Brooklyn is ready for more retail, roughly $6 billion worth, according to a new study
A report by the Brooklyn Chamber of Commerce claims the borough is missing out on $6 billion in consumer spending and is primed for bigger stores to fill the revenue gap.
The study found that a significant chunk of the untapped revenue is being missed by car dealerships and car parts stores, which could be making $2.6 billion, and gas stations, which could bring in $1.3 billion, Crain’s reported.
“When $6 billion leaves Brooklyn to go to places like Long Island and New Jersey, it’s reprehensible,” said Carlo Scissura, president and CEO of the Brooklyn Chamber of Commerce.
Scissura said retailers are missing opportunities in the borough and suggested that the city should encourage larger stores to make Brooklyn home.
In the past decade, the borough has seen a considerable spike in large retailers. Ikea opened in Red Hook in 2008. Whole Foods opened its first Brookyln store in Gowanus in 2014. The borough is also home to Costco, Target, Home Depot and Trader Joe’s. Scissura told the publication that the study should help convince small businesses to expand and possibly lure larger businesses to the borough. [Crain’s] — Kathryn Brenzel