Orlando Retail Market Report

Tenant expansion warranted amid resilient consumer spending. Local population gains in each of the last three years exceeded the pre-pandemic norm. With a swiftly growing resident base, the need for essential retailers like grocery stores is on the rise. Taking advantage of this flourishing demand, H Mart will open a location in the West Colonial submarket in 2025. Additionally, Sprouts will open a store in Poinciana, while Target moves into a 150,000-square-foot lease in LakeNona Central. Consumer demand will also likely be bolstered by a strong tourism sector. Though domestic visitor volume to Orlando fell slightly in 2023, the dip was offset by a boost in international tourism during the same period. A handful of improvements to Orlando’s theme parks will likely further draw additional visitors, bringing a swell of traffic to nearby retailers. Universal Orlando Resort will introduce Epic Universe, a new theme park that is expected to attract millions annually when it opens in May. SeaWorld Orlando will also open a new attraction mid-year. This mix of population growth and strengthening tourism should support a sturdy long-term outlook for local retailers.