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Grand Mall, situated in Panama City, Florida, serves as a regional retail destination in the Florida Panhandle, covering about 800,000 square feet of gross leasable area. Following severe damage from Hurricane Michael in 2018, the property is in a mixed-use redevelopment phase, aiming to integrate retail, residential apartments, and hospitality elements to revitalize its market position. Pre-hurricane, it featured anchors like Dillard's, JCPenney, and Sears, alongside a diverse tenant mix of apparel (e.g., American Eagle, Buckle), electronics (Best Buy), beauty (Bath & Body Works), and dining options.
Current leasing focuses on new tenants for the commercial spaces, with occupancy around 40% during transition, expected to rise to 85% upon completion in 2026. Footfall historically reached 5-6 million annual visitors, driven by local shoppers and tourists, though currently reduced due to construction.
Rent levels are competitive at $18-25 per square foot NNN, with incentives including up to $50 per square foot in tenant improvements.
Accessibility via Martin Luther King Jr. Boulevard and proximity to US Highway 98 supports good traffic flow, with over 4,000 parking spaces. The demographic profile targets middle-income households (median $52,000), military families from nearby Tyndall Air Force Base, and seasonal beach visitors. Market factors include a recovering economy post-disaster, with Bay County population growth at 2% annually.
Strengths encompass location advantages near beaches and potential for integrated lifestyle offerings; drawbacks involve construction delays, temporary access limitations, and competition from established centers like Pier Park.
Operational quality is enhancing through modern infrastructure upgrades, positioning it for improved retail performance in a tourism-reliant region.
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Hours of Operation
Hours
| Monday | 08:00 AM — 12:00 AM |
| Tuesday | 08:00 AM — 12:00 AM |
| Wednesday | 08:00 AM — 12:00 AM |
| Thursday | 08:00 AM — 12:00 AM |
| Friday | 08:00 AM — 12:00 AM |
| Saturday | 08:00 AM — 12:00 AM |
| Sunday | 08:00 AM — 12:00 AM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographic Profile
Bay County, encompassing Panama City, has a population exceeding 180,000, with a median household income of $52,000 and 28% of residents under 18, indicating a family-oriented market. Military personnel from Tyndall Air Force Base contribute steady footfall, while seasonal tourism boosts summer traffic by 30-40%. Post-hurricane recovery has stabilized spending, with retail sales per capita at $8,500 annually. Challenges include a 10% poverty rate affecting discretionary purchases, yet the areas young median age of 38 supports apparel and entertainment categories.
Competition and Market Factors
Grand Mall competes with Pier Park in Panama City Beach, a 900,000-square-foot open-air center drawing 10 million visitors yearly through entertainment like a Ferris wheel and IMAX. Local saturation exists in big-box retail, but redevelopment offers differentiation via mixed-use amenities. Regional market reports note 75% occupancy across Panhandle malls, with e-commerce impacting traditional sales by 15%. Risks involve new developments in nearby Lynn Haven, potentially diluting traffic if not managed.
Leasing Terms and Operational Risks
Leasing in the redevelopment offers base rents of $18-25 PSF NNN, with abatements for the first year and TI allowances up to $50 PSF to attract national chains. Advantages include 10-15 year terms with renewal options and proximity to growing residential areas. Drawbacks encompass construction disruptions until 2026, possible rent escalations of 3% annually, and infrastructure vulnerabilities in a hurricane-prone zone. Occupancy projections aim for 85%, supported by targeted tenant mix balancing essentials and experiential retail.
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Panama City Beach, FL
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City Snapshot
Panama City Beach, FL
Comprehensive market intelligence for retail expansion in this city