The final chart in the Charting Change series outlines changes in (GLA) for companies with 15+ locations in Florida across various retail sectors between 2022 and 2023.
The GLA absorption in 2022 was significant at 3.8 million square feet, but 2023 was drastically lower at 0.7 million square feet, a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market.
“... a decrease of 81% primarily caused by Bed Bath & Beyond and Tuesday Morning exiting the market. ”
Notable Highlights
Grocery / Warehouse Club / Liquor sector had the highest increase in GLA.
Home Furnishings / Appliance sector experienced the largest decrease in GLA.
Discount, Apparel, Fitness, and Home Improvement / Hardware saw significant increases in GLA.
The Pharmacy / Beauty Supply sector and the Office Supply sector both experienced declines in GLA across the observed years.