Times Square offers tremendous potential for retail expansion to serve a growing population of residents and office workers. The following data, based on studies developed by real estate consulting firms Global Strategies and Economic Research Associates, reveals an overview of employee and resident preferences and spending potential.

RETAIL GROWTH IN TIMES SQUARE - A UNIQUE OPPORTUNITY

WHO LIVES HERE?

33,360 households

71% under 50 years old

Median income of $75, 000 for residents between 25 and 34 years old

70% employed in creative occupations (arts, media, publishing, etc.)

58% college educated

49% “Urban Up and Comers” and 37% “Successful Singles” as defined by Claritas Inc.

WHO WORKS HERE?

158,000 office employees

One in four Midtown office employees works in Times Square

71% of employees are under the age of 44

51% of employees have an annual income over $75,000

Times Square’s office worker demographics are similar to the Clinton resident profile, offering retailers 24-hour access to a highly desirable consumer market

IS THERE MONEY TO BE MADE HERE? YES!

Times Square’s total retail spending potential is $1.2 billion, of which $634 million is a largely untapped local employee and resident market. According to research, $1.2 billion could be spent in Times Square as follows:

Resident Spending Potential

General Retail potential - $106 million

Food and Beverage potential - $67 million

Total: $173 million

Employee Spending Potential

General Retail potential - $131 million

Food and Beverage potential - $329 million

Total: $460 million

Visitor Spending Potential

Total: $560 million

IS TIMES SQUARE CAPTURING ITS MARKET POTENTIAL? NO!

Times Square could optimistically expect to capture $633 million in office worker and resident retail and food and beverage expenditures

Times Square loses up to $253 million in sales potential annually, largely due to office worker and resident spending “leaking” to other retail concentrations

90% of Times Square office workers prefer to buy clothes and shoes elsewhere

75% of office workers are dissatisfied with the current retail mix

60% of office workers are dissatisfied with their lunch options

Only 22% of Times Square employees who live in New York City dine out in Times Square

WHO COULD MAKE MONEY HERE? YOU!

82% of office workers would patronize a bookstore

57% of office workers would shop in a mid-priced, quality clothing store

48% of office workers would shop in a home furnishings store

41% of Times Square employees spend over $50 per shopping trip on clothing

51% of Times Square employees spend over $50 per shopping trip on shoes

60% of office workers spend over $25 on a restaurant meal

Times Square’s employees and residents represent the same young, urban consumer base eager for higher quality, unique and original products and services – all of which are currently underrepresented in this area

CAN WE HELP? YES.

We can provide:

Pedestrian Counts

Vacancy Information

Demographics

Tourism Data

Transit Data

Testimonials

Polling and Survey Data

Access to Local Employees and Residents

…and much more

The Times Square Alliance, which represents businesses, employees and residents in the Times Square area, is committed to

helping first-rate retailers, restaurateurs and merchants come to this area to serve the rapidly-growing and still underserved local market.