Martin "Hap" Stein, Jr., chairman and CEO of Regency Centers, recently said the company's grocery-anchored shopping centers held up well during the recession and helped it weather the storm. "People have to eat," he said, before adding that supermarkets at Regency Centers average over $25 million in sales.
Stein said Regency's 92 percent occupancy rate during the recession was a testament to the benefits of grocery-anchored shopping centers, and that the rate is moving back up to 93 percent. He remains optimistic about the demand for shopping center space.
According to Stein, Regency is selling shopping centers that don't have supermarket anchors with sales in excess of $25 million, and is actively pursuing centers with strong grocery anchors.