What Five States Will Have the Biggest Retail Growth?

If you’re looking to figure out where to put your next store – or open your first one – five states are being predicted as the best choices for doing business over the next several years. And several big national chains are planning significant expansions across the entire country in the years ahead.

Retail leasing expert Julius Feinblum, speaking at a recent seminar, predicted the five states where growth will outpace the country as a whole, largely due to local population trends as well as development that will drive business.

They are:

1. Florida: Perhaps the fastest-growing state in the country, it has no state tax and a booming real estate market.
2. Ohio: A resurgence in factories and manufacturing, including an Intel chip plant, means more workers...and more workers making more money.
3. South Carolina: A combination of good weather and affordable living conditions should make this a winner.
4. North Carolina: Same as its southern neighbor, plus a growing retirement population.
5. Colorado: The Western lifestyle, especially in Denver, makes this a good choice for retailers.

Other local areas that might offer opportunity are parts of California, Wyoming, Kansas, Texas and New York State from just north of New York City up through the Albany area.

In the meantime, a number of big retail companies have announced ambitious plans for expansion in 2024. They include: Dollar General, 800 new locations, including 30 PopShelf units; Five Below, 255 additions; Academy Sports, 120-140 new stores by 2027; Boot Barn with 50 new locations this year; Macy’s, adding 30 small-format stores in 2024; Dick’s, opening 10 House of Sports this year; Nordstrom, 10 new Rack stores; and Uniqlo, 20 new locations in the U.S. and Canada this year.