Let’s face it- though much has changed in the world’s development over the last decade; New York City still by and large holds a vaunted position as the headquarters of the retail and business world. Even in the face of shifting politics, new global relationships, and changing economic factors, New York City still shines bright as a leader and trendsetter for the rest of the world. It has become a city that companies and brands look to invest heavily in- developing an NYC presence that is as vibrant and electric as the city itself.
Over the past decade, there has been much discussion about the growing influence of London on the growing market and the emergence of China’s economy as a competitor to New York’s longstanding status as an economic and retail leader worldwide. So much so that in 2018, London was named as the global financial leader of the world. However, with growing concerns of Brexit now erupting into a political and financial crisis for England, a new study conducted by Duff & Phelps has renamed New York City as the financial global leader of 2019.
And while China’s rapidly growing economy remains a source of competition for New York’s market, with projections showing that Hong Kong could surpass the American metropolis if current international economic growth rates remain stable, we know that much can change in the world economy in the relatively short space of five years or a decade.
According to Fortune magazine, the blend of New York’s financial power with its position as a worldwide media center has led to the city’s economic prominence dating all the way back to the end of World War II.
“Money and media- when a city is a world headquarters for those two sectors of today’s economy, then it really is the center of the world.” says Jeff Golvin, writer for Fortune Magazine.
That’s not even beginning to mention the unbelievably cultural cache and relevance NYC boasts as a center for artists, designers, trendsetters, celebrities, and other influential cultural forces. Recently, we wrote on NYC’s growing presence as an artist mecca, a factor that also plays a crucial role in the city’s prominence on the world stage.
Ultimately, brands are looking to create a presence in locations with a stable history of economic importance and marketing relevance. While a new hot city will always emerge onto the global stage, taking the spotlight for a time, NYC has remained present in the business and cultural zeitgeist for such an extended period that a decline to irrelevancy is nearly impossible to imagine.
At Rawspace, we believe deeply in this city. Its heartbeat is our company’s heartbeat, and what we love most is helping brands take advantage of all the specificity and unique qualities that have made NYC so relevant for so long.
If you are looking to build a brand with worldwide appeal and relevance, then having a presence in NYC is a must. You want your product or business to be located where the electricity is happening, where the new trends are emerging and where people come together to experience what is new, what is hot and what is ultimately deemed most important here in the center of the business and retail headquarters of the world.