Why should Valley communities target the retail sector?
• Retail is the second-largest industry in the United States both in number of establishments and number of employees. The commercial sector of the economy, which is predominantly retail, currently makes up 60 percent of the Valley economy and is the fastest-growing sector. The retail sector is rapidly saturating the major metropolitan markets and is looking at smaller markets for growth. Retailers are becoming increasingly more sophisticated in the site selection process and are identifying potential markets 2 – 3 years before development. Communities that can prove to retailers that they have the unique customer base and sites for their products will be successful in growing their retail sector. Retail adds value to the community by increasing revenues, creating new jobs, and improving the quality of life. Retail serves as a catalyst for other large-scale economic development projects.
