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It is surprising that an area as small as the Emerald Coast could exhibit aggressive growth in the retail sector. The Emerald Coast has long been an area where the only active growth can be seen in the fisheries industry. But since the 70s, when a high-rise construction boom hit the municipality of Destin, the Emerald Coast has since been ripe for other investments.
The Emerald Coast continues to draw investments related to tourism. The area has already received a more than modest investment in infrastructure that would draw in more tourist dollars. Condominium and hotel construction goes on, restaurants and dining establishments continue to flourish and small businesses such as private boat charters keep growing in number.
The top draw of the Emerald Coast is its location. With an almost tropical climate, the area enjoys a good number of days with the sun out. This makes the area attractive for outdoor recreational activities. In fact, some of the new investments in the area are taking advantage of the climate. In Destin, investments are pouring in for a golfing community as well as several planned retirement communities.
The influx of tourists and retirees will likely bring investments in the retail sector. Florida shopping malls have a reputation for upscale shopping, but in the area of the Emerald Coast it is likely that investments for this type of shopping will be small.
The more likely scenario would be the influx of Florida outlet malls, establishing a presence in the area. The economy is still reeling from the recession, and the mood of shoppers predisposes them towards high quality goods at affordable prices. Outlet malls have a great potential in the Emerald Coast as it attracts a lot of local tourism. With prices the way they are in other states, outlet malls in the Emerald Coast would provide an opportunity for local businesses to experience returns and repeat purchases from the tourists.
Tourism could be the top draw of Florida, shopping could be the second. If the Emerald Coast continues to mold its image as an affordable destination for vacation and shopping, it could end up posting modest growth gains for years to come.
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