Despite political opposition to Walmart, many New Yorkers are growing more willing to welcome the store into their city. New figures reported by Crain’s show local politicians may have 7.7 million reasons to follow suit.
Sales to New York City residents in suburban stores are up 10 percent from a year ago, and city dwellers are on pace to spend $215 million at the area’s stores this year. That would translate to at least $7.7 million in sales tax revenue alone, experts said.
The largest gain came from Manhattan, whose residents are on pace to spend $65.1 million at Walmart stores, up 26 percent from 2010. (The figures come from in-store sales from January through May). New York City is also the top market for online sales at Walmart.com.
The store is currently considering a site in East New York, Brooklyn owned by the Related Companies. One big obstacle could be presented by Hunts Point Market, whose operators and supporters fear would be forced to relocate outside the city, thanks to competition from Walmart, which traditionally sources its produce from cheaper outlets. [Crain’s]