Wall Street Journal recently released an article that outlined the incredible increase seen in retail sales this year. Not only do improving retail sales point to an improving economy, but they also mean that this is a prosperous time to open your own store.
As the economy improves and unemployment falls, more and more people find themselves with extra spending cash. Many of these people will opt to buy new clothes or a new product for themselves. The Wall Street Journal reports that retail sales increased a seasonally adjusted 0.2 percent in July, making it the fourth month in a row to see improvement.
In general, all types of retail, including grocery, car, clothing and electronics, are seeing improvements, but some more than others. Higher priced and luxury items saw a double digit increase in July compared to the year before. This is mainly because now that people are feeling more financially stable, they are more confident when buying expensive items, and more inclined to do so. In fact, consumer confidence levels have reached the highest level we’ve seen in recent years.
In One Loudoun, there are plenty of new spaces for clothing stores, gift shops and boutiques. The area will be so well populated with affluent young professionals and families that opening a shop here is guaranteed success. This might be true for any city in the United States, but it’s especially relevant to those who are considering One Loudoun. Loudoun County has proven to be one of the best places to open a business and with over 80,000 cars passing by One Loudoun daily, there really is no better location to open your store.
As the overall economy continues to improve, the retail industry will follow it. For the same reasons why it’s a perfect time to buy a house, now is the perfect time in our economy to open a retail store. Our advice to prospective storeowners: There is no better time than the present! The retail industry will continue to improve and you will be even more successful by catching the wave early on.
Source: Wall Street Journal