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 450,000 in an MSA of more than 1.7 million people. The City’s median household income of $61,436 is 15% higher than the national median ($53,217), and the average household income exceeds the national average by $11,084. (Source: ESRI Community Analyst Online, 2016 Data)
- More than 40% 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 13.9 million annual daytime and overnight visitors contribute to the City's $5.5 billion in annual retail sales.
- The annual average household income of visitors to Virginia Beach is $110,936.
- Average visitor spending $1,898
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: