Phoenix Retail Market Report
Population Gains Boost Retail Demand;
Mall Redevelopments Will Change Landscape
Growing demand drivers will boost retail sector. Companies and people moving to the Phoenix metro are generating the need for additional goods and services. During the past year a number of firms including Taiwan Semiconductor Manufacturing and ElectraMeccanica Vehicles have announced plans to open or expand in the region, providing thousands of jobs. The added employment opportunities and a relatively lower cost of living compared with other major metros are helping to draw residents. The metro is on pace to add more than 77,600 people in 2021, increasing the need for retail options. Stores that thrived during the health crisis, including Aldi, TJ Maxx and Michaels, have plans to expand this year.