NYC’s Retail Growth
In the August 2012 Economic Snapshot, we looked at the industries driving economic growth in New York City. One of the sectors that showed solid growth from 2010 to 2011 was Retail Trade.
StatsBee wanted to take a closer look at growth of Retail Trade in the City. Since a New York City shopping spree is part of many visitors’ agendas, the growth could be related to the greater numbers of visitors to the City (in 2011, for the first time, NYC welcomed more than 50 million visitors). However, it also appears that the residential population is contributing to the growth as well with pharmacies and drug stores, convenience stores, and even pet supply stores among the types of stores that grew the fastest from 2010 to 2011.
All Other General Merchandise Stores include establishments such as dollar stores, general stores, home and auto supply stores, and limited price variety stores.
Visitors have certainly supported retail growth in New York City, but many of the fastest-growing Retail subsectors are actually more focused on residents. Read more about Retail Growth in NYC on the NYCEDC blog.