Global Retail City Profiles United States of America
New York City
New York City: the most populous city in the United States, a financial capital of the world, and a cultural melting pot celebrating the largest foreign-born population in the world. The City that Never Sleeps is a true global power city. In 2016, New York welcomed 61 million tourists visiting the long list of museums, landmarks, shops and restaurants, and entertainment destinations that the five boroughs have to offer. It’s no surprise retailers locate within New York’s notorious shopping districts and corridors to access a wide range of consumers whose interests span the retail spectrum. The City is also preparing to welcome a significant amount of new retail product pending completion of the Hudson Yards redevelopment which will transform 28 acres of Manhattan’s West Side with almost 13.0 million square feet of new office, residential, and retail space.
High street New York, which is home to six prime urban corridors, has the most diverse and robust urban retail scenes in the U.S. Even so, Fifth Avenue, which has historically achieved some of the highest retail rents globally, has seen declines in prime ground floor rents for the past few years. 25.0 percent of storefronts were vacant along Upper Fifth at the start of 2018 as retailers have been forced to shutter or relocate off the corridor. In 2017, the Lord & Taylor flagship was sold to WeWork and long-time resident Ralph Lauren announced its closure, highlighting a current shift within the corridor. Times Square, while also experiencing rent decreases, benefits from the 360,000 daily visitors and therefore attracts mass-market retailers and brands.
Shopping centers Despite its reputation for iconic street retail, shopping centers in New York are making a splash. The Shops & Restaurants at Hudson Yards will boast over 1 m.s.f. of retail upon completion in 2018 and will include Manhattan’s first Neiman Marcus. Westfield World Trade Center provides a mix of discount to high price-point retailers, with the adjacent Brookfield Place offering a variety of luxury and luxury lite options. Shopping centers in the surrounding New York and New Jersey suburban areas continue to perform well with low vacancies and strong tenant mixes as seen in Roosevelt Field and Garden State Plaza. The American Dream Mall, still under construction in New Jersey, will have 4.8 m.s.f. of retail and entertainment space, including KidZania and an indoor ski slope.
Shopping center American Dream
Roosevelt Field Westfield Garden State Plaza
Opening year 2019
1956 1957
Shops & Restaurants at Hudson Yards 2018 Galleria at White Plains The Westchester Westfield WTC Brookfield Place Source: JLL 2018
1980 1995 2016 2014
Size (sqft) 4,800,000
2,245,000 2,119,000 1,000,000 900,000 890,000 365,000 250,000
Location Carlstadt, NJ
Garden City, NY Paramus, NJ Manhattan
Population 20.3m
Prime rent (sqft per year)
US $2,449
Prime rental information for Upper Fifth Avenue (49th St to 60th St)
Key indicators Population (‘000s No.)
GDP per capita (US$, real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA rank (out of 140 cities)
Rental growth outlook
20,254
$74,128 2.2 2.5 5th
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Untuckit &Pizza
Intimissimi Key tenants
KidZania, Uniqlo, lululemon, Microsoft, Zara Adidas, Chanel, J. Crew, Lululemon, Rolex Apple, Nordstrom, Microsoft, Muji, Tesla, Zara Neiman Marcus, H&M, Zara, Athleta, Aritzia
White Plains, NY Macys, H&M, Foot Locker, Old Navy, T-Mobile White Plains, NY Neiman Marcus, Nordstrom, Crate&Barrel, Theory Manhattan Manhattan
Apple, H&M, Blue Bottle Coffee, Bose, COS Saks Fifth Avenue, Gucci, Hermès, Suitsupply
Copyright (c) JLL IP, INC 2018
Neiman Marcus Off White
Ulla Johnson
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