Minneapolis/St. Paul, known as the Twin Cities, is a market in which retailers want to do business. It outperforms many other markets nationally due to its healthy demographics, including high household discretionary income, a highly educated population, a concentration of Fortune 500 companies, and a strong workforce. The metro area economy is the 14th largest in the U.S. and labor force participation is the 3rd highest in the U.S.
The strength of the arts and entertainment scene in Minneapolis/St. Paul is advantageous for retailers. The metro area comprises the 3rd largest theater market in the country with more theater seats per capita than any other region in the U.S. outside New York. In addition, the metro area is home to four stadium/concert venues— Xcel Energy Center in St. Paul, and in Minneapolis, the Target Center, Target Field and the Metrodome. These venues and the events they host draw millions of year-round visitors to the downtown areas.
Major retailers headquartered in the area include Target, Best Buy, SuperValu, Lifetime Fitness, Buffets Holding Inc., Northern Tool, Red Wing Shoes, Slumberland, Hormel, Gander Mountain, Regis, Dairy Queen, Christopher & Banks, Caribou Coffee, and Maurice’s.
With no sales tax on clothing, Minneapolis/St. Paul is an international draw for shopping. At the heart of the retail market is the Mall of America, whose retail, entertainment and attractions draw 40 million visitors annually. With 520 specialty stores and major department stores such as Macy’s, Nordstrom and Sears, the Mall of America offers visitors a rich and diverse shopping experience.