Newark, N.J., is seeking to shake its image as the struggling little brother to nearby New York and bring more new retail into its borders. To that end, Invest Newark has just released a report titled “Retail Demand and Opportunity on Newark’s Commercial Corridors Report.”
That document, developed with financial support from The Prudential Foundation (whose insurance, investment and financial units are major employers in the city), reveals “significant opportunities for retailers to capture billions in unmet demand and retain more spending within the city of Newark’s dynamic commercial corridors,” according to a news release from the partners.
“Residents of Newark have immense spending power. Unfortunately, one-third of that spending, $2 billion, is outside city limits,” said Emily Manz, Chief Business Development Officer and Marketing Director for Invest Newark, the city’s economic development arm. “The opportunity to grow local businesses and attract targeted retail to capture that demand is now.”…