Charlotte Retail Investment forecast
Corporate Arrivals Boost Household Income, Stimulating Retailer Expansion in the Queen City
Span of above-average population and retail sales growth continues. A healthy stream of arriving corporations that provide high-income opportunities for residents is bolstering Charlotte's retail outlook. Lucrative banking, fintech and technology jobs are being created by arrivals like Credit Karma and Robinhood, which together plan on hiring nearly 1,000 people by the end of this year. This job creation will draw more well-educated individuals to the region, bolstering household formation and consumer spending power. These factors will allow the metro to record substantial retail sales growth in 2022, with the expected increase trailing only Raleigh among major metros. Together, these circumstances will foster retailer expansions, supporting a rate of recovery that exceeds the nation as a whole and extending a stretch of positive absorption that dates back to fall 2020. Additionally, supply additions in the metro will moderate for a fourth consecutive year, leading the market to end 2022 with a vacancy rate beneath the 2019 level.