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Destination Retail

Advantages for Destination Retail

  • Hanover County has prime access to I-95 and I-295, two of the most heavily traveled highway corridors on the East Coast (I-95: 125,000 vehicles/day; I-295: 92,500 vehicles/day).
  • There is no business and professional occupation license (BPOL) tax.
  • Real estate tax rates are regionally competitive. In fact, Hanover County has the lowest real estate in the Richmond region ($0.81 per $100 of assessed value).
  • Building costs are 12 percent below the national average.
  • Merchant’s capital or inventory tax is based only on inventory in place on January 1 of each year.
  • Hanover has a strong, stable county government. In fact, Hanover County is the smallest U.S. county (by population) to have a AAA bond rating from all three ratings agencies. There are only 34 “Triple AAA” counties (out of 3,034) in the U.S.
  • The County’s retail corridor (the Lewistown Economic Development Zone) is rapidly expanding. It is anchored by a business park and a retail center. Bass Pro Shops figures prominently here. New restaurants, hotels and other amenities are in the pipeline, with the draw of such a recognizable attraction nearby.

Representative Companies