Virginia Beach, a bustling coastal city in southeastern Virginia, is home to a thriving marketplace that offers a wide array of opportunities for businesses and entrepreneurs. With its prime location, diverse economy, and supportive community, Virginia Beach presents a fertile ground for growth and success in various industries.
This comprehensive guide will provide valuable insights into the marketplace of Virginia Beach, guiding you through its key sectors, resources, and strategies for success.
Virginia Beach boasts a robust economy with a strong tourism industry that generates over $2.5 billion annually. The city is also a major hub for the military, healthcare, and retail sectors. In 2022, Virginia Beach had a GDP of $27.2 billion and an unemployment rate of 3.9%, significantly lower than the national average.
Tourism: Virginia Beach is renowned for its beautiful beaches, vibrant boardwalk, and diverse attractions. The city welcomes over 18 million visitors each year, contributing significantly to the local economy.
Military: Joint Expeditionary Base Little Creek-Fort Story (JEBLCFS) is located in Virginia Beach and is home to over 20,000 military personnel. The base provides a substantial economic impact to the city and supports various businesses.
Healthcare: Sentara Healthcare, Virginia Beach General Hospital, and CHKD are major healthcare providers in Virginia Beach. The city's healthcare sector employs over 20,000 people and contributes over $3 billion to the local economy.
Retail: Virginia Beach is home to several major shopping centers, including the Lynnhaven Mall, Pembroke Mall, and Town Center of Virginia Beach. The city's retail sector employs over 15,000 people and generates over $2 billion in sales annually.
Virginia Beach offers a multitude of market opportunities for businesses of all sizes.
Virginia Beach offers a range of resources to support businesses and entrepreneurs:
Virginia Beach Economic Development Authority (VBEDA): VBEDA provides financing, incentives, and technical assistance to businesses looking to relocate or expand in Virginia Beach.
Small Business Development Center (SBDC): The SBDC offers free consulting, training, and resources to small businesses in Virginia Beach.
Workforce Development Center: The Workforce Development Center provides job training, career counseling, and other services to assist businesses in finding qualified employees.
To thrive in the marketplace of Virginia Beach, businesses should consider the following strategies:
Businesses operating in the marketplace of Virginia Beach should avoid the following common pitfalls:
Follow these steps to increase your chances of success in the marketplace of Virginia Beach:
The marketplace of Virginia Beach offers numerous benefits for businesses:
The Cavalier Resort, a historic hotel in Virginia Beach, successfully transformed itself to adapt to changing market demands. The resort renovated its rooms, added new amenities, and focused on providing exceptional customer service. This strategy resulted in increased occupancy rates and revenue.
Lesson: Adapting to market trends and investing in customer service can drive success.
Coastal Virginia Distillery, a craft distillery in Virginia Beach, differentiated itself by producing unique and high-quality spirits. The distillery partnered with local businesses to offer tasting experiences and leveraged social media to build a loyal following.
Lesson: Offering unique products and leveraging strategic partnerships can help businesses stand out in a competitive market.
The Adventure Park at Virginia Aquarium & Marine Science Center is a popular attraction in Virginia Beach that offers zip lines, ropes courses, and other outdoor activities. The park partnered with local schools and businesses to offer educational programs and team-building experiences.
Lesson: Collaborating with other organizations can expand your reach and provide new opportunities for growth.
Table 1: Key Economic Indicators of Virginia Beach
Indicator | Value |
---|---|
GDP | $27.2 billion |
Unemployment Rate | 3.9% |
Population | 459,944 |
Median Income | $83,069 |
Table 2: Major Industries in Virginia Beach
Industry | Contribution to GDP |
---|---|
Tourism | $2.5 billion |
Military | $3.4 billion |
Healthcare | $3.2 billion |
Retail | $2.1 billion |
Table 3: Resources for Businesses in Virginia Beach
Organization | Services |
---|---|
Virginia Beach Economic Development Authority (VBEDA) | Financing, incentives, technical assistance |
Small Business Development Center (SBDC) | Free consulting, training, resources |
Workforce Development Center | Job training, career counseling |
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