As the holiday shopping season approaches, Branson retailers have already begun welcoming customers from near and far to find the perfect gift for that special someone.
From stylish clothing and accessories to one-of-a-kind arts and crafts, there’s something for everyone in one of Missouri’s most popular shopping destinations.
A number of local and national trends will influence holiday sales as merchants compete for wallet share among increasingly budget-conscious consumers. Much like their peers in other markets, Branson retailers are grappling with a mix of opportunities and challenges this year.
Here is our assessment of the holiday shopping outlook for the Branson area for 2023.
- National Holiday Shopping Picture
- Branson Retail Marketplace Trends
- Advantages of Retail Space in Branson
- Find Retail Space in Branson
National Holiday Shopping Picture
In its annual holiday sales forecast, Deloitte predicts an increase of between 3.5% and 4.6% for a total of $1.54 trillion to $1.56 trillion. Projections cover the time span between November 2023 and January 2024. E-commerce sales are expected to grow 10.3% to 12.8% to reach between $278 billion and $284 billion.
Positive trends include a healthy job market and income growth. Headwinds include elevated but moderating inflation and a decrease in leftover savings from the pandemic.
A survey by the National Retail Federation found that 39% of Americans plan to shop early in 2023. A full 61% say deals are more important than last year.
Although Black Friday and Cyber Monday remain popular, many consumers are looking to spread out their purchases in order to stay within budget. Another popular money-saving strategy is to research product offerings ahead of time, including before visiting a brick-and-mortar location.
Retailers have the opportunity to earn more business by promoting early and offering competitive deals throughout the season. An attractive and user-friendly website is another essential for impressing potential customers as they browse online.
Branson Retail Marketplace Trends
The Branson retail market had a strong performance in 2022, and was expected to remain so in 2023, according to Commercial One Brokers’ annual commercial real estate forecast. Citywide sales tax collections reached $17.6 million, with many retail tenants seeing double-digit sales increases. Strong sales coincided with high occupancy rates and increasing rents for retail tenants.
Overall retail occupancy stood at 92% for 2022, increasing to 96% excluding the Branson Mall and cold shell space next to Hobby Lobby. Additional occupancy rates came in as follows:
- Branson Landing district: 96%
- Lakeside Center: 95.6%
- Historic downtown: 100%
- Off Highway 76: 89%
- Hollister: 98%
Retail rental rates were expected to climb in 2023, amid a tight supply and strong demand. Premier locations were predicted to go as high as $30 per square foot, with new and recently completed units reaching the low $20s. Increased operating expenses may curtail some rent increases.
Advantages of Retail Space in Branson
From its reputation as an entertainment capital to its beautiful natural surroundings, there are many great reasons why Branson is a great place to do business. Here are a few big advantages of locating a retail business in the Branson metro area:
- It’s a top tourist destination: Branson welcomed 10.2 million visitors in 2022, according to the Branson-Lakes Area Chamber of Commerce. Every year, our community welcomes folks from just a few miles away and from across the globe.
- It’s a short drive for many: Did you know Branson is just a one-day drive away for one-third of the U.S. population? That makes it the perfect place for a day trip or weekend getaway.
- Shopping is the #1 activity: From the Branson Landing to The Shops at the Grand Village and so much more, there’s no shortage of retail destinations to serve a national customer base.
- Something for all ages: With so much to offer, it’s no surprise that Branson is a favorite 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, competitors, projected sales and, of course, your budget.
Competition is fierce for those looking to enter the Branson retail marketplace. First and foremost, your top priority is to find the right space for your storefront.
Consult with Commercial One Brokers before searching for retail space in the competitive Branson market. With over 60 years of combined experience, we have the in-depth knowledge and research acumen 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 bad leads.
If you’re looking to open a new retail store in the Branson metro area, give us a call at 417-334-3149 or contact us online to learn about available properties.