Missed Opportunity: Brooklyn Counts $6B in Lost Retail Sales
A new study released by the Brooklyn Chamber of Commerce reveals just how much Brooklyn retailers are missing out.
It turns out borough retailers are losing $6B in revenue to areas like Long Island and New Jersey. This includes a potential $2.6B by car dealerships and parts stores, and $1.3B by gas stations. The borough is also missing out on $1.1B in general merchandise and $629M in grocery stores.
Brooklyn Chamber of Commerce CEO Carlo Scissura finds the situation "reprehensible," according to Crain's. He believes retailers are overlooking opportunities in Brooklyn, and city planners should do more to focus on businesses.
While planning officials say population growth will bring more retail, Scissura believes they need to encourage larger stores to come to the borough. He believes the study will help persuade small businesses to expand, and attract larger businesses to Brooklyn locations. [Crain's]