Working to Turn Newark into a ‘Shopper’s Mecca’

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.”

The report provides demographic and psychographic data on the consumers visiting five Newark business districts and analyzes consumer habits of residents across the city’s five voting wards, highlighting unmet demands as well as areas where the city serves as a retail hub for the region.

The report also said the city – whose current population stands at about 310,00 – has already enjoyed some retail growth in recent years, including the  opening of such businesses Panda Express, 30 Burgers, Taste of the Caribbean Market, The Vault, and the upcoming openings of the Newark Culture Club and Phenix Salon Suites.

“This report crystalizes our suspicion that given local options, city residents would certainly spend their hard-earned dollars right here in their own neighborhoods and it encourages us to entice more businesses into our city for their own profitability as well as the satisfaction of our shoppers,” said Newark Mayor Ras Baraka. “We are grateful for this study, which will undoubtedly go a long way in our city’s economic development towards becoming a shopper’s mecca.”

In addition to releasing the report, Invest Newark and The Prudential Foundation have launched a podcast, Newark Made, and a new data center resource on its website. The podcast spotlights the entrepreneurs and business leaders meeting the demand of the city’s residents and visitors in key sectors while also providing practical business insights. The Data Center is a one-stop hub providing comprehensive information about Newark’s strategic location, workforce, business climate and community assets.

Click here for the full report.