine Wine & Spirits: 2
Ace Hardware Corporation: 1
At Home: 1
Bravo Supermarket : 1
Burlington Coat Factory: 1
Conn’s Home Plus: 1
Crunch Fitness: 1
Dollar General: 3
Five Below: 4
Fresh Market: 1
Golf Galaxy: 1
Harbor Freight Tools USA: 1
Home Depot: 1
LA Fitness: 1
Ollie’s Bargain Outlet: 1
Pet Supermarket: 1
Pet Supplies Plus Inc.: 1
Presidente Supermarket: 1
Sprouts Farmers Market: 1
Total Wine & More: 1
Tractor Supply: 1
Winn Dixie : 1

Closings: 25 stores

ABC Fine Wine & Spirits: 1
Ace Hardware Corporation: 1
Bealls: 5
CVS: 9
Esporta Fitness: 1
Family Dollar Stores: 3
Office Depot: 2
Publix: 1
Save-A-Lot: 2

Texas Box Openings & Closings: September 2023

Openings: 37 stores

Academy Sports: 2
At Home: 1
Bealls: 1
Big Lots: 1
Burlington Coat Factory: 2
Crunch Fitness: 2
dd’s Discounts: 2
Dollar General: 10
Dollar Tree: 4
Family Dollar Stores: 2
Five Below: 2
HomeGoods: 1
Nordstrom Rack: 1
Ollie’s Bargain Outlet: 2
Pet Supplies Plus Inc.: 1
Specs Wines, Spirits & Finer Foods: 1
Tractor Supply: 1
Walgreens: 1

Closings: 14 stores

CVS: 9
Family Dollar Stores: 1
HomeGoods: 1
Old Navy: 1
True Value Company: 2

South Box Openings & Closings: September 2023

South includes: AL, GA, NC, SC, TN, VA

Openings: 74 stores

Ace Hardware Corporation: 3
Aldi: 2
Ashley Furniture: 3
Bealls: 1
Big Lots: 1
Burlington Coat Factory: 3
Conn’s Home Plus: 1
Crunch Fitness: 2
CVS: 4
dd’s Discounts: 1
Dollar General: 25
Dollar Tree: 6
Family Dollar Stores: 4
Five Below: 4
Golf Galaxy: 1
Harbor Freight Tools USA: 1
Hobby Lobby: 1
Home Centric: 1
Kroger : 1
Lowe’s: 2
Old Navy: 1
TJ Maxx: 1
Tractor Supply: 2
Walgreens: 3

Openings: 28 stores

Ashley Furniture: 1
Burlington Coat Factory: 1
CMX Cinemas: 1
CVS: 7
Dollar General: 4
Dollar Tree: 1
Family Dollar Stores: 2
Gold’s Gym: 1
PETsMART: 3
True Value Company: 3
Walgreens: 3
Wal-Mart: 1

Florida Box Openings & Closings: August 2023

Openings: 23 stores

Barnes & Noble: 1
Burlington Coat Factory: 1
Dollar General: 3
Dollar Tree: 3
Ethan Allen: 1
Five Below: 1
Hobby Lobby: 1
Home Depot: 1
Marshall’s: 1
Pet Supplies Plus Inc.: 1
Publix: 4
Sprouts Farmers Market: 4
Winn Dixie: 1

Closings: 11 stores

Badcock Furniture: 1
David’s Bridal: 4
Dollar General: 1
Dollar Tree: 1
Esporta Fitness: 1
LA Fitness: 1
Party City: 2

Texas Box Openings & Closings: August 2023

Openings: 30 stores

Ace Hardware Corporation: 1
At Home: 1
Cinemark USA: 1
Citi Trends: 1
Dollar General: 10
Dollar Tree: 2
Family Dollar Stores: 5
Five Below: 1
Hobby Lobby: 1
Michaels Stores: 1
Ollie’s Bargain Outlet: 2
Pet Supplies Plus Inc.: 1
Petco: 1
Specs Wines, Spirits & Finer Foods: 2

Closings: 11 stores

Citi Trends: 1
David's Bridal: 7
Family Dollar Stores: 1
Michaels Stores: 1
Party City: 1

South Box Openings & Closings: August 2023

South includes: AL, GA, NC, SC, TN, VA

Openings: 96 stores

Aldi: 2
American Freight: 1
Bargain Hunt: 1
Big Lots: 1
Burlington Coat Factory: 2
Costco: 1
Dollar General: 37
Dollar Tree: 10
Family Dollar Stores: 10
Five Below: 4
Habitat for Humanity: 2
Harbor Freight Tools USA: 1
Hobby Lobby: 1
IKEA : 1
Kroger : 1
Michaels Stores: 1
Ollie’s Bargain Outlet: 4
Pet Supplies Plus Inc.: 1
Petco: 1
PETsMART: 2
Piggly Wiggly: 1
Planet Fitness: 2
Publix: 2
TJ Maxx: 1
Total Wine & More: 1
Tractor Supply: 1
True Value Company: 1
Urban Air Adventure Park: 1
Walgreens: 2

