To promote additional economic development, enhance the regional tax base, and create new jobs, representatives from the Rushmore Region were among the more than 1,000 communities and 35,000 retail real estate professionals who recently traveled to Las Vegas in May to attend RECon, the global convention sponsored by the International Council of Shopping Centers (ICSC).
This three-day event featured educational sessions on retail and economic development issues, as well as more than 1 million square-feet of exhibition space which showcased leading retailers, developers, leasing agents, brokers, and economic development officials. ICSC estimates that approximately 50 percent of all new retail developments are either conceived or consummated at RECon.
“ICSC’s RECon is an excellent opportunity and a must-attend event if you are trying to create any type of retail real estate development in your community,” said Bryan Walker, Spearfish Economic Development director and member of the Rushmore Region. “In just three days we were able to meet with the leading shopping center developers, owners, and retailers who may not have been aware of the economic development opportunities in the Rushmore Region.”
“As our region’s economy and personal income levels grow, our residents expect the local amenities base to keep pace. This growth also makes us a more attractive market for retailers, restaurants and hotel operators looking for expansion opportunities,” said Benjamin Snow, another Rushmore Region member and president of the Rapid City Economic Development Partnership. “All of these players are active participants at RECon, and this event provides an excellent opportunity for us to connect with them.”
- Retail generated $4.4 billion in sales within the Rushmore Region in 2014.
- Retail is the 3rd largest employer in the Rushmore Region.
- Retail employs 11,503 people within the Rushmore Region.
- In 2014, Retail produced 60% of the region’s GDP.
- In 2014, Retail generated $233 million in local and state sales taxes.
Sources: SD Dept of Revenue and SD Department of U.S. Bureau of Labor Statistics