Local businesses thriving amidst growing consumer demand, as Newark unveils new resources for entrepreneurs and small businesses

NEWARK, N.J., Aug. 20, 2025 /PRNewswire/ -- Newark's retail market is surging, fueled by a growing population, untapped consumer spending and an expanding ecosystem of local businesses, according to a new report titled Retail Demand and Opportunity on Newark's Commercial Corridors Report released today from Invest Newark. The report, developed with financial support from The Prudential Foundation, reveals significant opportunities for retailers to capture billions in unmet demand and retain more spending within the City of Newark's dynamic commercial corridors.

"Newark is continuing to establish itself as a prime retail destination for a wide range of national and local retailers," said Emily Manz, Chief Business Development Officer and Director of Marketing for Invest Newark. "Residents of Newark have immense spending power. Unfortunately, 1/3 of that spending, $2 billion, is outside city limits. The opportunity to grow local businesses and attract targeted retail to capture that demand is now."

The Retail Demand and Opportunity Report provides detailed demographic and psychographic data on the consumers visiting five Newark business districts and analyzes consumer habits of residents across Newark's five wards, highlighting unique unmet demands as well as areas where the city serves as a retail hub for the region. The study calls attention to the vast spending power of Newark residents and the need for new and existing retailers to meet this demand locally. To view the full report, visit: https://investnewark.org/data-center/. 

"Our city is experiencing a retail renaissance fueled by strong local demand and a growing population," said Marcus Randolph, CEO of Invest Newark. "Invest Newark is dedicated to supporting this momentum by providing the resources and capital that are necessary to empower businesses to thrive and keep more consumer dollars circulating right here in Newark."

"As an anchor institution in this city, we understand the impact that businesses of all sizes have in powering our local economy," said Sarah Keh, VP, Inclusive Solutions, Prudential Financial. "Partnering with Invest Newark on this important initiative will not only empower local entrepreneurs but also strengthen the entire Newark business community, advancing our commitment to drive equitable economic growth in our hometown."

"Newarkers know their retail product and price point preferences and, like all consumers, are willing to travel to make their desired purchases," said Newark Mayor Ras J. Baraka. "This report crystalizes our suspicion that given local options, city residents would certainly spend their hard-earned dollars right here in their own neighborhoods and it encourages us to entice more businesses into our city for their own profitability as well as the satisfaction of our shoppers. We are grateful for this study, which will undoubtedly go a long way in our city's economic development towards becoming a shopper's mecca."

Complementing the report and also with the support of The Prudential Foundation, Invest Newark recently launched the podcast, Newark Made, and a new Data Center resource on its website. Newark Made spotlights the entrepreneurs and business leaders meeting the demand of the city's residents and visitors in key sectors while also providing practical business insights. Listeners can tune in weekly on all major platforms, including Spotify, Apple Podcasts, Amazon, and YouTube. The Data Center is a one-stop hub providing comprehensive information about Newark's strategic location, workforce, business climate and community assets. The Data Center offers vital insights for local businesses exploring expansion and companies considering Newark as their next growth destination.

Local retail growth is further demonstrated by recent business openings supported by the Retail Reactivation program spearheaded by Mayor Ras J. Baraka and Invest Newark programs including Retail Reactivation Grants supporting the opening of Consigliere Wine Bar, Sweet Jeans Kitchen, and Honeypot Montessori; as well as Invest Newark loans to support two new Market Street eateries—Just Sandwiches and Alletante Italian Restaurant—as well as Caribbrew Café, a Haitian coffee shop, and The UPS Store, a locally-owned franchise just north of Newark's Arts & Education District. Other exciting additions in Newark include Panda Express, 30 Burgers, Taste of the Caribbean Market, The Vault, and the upcoming openings of Newark Culture Club and Phenix Salon Suites, both on Mayor Kenneth A. Gibson Boulevard.

Consigliere owners Karl Fowlkes and Jarel Rosser shared, "Opening our doors in Newark has been an incredible journey. We offer a unique experience in the market and customers from Newark, New York City, and the area have really brought it to life by joining us since day one. We had confidence in the market and have enjoyed bringing our vision to life in this vibrant community."

As Newark's retail sector flourishes, Invest Newark invites entrepreneurs, investors, and established businesses to explore the city's untapped potential and join the momentum driving Newark's economic future. To learn more, visit: https://investnewark.org/business-development-overview/.

ABOUT INVEST NEWARK 
Invest Newark, the city's Economic Development Corporation, propels economic growth by championing small businesses, improving internet access and facilitating real estate development. These endeavors lead to job creation and wealth generation, enhancing the overall welfare of Newark's residents. Distinguished by our unwavering dedication to equity and sustainability, Invest Newark stands apart as a forward-thinking development agency. Stay up to date on Invest Newark's latest news by following us on X, Facebook, Instagram, YouTube and LinkedIn, or visit us at InvestNewark.org.

Media Contact:
Amanda Ferraro
Violet PR
646-979-1085
amanda@violetpr.com

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SOURCE Invest Newark