As the holiday shopping season approaches, Branson retailers have already begun welcoming customers from near and far looking to find the perfect gift for that special someone.
From stylish clothing and accessories to unique arts and crafts, there's something for everyone in one of Missouri's most popular shopping destinations.
Many local and national trends will influence holiday sales as retailers compete for share among increasingly budget-conscious consumers. Like their peers in other markets, Branson retailers are grappling with a variety of opportunities and challenges this year.
Below is our assessment of the Branson area's 2023 holiday shopping outlook.
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National Holiday Shopping Photos
In its annual holiday sales forecast, Deloitte predicts an increase of 3.5% to 4.6% to reach a total of $1.54 trillion to $1.56 trillion. The forecast period runs from November 2023 to January 2024. E-commerce sales are expected to increase 10.3% to 12.8% to reach $278 billion to $284 billion.
Positive trends include a healthy job market and income growth. Headwinds include rising but moderating inflation and dwindling savings due to the pandemic.
According to a survey by the National Retail Federation, 39% of Americans plan to shop earlier in 2023. 61% say sales are more important to them than they were last year.
While Black Friday and Cyber Monday remain popular, many consumers are looking to spread out their purchases to stay within their budget. Another popular money-saving strategy is researching product offerings in advance, such as before visiting a brick-and-mortar store.
Retailers have the opportunity to capture more business by promoting early and offering competitive deals throughout the season. An attractive, user-friendly website is another key element in making an impression on potential customers as they browse online.
Branson Retail Market Trends
According to Commercial One Brokers' annual commercial real estate forecast, Branson's retail market is expected to perform well in 2022 and continue into 2023. Citywide sales tax collections are expected to reach $17.6 million, with many retail tenants experiencing double-digit sales increases. Strong sales coincide with high retail tenant occupancy rates and rising rents.
Overall retail occupancy for 2022 is 92%, increasing to 96% excluding the cold shell space next to Branson Mall and Hobby Lobby. Other occupancy rates are as follows:
Branson Landing: 96% Lakeside Center: 95.6% Historic Downtown: 100% Highway 76: 89% Hollister: 98%
Tight supply and strong demand are expected to drive retail rents upward in 2023. Prices are expected to rise to $30 per square foot in prime locations, with new and recently completed stores reaching the low $20s. Rising operating costs may limit rent growth.
Branson Retail Space Advantages
From its reputation as an entertainment hub to its beautiful natural surroundings, there are many reasons why Branson is a great place to do business. Here are some great benefits to locating your retail business in Greater Branson:
Branson is a top tourist destination. According to the Branson Lakes Area Chamber of Commerce, 10.2 million tourists visited Branson in 2022. Every year, our community welcomes people from just a few miles away and from all over the world. For many, it's just a short drive away. Did you know that for one-third of the population of the United States, Branson is within a day's drive? That makes it the perfect place for a day trip or weekend getaway. Shopping is the number one activity. From Branson Landing to The Shops at the Grand Village, there's no shortage of retail stores serving a national customer base. Something for all ages. With so much to offer, it's no surprise that Branson is a popular destination for kids, couples, and seniors.
Find Retail Space in Branson
Choosing the best location is one of the most important decisions you can make when it comes to the success of your retail business. Factors to consider include your target market, your competitors, projected sales, and of course your budget.
For those wanting to enter the Branson retail market, competition is fierce. First and foremost, finding the perfect space for your store is a top priority.
Before you start searching for retail space in the competitive Branson market, consult with Commercial One Brokers. With over 60 years of combined experience, we have the in-depth knowledge and research to guide your decision. We present you with a list of the best retail properties available, so you don't have to waste time and money on poor quality leads.
If you are considering opening a new retail store in the Branson metropolitan area, call us at 417-334-3149 or contact us online to learn about available properties.