New York Retail Market Not Yet in Recovery

Though New York’s retail market remained challenging in the first quarter of 2021, much has changed for the outlook. On one hand, approximately 40% of New York City residents have received at least one vaccine dose, and additional rounds of stimulus payments have reached consumers, which has bolstered retail spending. However, the unemployment rate in New York City remains stubbornly high, and most office workers and tourists have yet to return to Manhattan.