Michele Patterson 2014-12-06 03:56:57
FOR FISCAL YEAR 2013/14 Taxable Sales Report City governments in California receive sales tax revenue at the rate of 1% of the sales completed within their boundaries (i. e., $1 for every $100 spent in Moreno Valley). The City of Moreno Valley contracts with consultants Hinderliter de Llamas & Associates ("HdL") for taxable sales data services. HdL compiles sales data obtained from the State Board of Equalization as they release it, approximately five months after the end of each quarter. HdL has reported the quarterly sales data for the 2nd quarter of 2014 ("2Q14" - sales between April and June 2014). Earlier this year, the City of Moreno Valley reported on the robust annual growth by businesses over the 13/14 fiscal year. Though FY06/07 had previously been Moreno Valley's single best year of sales performance, FY13/14 data showed that the City's total taxable sales have fully recovered from the economic downturn and are achieving new all-time sales highs. Overall Sales Growth Retail sales activity increased in nearly all Riverside County cities this quarter. Of note, Moreno Valley and Riverside tied for the highest percentage of growth at 11.8%, surpassing by far the growth rates for Riverside County (6. 1% overall) and Southern California (4.6% overall). Growth by Category Considering sales growth by business type reveals the relative strength of the General Consumer Goods category, which continued to dominate Moreno Valley's overall 2Q14 retail sales with a 7% increase. However, the Business & Industry category achieved even greater gains, posting a one-time 89% boost from the purchase of equipment related to a new logistics facility. In addition, the Building & Construction business type experienced remarkable 35% growth due to recent store additions, solid growth of 7°% continued for the Restaurants & Hotels category, plus 6% growth for Fuel & Service Stations outpaced County and Southern California averages. All-Time Sales Performance Highs Interested in details about retail sales recovery by business category? Chart 3 below includes 2nd quarter sales data by Major Business Types since 2006, showing the previous record highs and current recovery status. Aggregated sales performance by businesses in categories: Business & Industry, Fuel & Service Stations, General Consumer Goods, and Restaurants & Hotels achieved all-time high sales in 2Q14, surpassing previous records from FY06/07. The City congratulates Moreno Valley businesses for your perseverance during the recession and celebrates the sales achievements! Top 25 Producers The following identifies Moreno Valle's top twenty-five sales producers during th 2nd Quarter 2014 (listed alphabetically): Amazon Fulfillment Center Arco Chevron (multiple) Circle K Costco Food 4 Less Home Depot iHerb Lowes Home Improvement Macys Moreno Beach Market Moss Bros Buick GMC Moss Bros Chevrolet Moss Bros Chrysler Jeep Dodge Moss Bros Honda Moss Bros Toyota Robertsons Ready Mix Ross Dress for Less Sears Serta Mattress Company Stater Bros Target Tesoro Refining & Marketing Walmart Walmart In conclusion, Moreno Valley businesses experienced an outstanding overall sales growth rate of 11.8°% in the 2nd Quarter of 2014, compared with the same period in 2013. This represents Moreno Valley's single best 2nd quarter of sales performance with the data reflecting combined retail sales approaching $380 million. Detailed analysis of recovery by business type shows all-time highs in the Business & Industry, Fuel & Service Stations, General Consumer Goods, and Restaurants & Hotels categories. With the holiday shopping season nearing, the City of Moreno Valley takes this opportunity to encourage residents and businesses to support your neighbors and Shop MoVal. Shopping MoVal creates & protects local jobs, builds businesses & improves quality of life! For more reasons to Shop MoVal, review the dedicated webpage of the City's website at: http://www.moreno valley.ca.us/shopmova/index.shtml. Remember too, to patronize Moreno Valley's small businesses, especially on Small Business Saturday, November 29.
Published by Moreno Valley Business Journal. View All Articles.
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