Retail Sales Drive Growth in Budget / Services

Hi there, OKC shoppers and retail enthusiasts! It has been a crazy last few weeks, and the time is right for some good news, eh? Well, last week brought the news that the City Council approved the City's budget for the next fiscal year (its first to top $1 billion, incidentally). This is important to us in the retail recruitment world because sales tax accounts for 49.7 percent of operating revenue and is the City's largest single source of revenue. This year's budget includes money for 40 new police officers and $1 million for enhancements to METRO Transit (the City's bus service), among other items. (According to a news release from the City, public safety comprises 64.3 percent of the general fund budget.) Naturally, in order for these important items to keep up with growth, we've got to continue working to prevent leakage of sales tax revenue to other places.

And on the heels of this year's ICSC RECon retail real estate convention in Las Vegas, where we touted Oklahoma City's job / population / income growth and nation's lowest unemployment rate (among other factors important to retailers and developers), we are hoping for some positive new announcements in the near future that will join recent openings of Dave & Buster's, Dick's Sporting Goods, Golf Smith, Tucker's Onion Burgers, L'Occitane, Native Roots Market, Plenty Mercantile, 200 Park for Her, Coach Men's Factory, Loft Outlet, Waterford Outlet, Back Door Barbecue and others as well as news of upcoming OKC locations from retailers like Von Maur, Nordstrom Rack, The Art of Shaving, and more. These types of "stores and doors" help increase OKC's offerings to the public and keep our sales tax dollars at home.

With these and other new retail announcements, hopefully we will continue to see growth in public safety, public services and other quality of life enhancements for OKC residents in the future. And that's what it's all about, kids!