TAMPA, Fla. — Tampa Bay’s retail and service businesses are rebounding from the COVID-19 pandemic better than most other places in the country, according to a new report by Tampa-based real estate firm Franklin Street.
Experts say one reason Tampa Bay businesses are thriving is because many Florida businesses were open at a time when businesses in other states were not.
The new report from Franklin Street LLC found retail in Hillsborough County is up 97% compared to last September, Pinellas County is up 95% and Pasco County is up 103%.
“Really compared to other parts of the US, Tampa Bay has been on fire,” said Alex Wright of Franklin Street’s retail sector.
Although labor and supply shortages continue to impact some businesses, experts say with more people moving to Tamp Bay, our recovery is expected to hit high gear in the months ahead.
Franklin Street says fitness, home improvement, groceries, medical supplies, spa and beauty are seeing the strongest recovery. Restaurants, hotels and casinos are lagging slightly behind.
Many larger businesses are also relocating to Tampa Bay from other parts of the nation, according to Franklin Street leaders.
“2022 I believe is going to be a special year in Tampa Bay. I call it a magical year as far as looking at our projections,” said Brian Bern of Franklin Street.