September 6, 2022
DowntownFTL restaurants and shops are outperforming foot traffic of countywide retailers by about 30 percentage points according to Placer.ai. DowntownFTL retailers are experiencing average monthly foot traffic at a rate 11% above pre-pandemic levels. By comparison, Broward County retailers are experiencing an 19% decline in foot traffic compared to pre-pandemic levels. Despite fears over the past two years that high demand for retail would not return to the urban core, DowntownFTL is seeing unprecedented interest in dining and shopping while Broward County as a whole has yet to recover.
Summertime foot traffic on Las Olas Boulevard is 6% above pre-pandemic levels, signaling that Broward's most iconic retail and dining destination is weathering the traditional summer "off-season" due to the growing residential density of DowntownFTL. As summer turns to fall, and Tunnel Top Park approaches completion, Las Olas Boulevard will continue to grow as a premier dining and shopping destination compared to pre-pandemic levels.
As foot traffic in restaurants and shops continue to rise, new restaurants and shops are increasingly choosing DowntownFTL. Over 30 new restaurants, attracted by the growing residential density, have opened in DowntownFTL since the start of the pandemic- with more on the way. This trend is enhancing the number and variety of options for residents, employees, and visitors. These additions further elevate our quality of life and attract additional foot traffic to downtown.
DowntownFTL is increasingly becoming a food & shopping hub and has a greater number of restaurants and shops per squared mile than Downtown Dallas and Downtown Charlotte combined. The demand for these offerings in DowntownFTL remains high and will continue to attract world-class retailers and restaurateurs going forward.