From a retail perspective, New York City is truly a multicultural metropolis.
An analysis of 906 Manhattan retailers in three key shopping districts by Cushman & Wakefield “found a virtual ‘United Nations’ of merchants originating from 26 countries,” said analysts from the company’s Research Center of Excellence. “[The] study found that nearly four out of ten retailers — 39 percent — originate in the global community outside the United States.”
Gene P. Spiegelman, Cushman & Wakefield’s vice chairman and head of North America retail services, described Manhattan as “a powerful, global magnet for retailers.”
The company analyzed SoHo, Madison Avenue and Fifth Avenue to determine the nations of origin of the tenants, and found 61 percent to be American. Second were Italians with 11 percent of the retail occupants surveyed, and with 7 percent were French natives at third. Retailers from the United Kingdom ranked fourth with five percent for the total.
“The world’s merchants vie to come here simply because they are able to expose their brand to such a vast number of customers,” Spiegelman said. “In 2014, there were more than 56 million visitors to New York. In addition, 20 million people live in the New York metropolitan area. A retail presence in New York City has a potential audience of more than 76 million people per year. That kind of mega-audience makes this market irresistibly attractive to retailers worldwide.”
Drilling down into the results, the firm noted that the SoHo survey sample was the largest, and its retail tenants originated from 24 different countries. Madison Avenue had 13 countries of origin while Fifth Avenue totaled 17.