Jacksonville Retail Market Report
Expanding Professional and Financial Headcounts Buoy Discretionary Retail Purchasing
Growth in higher-wage sectors aid the retail outlook. While the focus of the labor recovery has been on the hard-hit leisure and hospitality sector after it shed 11,500 jobs in 2020, other employment segments posted notable annual expansions. Both the financial activities as well as the professional and business services sectors grew last year, a promising indication that Jacksonville is poised to lure more of these types of firms. Fidelity Investments is the most recent to voice hiring plans, announcing in early April that it will add 375 personnel throughout the metro this year. The enlargement of these industries supports higher household incomes and will ultimately boost retail spending in the market.