Tourism boosts retail activity in Myrtle Beach
- Increasing retail sales and tourism to Myrtle Beach brick-and-mortar shops bodes well for ongoing shop success
- Myrtle Beach retail vacancy rates have steadily decreased over the past year to 3.34%
According to the S.C. Department of Revenue, year-over-year Myrtle Beach retail sales in November increased 21.82%. The success of retail sales in this market is largely attributable to tourism which accounts for $11.1 billion in economic impact. The Myrtle Beach International Airport ended 2021 with a record-breaking 3.2 million total passengers and Tripadvisor announced Myrtle Beach was named the “Fourth Most Popular Destination Americans are Visiting.” According to Costar, Myrtle Beach was also number one in the United States for hotel revenue recovery during 2021 with an almost 25% increase from 2019, and Myrtle Beach was one of only two cities to see increases between 2019 and 2021.
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