Brooklyn missing $6B in retail opportunities: study

Chamber of commerce report says borough is primed for a boom

New York /
Oct.October 28, 2015 11:55 AM

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


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
Duke Properties’ CEO Albert Dweck. (Duke)
Duke Properties’ CEO used company funds for lavish lifestyle: lawsuit
Duke Properties’ CEO used company funds for lavish lifestyle: lawsuit
Triangle Junction at 2201 Nostrand Ave (Google Maps, Getty)
Aldi signs lease for 20K-sf store in Flatbush
Aldi signs lease for 20K-sf store in Flatbush
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Chera family sues Brooklyn private school over $24M in unpaid rent
Chera family sues Brooklyn private school over $24M in unpaid rent
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...