These days it seems that just about any retail item can be bought online. People are pointing and clicking for everything, including for groceries. That means that grocery stores have lost some of their dominance as retail center anchors, and developers have sought other kinds of enterprises to replace them.
More than 54 million Americans have a gym membership. While the thought of virtual pushups is tempting, the services that a gym offers are more difficult to provide online effectively. Thus, gyms are increasingly being used as retail center anchors.
Since gym memberships are not taxed in the same way as groceries, this can impact cities’ sales tax revenue, one of three primary revenue sources for most cities. RSG is aware of this issue and has studied it in detail. To analyze how this retail trend impacts your city’s finances and what to do about it, contact RSG today.
Written by Dima Galkin, an Associate at RSG