Newark’s downtown Arts & Entertainment District was one of five commercial corridors analyzed by Invest Newark as part of a new report on the city’s retail market. — Photo by Charles David Photography / Courtesy: Invest Newark
Newark’s retail market is thriving yet still largely untapped, according to a new report, revealing a chance for businesses to capture the full extent of residents’ $6 billion in spending power.
The research by Invest Newark, the city’s economic development arm, found that a growing population and an expanding ecosystem of operators and entrepreneurs have helped fuel a surge in activity by consumers. But there’s also significant unmet demand — namely, some $2 billion in spending by residents that takes place outside the city — creating an opportunity for retailers in several dynamic commercial corridors…