NEW YORK—Increased tourism and residents could be driving retail trade growth in the city, according the New York City Economic Development Corporation’s (EDC) August Economic Snapshot.
From June 2010 to June 2011, growth in the number of retail establishments in the city was basically on par with the private sector overall, increasing around 2.5 percent. But employment in retail has increased at a faster rate: 3.6 percent from 2010 to 2011, versus overall private sector employment growth of 2.8 percent.
In its blog, the EDC suggested increased tourism in the city in 2011—more than 50 million international and domestic visitors for the first time—could account for some growth in clothing stores and bakeries.
However, Department of Labor statistics showed pharmacies and drug stores (14.25 percent), convenience stores (8.94 percent), and pet supply stores (6.15 percent), also had fast growth, gaining extra retail establishments. The EDC said these types of stores are most likely serving residents.
Pharmacies and drug stores added the most new businesses to the city (303), followed by supermarkets and nonconvenience grocery stores (284), according to Department of Labor statistics.
Tourism numbers have risen over the last three years, with 50.9 million people visiting New York City in 2011, up from 48.8 million in 2010 and 45.6 million in 2009, according to nycgo.com.
The city’s population has also grown, with an estimated population of 8.24 million in July 2011, compared with 8.18 million in July 2010, according to the U.S. Census Bureau.
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