From community redevelopment to funding city services, retail plays a critical role in furthering Oklahoma City’s economic growth. For that reason, strengthening Oklahoma City’s retail sector is a priority for the Greater Oklahoma City Chamber.
From FY 2004-05 to FY 2014-15, Oklahoma City’s sales tax collections grew from $293 million to $423.9 million annually. We have the opportunity to continue this sector’s growth by recruiting destination retail–– the type of unique, one-of-a-kind stores that appeal to visitors and residents alike. A large part of this growth comes from sharing our story with national retailers, which is why the Chamber spearheaded Oklahoma City’s recruitment efforts at the International Council of Shopping Center’s RECon, the global retail real estate convention, last month. This convention allows us to continue long-standing relationships with national retailers while sharing the benefits of being located in Oklahoma City.
Focusing on recruiting destination retail is truly a win-win for our city. It enhances quality of life for residents, increases sales tax revenue––which directly funds many of the city services that we depend on each day––and helps build Oklahoma City’s overall image. These benefits are paramount to attracting companies, new developments and a qualified workforce, all of which are important components of strengthening our economy.
Recruiting retail and supporting existing retailers does more than give us more shopping options. It is an important investment in Oklahoma City’s economy that reaps benefits for all of its residents. Your support of Oklahoma City’s retailers, both current and future, will go a long way in strengthening our community.