NEW YORK CITY—A survey conducted by brokerage firm Cushman & Wakefield finds that Manhattan's chief retail districts boast a "United Nations" of merchants representing 26 countries across the globe.
The analysis of three major New York City shopping districts (Soho, Madison Avenue and Fifth Avenue) surveyed more than 900 existing Manhattan retailers, found that while 61% of the merchants hail from domestic locales, 39% originate outside of the United States.
"Manhattan is a powerful, global magnet for retailers," says Gene P. Spiegelman, Cushman & Wakefield vice chairman and head of North America retail services. "The world's merchants vie to come here simply because they are able to expose their brand to such a vast number of customers. In 2014, there were more than 56 million visitors to New York. In addition, 20 million people live in the New York metropolitan area."
According to the survey, after the US, Italy-based retailers ranked second in each of the three retail districts. Italy also came in second overall at 11% of the overall retail occupants surveyed. Placing third overall was France garnering 7% of the total. The United Kingdom ranked fourth and accounted for 5% of the surveyed retailers.
The survey polled retailers in the Soho district, whose boundaries are between Avenue of the Americas and Broadway, and run from Grand Street to West Houston Street. The Madison Avenue survey area ran from East 59th Street to East 72nd Street. The Fifth Avenue district covered 42nd Street to 60th Street.
In Soho, Cushman & Wakefield found that the district's retail tenants originated from 24 countries. The survey reported that Madison Avenue surveyed retailers hailed from 13 different countries and Fifth Avenue totaled 17 countries of origin.
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