Expert says Montgomery County is "Over-Retailed"
According to the director of research and analysis for Streetsense, Montgomery County is currently "over-retailed," having a total of 5,615 retail establishments that represent more than 24 sq.ft. of retail per person, more than anywhere else in the United States, and the world. These statistics, and more, were presented last week at a symposium
Lerch, Early and Brewer
, and looking at
how current retail trends will affect future development in the County.
Among other interesting data: The median household income in Montgomery County is $99,233 with an average annual retail spending per household of $49,584. This is the highest per household retail spending in the metro-DC area. 50% of retail spending goes for goods and services (grocery, pharmacy, etc.); 30% goes for food and beverage; 20% goes for everything else; only 9% goes to e-commerce (eking mostly into the latter category). Last year, for the first time in history, spending at restaurants has exceeded spending in grocery stores. The average household income in Bethesda has risen from $41,352 in 1989 to $210,490 in 2016. The issue is not just too much retail, but retail in the wrong places; future development will need to address this. The development of self-driving vehicles will also inform future retail and community development.