Retailers across the Sunshine State should expect solid growth throughout 2016, the Florida Retail Federation (FRF) announced on Wednesday.
The FRF pointed to numbers from the National Retail Federation which indicated 3.1 percent growth this year, higher than the 2.7 percent average seen over the last decade. Helped by increasing online sales, non-store sales are expected to be even higher with projections showing between 6-9 percent growth. The FRF “expects similar growth numbers, if not stronger, for Florida in 2016 based on the continued strength of recent economic indicators and the growing confidence of Sunshine State consumers.”
“Florida’s economy continues to outpace the national economy, thanks to record-breaking tourism, a healthy housing market, high consumer confidence and tax cuts for businesses that have led to an increase in job creation, all of which bodes well for retailers” said Randy Miller, the president and CEO of the FRF, on Wednesday. “Some of the slowing sales issues that impacted northern states at the end of 2015 didn’t influence retailers in Florida as much, and we expect it to be a successful 2016 for Sunshine State retailers.”
The national forecasts indicate retail growth has been propelled by more consumer spending, a result of lower unemployment rates and lower gas and food costs. Miller insisted Florida‘s growth will give retailers in the Sunshine State an edge over their cohorts across the nation.
“With Florida consumers feeling more optimistic and having more discretionary income, the state’s retailers will reap the benefits in 2016,” Miller said. “But strategic sales and discounts, combined with fully harnessing the power of an online presence, will ensure a successful year for retailers.”
With more than 270,000 retailers across the Sunshine State, the industry remains one of the cornerstones of Florida’s economy.
Reach Kevin Derby at kderby@sunshinestatenews.com or follow him on Twitter: @KevinDerbySSN
