The overwhelming success of retail in Manhattan is punishing the city’s other boroughs, the New York Times reported. While retailers vie for a storefront in Manhattan where they can benefit from the influx of tourists, many of the outer boroughs are underserved. Their residents are forced to shop in Manhattan or in the city’s suburbs, a report by Eastern Consolidated found, as sales lag behind the national average outside of Manhattan.
In 2007, retail sales per Manhattan resident totaled $23,250, nearly three times the national average. That number has only grown. By contrast, in the Bronx, there were just $3,362 in retail sales per resident, about half of the average.
The Times said drugstores present the one exception to the rule of retailers shunning the four boroughs outside of Manhattan. There sales are strong throughout the city, as chains including Duane Reade and CVS have spread far and wide and offer many products, albeit at higher prices, that most Americans buy at discount retailers such as Target. [NYT]