Consumers ready to shop in 2015

Increasing consumer confidence, a recovering housing market and tourism growth are paving the way for a bright 2015 in retail, industry experts say.

"As the economy becomes more stable, businesspeople will feel more confident starting new businesses," said Samantha Stratton, spokeswoman for the Florida Retail Federation. "It's easier to rally a loyal customer base during these times."

Retailers are now more willing to invest in the opening of additional shops because they believe they can count on "more reliable customers" who will stay in South Florida and not put their houses on the market and move to a new region looking for jobs, Stratton said.

"Consumer confidence is still on the rise as we are coming out of the recession," she said.

Tourists from Latin America, Canada, Europe and elsewhere also are continuing to flock to Florida and, fortunately for retailers, they bring empty suitcases to fill them up with merchandise found at bargain prices, Stratton said.

Broward and Palm Beach counties are poised for growth as available retail space becomes harder to find and more expensive to obtain in Miami-Dade County, said Russell Bornstein, a senior vice president at CBRE, a global real estate services firm.

"You are going to see Broward and Palm Beach counties catch fire like Miami did," Bornstein said.

Vacancy rates in Miami-Dade are around 3 percent, while Broward and Palm Beach are around 7 percent to 8 percent, he said. Asking rates for retail spaces in Miami-Dade are about $40 per square feet, compared with $18 to $20 in Broward and Palm Beach counties, according to Bornstein.

"Retailers that did not get into Miami-Dade County will push into Broward and Palm where there's still some opportunities," Bornstein said.

Developers of several major projects are likely to continue approval processes and construction.

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Consumers ready to shop in 2015