Business beginning to boom in Prince George’s (real estate, 2013)

[UrbanScholar]

Interesting article reflecting on the recent economic development that has occurred or coming within the retail sector. I was surprised that they did not mention the Cafritz project given the significance of Whole Foods. It will be interesting to see how the county will further expand in this sector as these projects go live.

If you were to ask most Prince George’s residents their top priority for enhancing the county, improving the school system would handily top the list. After all, a stellar school district is a key factor in determining where families choose to live. While Prince George’s lags behind the majority of state school systems, the arrival of new schools CEO Kevin Maxwell has renewed optimism that county schools are on the right path to success.

Not far behind on that priority list would most likely be bringing in high-end retailers to an area county officials and residents say has been snubbed and overlooked for far too long. And after decades of courting and wooing, retailers now appear ready to do big business in Prince George’s.

Business beginning to boom in Prince George’s -- Gazette.Net

[adelphi_sky]

Originally Posted by UrbanScholar

Interesting article reflecting on the recent economic development that has occurred or coming within the retail sector. I was surprised that they did not mention the Cafritz project given the significance of Whole Foods. It will be interesting to see how the county will further expand in this sector as these projects go live.

Business beginning to boom in Prince George’s -- Gazette.Net

Konterra is a pretty huge project. 2,200 acres at $3billion.I haven't seen much recently about their initial phase as far as a DSP, but I would hope they plan for mass transit of some sort. That's a lot of new people with no way to commute but to drive.

[UrbanScholar]

Originally Posted by adelphi_sky

Konterra is a pretty huge project. 2,200 acres at $3billion.I haven't seen much recently about their initial phase as far as a DSP, but I would hope they plan for mass transit of some sort. That's a lot of new people with no way to commute but to drive.

I agree but if history serves as a basis for the future, they won't see publicly funded mass transit for about 30 years. I am curious if 3 billion is enough given the fact that National Harbor is that or more with fewer acreage.

[armory]

Retail equals consumerism which does not equal booming business.
Manufacturing/production equals booming business. The USA is becoming a service nation which services itself. We don't manufacture many goods to be serviced but rather service the junk we buy.
We do a good job servicing the services we have though some of that is outsourced.

[EdwardA]

Originally Posted by armory

Retail equals consumerism which does not equal booming business.
Manufacturing/production equals booming business. The USA is becoming a service nation which services itself. We don't manufacture many goods to be serviced but rather service the junk we buy.
We do a good job servicing the services we have though some of that is outsourced.

I didn't want to be a party pooper but you're right. I guess it is better than before but to constitute this as a boom is misleading

[UrbanScholar]

Although the title of the article is a little misleading, the author is speaking specifically to the increased number of retail/restaurant offerings that are becoming available in the county. Aside from education, this has been a big issue for county residents.

Remember, since these businesses pay the same commercial taxes as other businesses, their presence and success is important to strengthening the county's coffer. Considering that African-American consumer alone spends about 835 billion dollars in consumable goods as of 2011(Black Spending Power 'Still Vital, Still Growing' Nielsen Reports) and as of this year spend approx 1 trillion dollars annually (http://www.nielsen.com/us/en/newswir...than-ever.html). However, this money stays in the African American community (which PGC is considered) for an average of 6 hrs (http://www.naacp.org/blog/entry/know...-our-community). 6 hours!

Keeping that money/taxes in the county does more good than harm. Since African-American buy based on brand more than any other factor, having known, respected retail and restaurants helps to keep money in the county and serves as a basis for diversifying our tax portfolio. Also increased amenities (especially around metros and other TOD areas) increases the chance that businesses in other industries would consider making PGC home. So yes would it be great to have a onslaught of businesses from trending industries to come to PG? Of course but don't discount the benefit of additional quality retail and restaurants in the county.

[UrbanScholar]

For those interested in the latest African American consumer report, I have provided the link below. They have similar reports for other ethnic groups.

With a current buying power of $1 trillion that is forecasted to reach $1.3 trillion dollars by the year 2017, the importance of connecting with African-American consumers is more important than ever. Importantly, these consumers are distinct from other consumer groups, and understanding this group is critical to making lasting connections.

Currently 43 million strong, African-American consumers have unique behaviors from the total market. For example, they’re more aggressive consumers of media and they shop more frequently. Blacks watch more television (37%), make more shopping trips (eight), purchase more ethnic beauty and grooming products (nine times more), read more financial magazines (28%) and spend more than twice the time at personal hosted websites than any other group.

Resilient, Receptive and Relevant

[justtitans]

Originally Posted by EdwardA

I didn't want to be a party pooper but you're right. I guess it is better than before but to constitute this as a boom is misleading

The Gazette quite honestly is a Prince George's County booster paper. Their articles are mostly very bias and not as objective as need to be.

[justtitans]

Originally Posted by UrbanScholar

Although the title of the article is a little misleading, the author is speaking specifically to the increased number of retail/restaurant offerings that are becoming available in the county. Aside from education, this has been a big issue for county residents.

Remember, since these businesses pay the same commercial taxes as other businesses, their presence and success is important to strengthening the county's coffer. Considering that African-American consumer alone spends about 835 billion dollars in consumable goods as of 2011(Black Spending Power 'Still Vital, Still Growing' Nielsen Reports) and as of this year spend approx 1 trillion dollars annually (African-American Consumers are More Relevant Than Ever). However, this money stays in the African American community (which PGC is considered) for an average of 6 hrs (Know Your Worth: If We Don). 6 hours!

Keeping that money/taxes in the county does more good than harm. Since African-American buy based on brand more than any other factor, having known, respected retail and restaurants helps to keep money in the county and serves as a basis for diversifying our tax portfolio. Also increased amenities (especially around metros and other TOD areas) increases the chance that businesses in other industries would consider making PGC home. So yes would it be great to have a onslaught of businesses from trending industries to come to PG? Of course but don't discount the benefit of additional quality retail and restaurants in the county.

I will continue to ask a question that has been ignored several times, can people realistically make a comfortable living in this region off of retail jobs? The jobs mentioned in the article that have been added, are mostly retail. Making retail money in the DC region is much different than in lower COL areas. Your money will go a lot further when your living expenses are less. These type of jobs just simply do not add people with disposable income in this region. It's true that black people will on average spend more money than most, but at what expense? What financial stability do blacks generally have in this country? You don't really have long term sustainable disposable income until you build wealth. On average black people in this country at 22 times less wealthier than white people. The way that a majority of us spend money stimulates economies but it's also to our long term detriment. People often times mistake income with wealth. Wealth is really where the real money is, and you can't build wealth when close to half of the county is basically at a lost with their real estate investment.

[UrbanScholar]

Originally Posted by pgtvatitans

I will continue to ask a question that has been ignored several times, can people realistically make a comfortable living in this region off of retail jobs? The jobs mentioned in the article that have been added, are mostly retail. Making retail money in the DC region is much different than in lower COL areas. Your money will go a lot further when your living expenses are less. These type of jobs just simply do not add people with disposable income in this region. It's true that black people will on average spend more money than most, but at what expense? What financial stability do blacks generally have in this country? You don't really have long term sustainable disposable income until you build wealth. On average black people in this country at 22 times less wealthier than white people. The way that a majority of us spend money stimulates economies but it's also to our long term detriment. People often times mistake income with wealth. Wealth is really where the real money is, and you can't build wealth when close to half of the county is basically at a lost with their real estate investment.

Since my posting was on consumer spending and not livable wages I am still going to ignore the question. I hear your point but if you want to discuss that start another thread,