Florida luxury magazine publisher Palm Beach Media Group has suspended publication of Tampa Bay Illustrated [1]. The November issue will be its last.

Citing the “current economy,” Palm Beach Media [2] said it will “direct its earnings and investment capital to a variety of opportunities in its more-established markets.” “We want to grow market share and develop or acquire new products where we’re already the leader,” group publisher and COO William R. Wehrman said in a statement. “If this downturn absolutely had to come, we wish it had been a couple of years later in TBI’s development.”

Five positions were eliminated in connection with the closing, a spokesperson told FOLIO:.

Launched in January 2003, TBI published 11 times a year, including a July/August issue, and carried a 15,000 circulation.

Palm Beach Media Group continues to publish more than 10 other regional Florida luxury lifestyle titles, including Palm Beach Illustrated, Naples Illustrated and Reflections.