News/Blog

News and thoughts from our staff

 
Convenience store growth trajectory projected through 2028

Convenience store growth trajectory projected through 2028

By Brittney Sherman

The global convenience store market is projected to grow by $930 billion by 2028, with a compound annual growth rate of 6.78% from 2024 to 2028, according to a report by Technavio. This growth is fueled by increasing demand for private-label products, which offer high-quality items like frozen foods, snacks, and beverages at lower prices. As consumers seek affordability without sacrificing quality, private-label brands are driving the rise of discount convenience stores, creating new opportunities in the market.

Convenience stores continue evolving to meet changing consumer needs, positioning themselves as essential destinations for both household staples and impulse purchases like snacks and soft drinks. While e-commerce poses challenges, the industry continues to adapt with premium private-label offerings that balance quality and price.

Read the full article by Greg Sleter HERE

 
2024 End-of-year eNewsletter

2024 End-of-year eNewsletter

By Brittney Sherman

As we close out another busy year, the Economic Development team would like to wish all of our businesses a happy and prosperous holiday season. We are grateful for the community’s continued support of the Economic Blueprint workplan, engagement during the Economic Mobility and Art Symposiums, and willingness to take the time out of your busy schedule to host us for a business visit. This final newsletter of the 2024-year highlights just a few of our accomplishments. 

We look forward to the New Year and our work ahead to support the City’s long-term fiscal sustainability and increase the number of local business services and job opportunities for all Morgan Hill residents.  

Read the eNewsletter HERE.

 
Federal dollars support crucial flood control project

Federal dollars support crucial flood control project

By Brittney Sherman

Valley Water received a major boost for their Llagas Creek Flood Control Project, thanks to an $80 million grant from Congresswoman Zoe Lofgren and the Natural Resources Conservation Service. The project is crucial to Morgan Hill in protecting homes, businesses, and farmland from flooding.

Construction on the final phase of the project is set to begin later this year and wrap up in March 2027. The project will involve channel widening, bridge modifications, and vegetation management. This project will not only provide much-needed flood protection but also restore the Llagas Creek ecosystem and enhance recreational trails.

Read the full article by Calvin Nuttall HERE

 
Early holiday retail sales exceed expectations

Early holiday retail sales exceed expectations

By Brittney Sherman

Despite the early arrival of major shopping holidays like Thanksgiving and Cyber Monday in December, November retail sales remained robust, according to the NRF/CNBC Retail Monitor. This activity indicates that consumers are still eager to spend, with online sales leading the charge. While some categories such as electronics and appliances experienced declines, overall retail sales are on track to meet 2024 holiday shopping predictions.

The NRF's optimistic forecast for the holiday season suggests a 2.5% to 3.5% increase in retail sales compared to the previous year. As the holiday season progresses, it will be interesting to see how consumer spending evolves and whether retailers can capitalize on the remaining shopping days to drive sales.

Read the full press release HERE

 
Grocery sales hit record number in November

Grocery sales hit record number in November

By Brittney Sherman

Online grocery shopping continued its upward trajectory in November 2024, with sales surging 17.8% year-over-year to reach $9.6 billion. This growth was fueled by a significant increase in the number of households actively shopping online, as well as a surge in delivery sales, driven by aggressive promotions and subscription offers. While pickup and ship-to-home options also experienced growth, delivery remained the dominant force in the online grocery market. To retain customers and drive long-term growth, retailers are focusing on enhancing the online shopping experience through personalized recommendations, user-friendly interfaces, and loyalty programs.

Read the full article by Sommer Stockton HERE

 
California launches new framework to increase jobs

California launches new framework to increase jobs

By Brittney Sherman

Governor Newsom has unveiled a new economic framework, California Jobs First, aimed at creating more jobs and driving sustainable economic growth throughout the state. This initiative emphasizes a bottom-up approach, involving input from local communities and experts in each of California's 13 economic regions.

The framework will guide investments in key sectors, categorized as "Strengthen," "Accelerate," "Bet," and "Anchor," to foster growth and create good-paying jobs for Californians. The state will invest $120 million over three years to support "ready-to-go" job-creating projects aligned with these priorities. This initiative builds upon previous efforts like the Community Economic Resilience Fund and leverages input from diverse stakeholders, including labor, business, and community organizations, to ensure a more inclusive and equitable economic future for all Californians.

Read the article HERE

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