Annual retail sales climbed 7.41 percent to hit a new record high of $5,385,652,114 in St. Charles County in 2014, up from $5,014,133,306 in 2013, according to figures recently released by the St. Charles County Department of Finance and the Economic Development Center of St. Charles County.
“The renewed and continued growth in annual retail sales is driven in part by consumer confidence, strong employment numbers, and motor vehicle sales tax collections, which are the largest source of sales tax revenue,” said Greg Prestemon, president and CEO of the Economic Development Center of St. Charles County. “St. Charles County currently has about 8 million square feet of retail space and a vacancy rate below the St. Louis market average. With new retail proposals on the horizon, this upward trend is expected (to continue) for 2015.”
Prestemon listed some of the major retail projects in the community – such as the purchase and proposed expansion of The Meadows in Lake Saint Louis by New York-based Cohen Equities; continued growth at The Streets of St. Charles, including the recent opening there of an 8-screen AMC Theatre; and the newly opened Dick’s Sporting Goods at Wentzville Crossing – as examples of local successes.
“Elected officials and civic leaders have been very successful in attracting retail development in keeping with all the new housing construction and population growth,” Prestemon said. “Likewise, there has been a strong push to encourage local residents to ‘Shop Local’ in support of jobs, roads, parks and public safety. The new record of nearly $5.4 billion in annual retail sales activity is evidence that all of these community efforts are working and having a positive impact on the local quality of life.”