A 2.1 percent increase in tourist visitors to New York City in 2012 generated growth in retail sales and expansion, according to the fourth quarter Manhattan Retail MarketView from CBRE Global Research and Consulting.
“It has been a good year for retail, New York is coming off its best year for tourism, which translates to better retail sales and hotels at higher occupancies,” Andrew Goldberg, executive vice president at CBRE told The Commercial Observer.
Tourism has driven business to New York’s primary retail corridors, Mr. Goldberg noted. “Retailers are expanding in their current space, growing store counts, doing new flagships and seeing growth,” he said. Read More