What this means is that retail vacancy remains high, at 10.3%, but has stabilized over the past three quarters and construction activity is minimal. Meanwhile, retailers which are expanding include convenience stores and discounters, such as 7-Eleven, which plans to open or convert about 45 stores by 2012. The Dollar Store segment plans to open about 1500 stores nationwide during 2010.

There are a number of new phenomena in retailing today in Central Florida and elsewhere. Landlords are experimenting with "pop-up" stores, which occupy small spaces for short periods, while Walgreens and Target are significantly expanding into the grocery segment.

The unemployment picture does not help Central Florida retailers. The unemployment rate for the Orlando-Kissimmee MSA was 12.5% in February 2010, compared to 9.2% in February 2009. The state of Florida's unemployment rate was 12.2% in February 2010 compared to 9.3% in February 2009.