As one of the fastest growing counties in the state of Maryland, Charles County is well-positioned to develop its retail industry to accommodate this growing population. The County’s retail industry experienced eight percent job growth between 2010 and 2015 and continues to attract national and local retail brands.
Here are four reasons why retailers continue to choose Charles County:
- High Incomes: With nearly 94 percent of residents holding a high school degree and 36 percent with an advanced degree, Charles County consistently ranks among the top 20 counties in the nation for median annual household income (nearly $90,000). These highly-educated, well paid residents typically enjoy a moderate cost of living, boosting the local economy through the wide range of shopping and dining options. With a diverse population of young professionals and established families, local retailers find a ready market for their goods in Charles County.
- Demand: According to GIS Zoom Prospector data on our MeetCharlesCounty.com website, Charles County residents’ spending is keeping up with incomes. In 2016, Charles County households spent over $5.6 billion in retail businesses, including $2705 per household on apparel, $4359 per household on entertainment; $4491 per household eating out; and $2099 on gifts.
- Space: Charles County boasts a range of available retail spaces for developers looking to join or grow in the market. The availability of space paired with the County’s diverse population gives developers access to a robust customer base.
- Affordability: Retailers benefit from Charles County’s proximity to the nation’s capital without the high costs. The average retail lease rates in Charles County are more than 30 percent lower than the DC Metro average. Additionally, average weekly wages are 31 percent less than Maryland’s average, and 45 percent less than the DC Metro average.
To learn more about retail development in Charles County, visit our website, or contact our office at 301-885-1340.