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Consumers Boost Retail Spending In Franklin County
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Franklin County today released its 2012 snapshot of retail spending.
Four years after the Great Recession, retail sales in Franklin County are up by 15%. But, 10% of the county’s storefronts remain vacant. Columbus Chamber of Commerce researcher Jung Kim identifies two factors that put a drag on county revenue from retail sales.
“E-commerce, as well as the outlet malls which are more about the cheaper prices, they’re out, further away,” Kim says.
Kim says retail sales hit bottom in 2009. And it’s been a bumpy road back to pre-recesssion levels.
“It’s been stops and starts but it is looking a lot better. There’s is some interest among retail developers in building new again and that hasn’t happened in years,” Kim says.
Last year, Franklin County collected $170-million dollars in sales taxes, compared to $147-million dollars in 2009.