| There’s good news for Big Apple retailers, according to new Marcus & Millichap research: robust job growth and tourist volume will spur consumer spending in NYC, driving retail operations to outperform most of the nation. Retail sales in New York City surged over the past 12 months, increasing 5.4%; in 2011, sales will spike by 6.7%, well above the national average of 5.8%, it predicts. The professional and business services industry is poised to expand by nearly 3% this year, while more than 50 million people will visit this area by ’12. (Last year, the metro hit a historical high of 48.7 million visitors, generating over $38B of economic stimulus, the firm says.) As a result, retail investment will accelerate, particularly in single-tenant and mixed-use product. |
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