New York is a retail powerhouse, and potentially an important target market, if you’re looking at export as a route to expand your fashion brand and increase sales.
Below are 5 reasons why you should consider targeting New York.
- New York now has a city population of 8.4m with even more commuters coming in daily from out of state. and a GDP of nearly $1.4 trillion. This is a large amount of buying power and is why it should be high on your business growth agenda.
- New York’s economy is so large it would rank as the 15th or 16th largest economy in the world if it were its own country. New Yorkers are, on average, wealthier than in other US states, meaning more money to spend on the goods and services you have to offer.
- When it comes to the market for fashion and accessories, New York will continue to be among the top 10 largest fashion and accessories markets by 2025 meaning it’s a market in which you’ll want to be seen both now and in the next decade.
- A report by the The Business of Fashion predicted that New York will be the city that generates the most sales in footwear and athletic wear in the world this year, the second most clothing sales, the third biggest revenue in bags and luggage and the fifth biggest for jewellery.
- There’s an ease of doing business in New York with a five to six hour flight time, English as a shared language, and a business culture that British businesses can easily adopt.
If you want to find out more about doing business in New York, small business experts Enterprise Nation are organising a business mission especially for Fashion Entrepreneurs to help brands research the market , make valuable connections and meet potential customers.
The mission includes:-
- Sessions with tax and trade experts on how to break into the market
- Visit to a fashion show to meet local designers and bloggers
- Evening event, open to New Yorkers, on how to do a fashion pop-up
- All-day pop-up so you can meet customers and get immediate feedback
- Retail tour of fashion and beauty stores including Anya Hindmarch and Skinnydip London