The Power of Retail

After foreign shoppers it is the turn of foreign retailers who are rushing to New York City to take advantage of the weakened dollar. The dull Christmas season didn’t see many shoppers but foreign shoppers, especially Europeans have been coming to the US, specifically for shopping, which did give a much needed boost to retailers in the US. The trend has become so popular that some designers have raised the price of products in the US and are also limited the number of items they can purchase to try to control consumers buying products in bulk only to sell them or return them in Europe for higher prices. Foreign retailers are finding it quite lucrative to open stores in NYC in places such as the meatpacking district and SoHo, which are traditionally not visited by domestic tourists, who prefer to go to Times Square and so on. Real estate prices are lower in these neighborhoods and locals are more open to creative arts and new ventures, which is able to give new store owners a slight boost in marketing.

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