Spring 2011 Retail Report

New York City’s market for retail store space continues to improve according to our Retail Advisory Group. Steady growth in tourism as a result of the depreciating value of the dollar has been a boon to New York City’s major retail corridors, as we noted in our last report. Visitors from around the world have been a vital aspect of our improving economy. This external demand has compensated for the City’s modest job growth. New York City employment gains have generally been in line with ten-year average monthly gains according to the New York State Department of Labor, though retail gains have outpaced the other sectors. Furthermore, significant national job growth was reported in April by the Bureau of Labor Statistics, raising hopes for improved summer tourism to New York City by domestic travelers.