Openings: 66 stores

Barnes & Noble: 1
Bed Bath & Beyond: 12
Big Lots: 1
buybuy Baby: 8
Conn’s x Belk: 3
David’s Bridal: 5
Dick’s Sporting Goods: 1
Dollar General: 6
Dollar Tree: 2
Family Dollar Stores: 6
Habitat for Humanity: 2
Havertys Furniture: 1
Kroger : 1
Piggly Wiggly: 4
Save-A-Lot: 9
Staples: 1
Total Wine & More: 1
Walgreens: 2

Florida Market Update: Sunshine & Sizzle

New Major Retail Development: Florida 2022-2023

Here in the Sunshine State, we have a truly unique canvas for retail innovation. From our urban centers teeming with life to the serene coastal retreats that dot our picturesque landscape, Florida's retail journey is nothing short of extraordinary.

Throughout our time together, we'll dive deep into the ever-evolving trends, the formidable hurdles, and the boundless opportunities that shape the future of retail development right here in Florida. Drawing from my decades of experience in this dynamic field, we'll explore the strategies and insights that have helped Woolbright Development thrive in this vibrant environment.

Florida Box Openings & Closings: July 2023

Openings: 21 stores

Ace Hardware Corporation: 2
Aldi: 2
BrandsMart USA: 1
Burlington Coat Factory: 1
Conn’s Home Plus: 1
Crunch Fitness: 2
Dollar General: 3
Family Dollar Stores: 1
LA Fitness: 1
Lowe’s: 1
Presidente Supermarket: 1
Publix: 1
Rooms To Go: 1
Sky Zone Trampoline Park: 2
Sprouts Farmers Market: 1

Closings: 73 stores

Ace Hardware Corporation: 1
Bed Bath & Beyond: 39
BrandsMart USA: 1
buybuy Baby: 7
Citi Trends: 1
Conn’s x Belk: 3
Dollar General: 1
Life Time Fitness: 1
Office Depot: 1
Publix: 1
Rooms To Go: 1
Tuesday Morning: 16

Texas Box Openings & Closings: July 2023

Openings: 86 stores

Ace Hardware Corporation: 4
Bealls Outlet: 62
Costco: 1
Dick’s Sporting Goods: 2
Dollar General: 1
Dollar Tree: 1
Family Dollar Stores: 4
Golf Galaxy: 2
H-E-B: 1
Life Time Fitness: 1
Michaels Stores: 1
Ollie’s Bargain Outlet: 2
Pet Supplies Plus Inc.: 1
Planet Fitness: 1
Ross: 1
Specs Wines, Spirits & Finer Foods: 1

Closings: 188 stores

Bed Bath & Beyond: 43
Burkes Outlet: 62
buybuy Baby: 16
Dick’s Sporting Goods: 1
Dollar General: 1
Dollar Tree: 2
Family Dollar Stores: 1
Party City: 1
Specs Wines, Spirits & Finer Foods: 1
Tuesday Morning: 59
Walgreens: 1

South Box Openings & Closings: July 2023

South includes: AL, GA, NC, SC, TN, VA

Openings: 63 stores

Ashley Furniture: 1
Bargain Hunt: 1
Barnes & Noble: 1
Bealls Outlet: 7
Big Lots: 1
Burlington Coat Factory: 1
Crunch Fitness: 2
Dick’s Sporting Goods: 3
Dollar General: 10
Dollar Tree: 3
Family Dollar Stores: 6
Five Below: 2
Gold’s Gym: 1
Harbor Freight Tools USA: 2
Lidl: 1
Petco: 1
Planet Fitness: 6
Publix: 2
Ross: 4
Sky Zone Trampoline Park: 1
Target: 1
Tractor Supply: 1
Urban Air Adventure Park: 4
Walgreens: 1

Openings: 134 stores

AMC: 1
Bed Bath & Beyond: 45
Burkes Outlet: 7
buybuy Baby: 7
Conn’s x Belk: 10
David’s Bridal: 2
Dick’s Sporting Goods: 3
Dollar General: 3
Dollar Tree: 1
Family Dollar Stores: 2
Lidl: 6
Planet Fitness: 1
Tuesday Morning: 44
Walgreens: 2