​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Retail

The retail forecast is bright and sunny in Virginia Beach.

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​The City offers a variety of opportunities for shoppers and retailers, including: urban high-density developments, two regional malls, destination retail at the Oceanfront Resort Area, and traditional power and neighborhood retail centers.  ​​​​

The City of Virginia Beach has a population of​ nearly 460,000 in an MSA of more than 1.7 million people. The City’s median household income of $67,313 is 19.9% higher than the national median ($​​56,124), and the average household income exceeds the national average by $5,695. (Source: ESRI Community Analyst Online, 2017​ Data​)​​

  • More than 45​​% of Virginia Beach households have an income greater than $75,000 
  • More than 32% of all high-income households in the MSA (income​ over $200,000) are located in the City.
  • More than 19​ million annual daytime and overnight visitors contribute to the City's $5.6​ billion in annual retail sales.
  • The annual average household income of visitors to Virginia Beach is $61,170.
  • Average visitor spending $588 per party.

Virginia Beach's median household income is higher than that of other major cities, such as Charlotte, Atlanta, Orlando, Charleston, and Oklahoma City.​​

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​Below are a few of the key reasons why retailers continue to see record returns in Virginia Beach: ​


 New Retail Announcements

​​​Virginia Beach is emerging as a leading destination for local and national retailers. Below are some of the recent major retail announcements​. 

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 Quick Facts

1.7 Million Residents a​nd 19 Million To​​urists

  • Virginia Beach​ is the largest city in Virginia, with a population of approximately 460,000.​  
  • 1.7 million people live in the Virginia Beach/Hampton Roads MSA.
  • L​​argest market between Washington, D.C. and Charlotte
  • 10.1 million overnight tourists​ and 8.9 million day visitors​ come to Virginia Beach on an annual basis.​
  • Average visitor spending $588 per party (Source: Longwoods International)​

​R​esidents with High Incomes, $2.45​ Billion in Annual Expen​ditures by Tourists​

Our residents' high incomes are only outranked by those of our tourists.​

Annual Average HOUSEHOLD INCOME
Tourists

$61,170
Residents $86,370
Source: ESRI Community Analyst Online, 2017 Data​

Key Positions - A​verage Annual Salaries

Position​VIRGINIA BEACH, MSA​Unites states
Sales Managers $122,610$137,650
Retail Salespersons$24,550​$27,460
​Customer Service R​epresentatives​$31,370​​$35,650
Source: U.S. Bureau of Labor Statistics,  MSA, USA ​ May 2017​ Data​



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 Major Retail Districts

​2 Major Shopping Malls, 25 Million Square Feet of Retail Space

There are 11 major retail districts in the City with 25 million square feet of retail space.  

Some retail centers of note include:

  • Two​​​ regional shopping malls:​​

    • Pembroke Mall recently completed a $35 million renovation and expansion, adding stores such as REI, The Fresh Market, DSW, and Nordstrom Rack

    • Lynnhaven Mall​ - ​General Growth Properties continued work on the second stage of a multi-million dollar interior and exterior renovation of the 1.2 million-square-foot Lynnhaven Mall; new stores include ​White House/Black Market, Michael Kors, House of Hoops by Foot Locker, Oro Gold, and L.L.Bean.
  • Many retail centers are near or in the Oceanfront resort district, such as:  The Shops at 31Ocean
  • The Town Center of Virginia Beach is ​the City's major business district with nearly 1 million square feet of Class A office space, 200,000 square feet of retail, and 117,807 square feet of restaurants.
  • Landstown Commons​ features an exciting mix of top retailers to meet your every need. 
  • Red Mill Commons is a dynamic shopping center featuring some of the biggest names in retail including Home Depot, Super Wal-Mart, TJ Maxx, Home Goods, Target, Office Max, and a unique mix of 80 other fine specialty stores, boutiques and restaurants​.