The retail forecast is bright and sunny in Virginia Beach.
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 1.8 million people. The City’s median household income of $75,623 is 24.9% higher than the national median ($60,548), and the average household income exceeds the national average by $10,379. (Source: ESRI Community Analyst Online, 2019 Data)
- More than 50.5% of Virginia Beach households have an income greater than $75,000
- More than 15.5% of all high-income households in the MSA (income over $150,000) 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.
Below are a few of the key reasons why retailers continue to see record returns in Virginia Beach: