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Retailers, Take a Look Downtown

NEW YORK CITY—A new report shows that Lower Manhattan has a higher concentration of young professionals than the rest of Manhattan, as well as the city as a whole.

Jessica Lappin Lappin: “It’s clear that there is a growing demand for new places that speak to our young residents.”

NEW YORK CITY—For brokers with retailers unsure of where to open their next location as clients, if they’re seeking business from young professionals, Lower Manhattan is the place for them.

That’s according to a new report from the Alliance for Downtown New York, which reveals that the area’s young professional residents—a community of 30,000 people between the ages of 18-44, 70% of whom are millennials (18-34)—collectively spend more than $350 million a year on leisure activities such as dining, bars and entertainment and are driving the transformation of Downtown, according to the report.

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Rayna Katz

Rayna Katz

Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.

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