Local retail will thrive on residential boom
- Overall absorption in the Columbia retail market was positive; non-core retail is outperforming core retail centers.
- An evolving retail trend to provide services on a local level with enhanced convenience and an omni-channel preference is growing in popularity.
- Submarkets, such as Lexington, with a dense residential population are expected to perform well.
Lexington demands additional retail
The Lexington market growth potential is limitless for retailers interested in a new location. Lexington County has transformed over the past 50 years from an agricultural area to a residential family community with excellent public schools, reasonable housing options and convenient access to major highways and transportation arteries. Now Lexington is being transformed further with population and employment growth, a residential housing boom and a new trend in localized retail capable of transforming the Lexington landscape. Employment is strong within Lexington County, with the unemployment rate at 2.4%, lower than both the South Carolina and United States unemployment averages. The entire Lexington County region is home to approximately 290,642 people as of 2017. From 2010 to 2018, the total Lexington County population has increased 18.49%. In addition, the 2023 population projection for Lexington County is estimated to grow at an additional growth rate of 9.94%. In addition to an increasing population and strong employment structure, the Lexington housing units have increased 16.25% from 2010 to 2018 and are projected to continued on a upward path, growing another 9.08% by 2023. With the housing and population growth comes a demand for convenient services, entertainment and leisure activity options. Couple the increasing demand with an evolving trend of retailers specializing their products and catering to local residents who live in close vicinity to their shops, and Lexington is the perfect submarket for retail to grow exponentially.
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