Retail in New York City
by Kristina Pecorelli, Economics Research and Analysis Project Manager
New York City, which witnessed enduring population growth and a record number of visitors in 2013, is home to the densest pool of consumers in the country. This significantly benefited the city’s retail sector, which takes the focus of the newest installment of our Industry Trends & Insights series. Interesting takeaways from the report include:
- Retail employment in NYC grew 4.1% from 2011-2012.
- Discounters and E-commerce are NYC’s fastest growing retail subsectors.
- Retail rents reached a record high of $3,000 per square foot along Fifth Avenue in 2013.
- Retail accounts for 15% of all new private sector jobs added in NYC since the end of the recession.
Another interesting note is the continual rise of national chain stores in New York City, the largest of which are shown below: