By Hank Russell
A recent report found that New York State finished dead last in retail business growth over a four-year period, but saw conditions improve last year.
Between 2020 and 2024, the number of retail establishments in New York State fell 4.1%, according to Bureau of Labor Statistics data analyzed by Printastic. Further, there were 2,941 fewer retail establishments during that same time period.
Rounding the bottom five were Michigan (-3.5%, -1,206), Massachusetts (-3.4%, -771), Iowa (-3.2%, -369) and Pennsylvania (-0.9%, -364).
“Traditional retail has faced major headwinds over the past two decades, first driven by the rise of e-commerce and then accelerated by the COVID-19 pandemic,” the report said. “As online shopping grew, physical retailers struggled to compete, leading to widespread closures of department stores, malls, and independent shops. The pandemic dealt a final blow to many, with lockdowns and shifting consumer habits forcing major chains like J.Crew, Neiman Marcus, and JCPenney into bankruptcy, while countless small businesses shut their doors.”
Idaho had the highest growth at 18.8% from 2020-2024, followed by Tennessee (14.5%), Georgia (12.5%), South Carolina (12.4%) and Kentucky (10.4%), according to Printastic. Texas saw the largest change in retail establishments in those four years, adding 5,643 stores throughout the state. California was second, with 5,408 newer establishments, followed by Florida (4,647), Georgia (4,235) and North Carolina (3,414).
Although New York saw a 5.3% increase in employment in the retail sector over the four years, that only ranked 29th in the nation. Montana saw the most growth in retail employment at 11.0%, based on Printastic’s analysis of BLS data. However, New York added 41,999 retail workers — fourth in the nation, just below Texas (128,959), Florida (106,758) and California (77,876).
In 2024, New York had the fourth-highest number of retail stores and employees. Based on Printastic analysis, there were 69,318 establishments and 829,923.
“Despite these challenges, recent trends suggest a rebound in physical retail,” the report said. “Some brands are expanding, consumer interest in in-person shopping is rising, and independent retailers are re-embracing storefronts. The recent holiday shopping season reinforced this trend, with nearly half of U.S. shoppers saying they would shop in-store.”