New York City -- A study released Wednesday by the International Council of Shopping Centers found that determining what office workers spend going to work, during the business day, and immediately after work prior to returning home can provide a better understanding of the opportunities that exist for retail, restaurant, and service establishments in proximity to office parks or buildings.
Among the survey highlights:
“The study revealed that significant opportunities exist for some types of retailers, restaurateurs and service establishments given low sales penetration rates with office workers,” said Michael P. Niemira, chief economist and VP of research for ICSC.
The study found office worker spending on goods and services and on meals generates $184 billion over the course of the year. Moreover, office worker spending increases by approximately 140% in markets with ample retail offerings over limited ones, suggesting that there is potential for additional offerings in these limited areas.