Articles about new businesses moving into empty retail spaces, like old Kmarts and Bed Bath & Beyond, always attract a lot of attention. People enjoy seeing these spaces come back to life with new tenants.
Experts have shared some reasons why big stores are closing in Florida and what kind of businesses might replace them.
Changing Shopping Habits: More people, including Florida’s older population, are shopping online. Anthony Miyazaki, a marketing professor at Florida International University, explains that seniors, who make up over 21% of Florida’s population, are using the internet more than ever.
Even those who prefer shopping locally are choosing to order online and pick up their items curbside, which reduces impulse buying and profits for retailers.
Higher Costs and Lower Profits for Retailers: Some stores are closing because of economic slowdowns, over-expansion, and rising costs. Stores like Big Lots and CVS have already cut jobs and announced closures. Zev Freidus, a real estate expert, explains that retailers opened too many stores in competitive markets, and now, with fewer customers and higher costs, some locations are no longer profitable.
New Businesses in Empty Spaces: Instead of traditional retailers, some non-retail businesses are moving into vacant spaces. For example, Elev8 Fun, a family entertainment center, has taken over former retail spots in Sanford and Citrus Park, including an old Sears store.
Many people now prefer experiences like entertainment over just shopping.
th any retailer or entertainment provider.