Supporting New York City’s Small Businesses: An Englishman’s Perspective

“We must confront a basic but often overlooked truth: supporting small businesses means investing in the commercial districts they rely on.”

Rethinking Retail: The Modern Street Experience

Retail is undergoing profound changes. The emergence of hybrid work has significantly altered daytime foot traffic in commercial districts, affecting weekday spending. Meanwhile, social media increasingly influences consumer behavior. According to the National Retail Federation, over 60% of sales are now digitally influenced. Our modern consumers—Gen Z and Millennials—expect seamless shopping experiences that straddle both online and physical realms. Small businesses must adapt quickly or risk lagging behind.

However, technology isn’t the sole focus. The fundamentals of good street-level retail still matter immensely. Commercial districts need to be attractive places people wish to visit. Having worked extensively with such districts, I’ve identified three pivotal principles that should guide our small business policies:

• Access Matters. Successful corridors must be easy and enjoyable to reach.
• Foot Traffic and Public Spaces. Beautiful and safe areas encourage visits.
• Essential Access to Capital. Investment is crucial, yet often limited.

Harnessing the Campaign Lesson

This election season revealed an important lesson: even entrenched establishments are vulnerable to innovative approaches. Zohran Mamdani’s campaign, devoid of massive funding but driven by digital strategies, managed to captivate New Yorkers. This shows what can be achieved when underdogs adopt a fresh playbook to thrive.

The Role of New York’s Microbusinesses

In our vibrant city, microbusinesses (employing fewer than 20) comprise a significant portion—about 15% of New York’s 4.3 million private-sector workforce. This figure excludes the 65,000 app-based delivery workers supporting these businesses and many new gig workers who emerged post-pandemic. They’re typically found in industries like food service, retail, and personal care, shaping the heart of our city’s bustling streets.

The Changing Face of Retail Streets

Hybrid working and digital trends aren’t the only transformations. For retail districts to flourish today, they must become spaces where individuals genuinely wish to be. Based on decades of experience, our business policies should be grounded in timeless principles that draw consumers to vibrant streets:

Importance of Access

Ensuring successful commercial corridors requires comprehensive access, including:

• Reliable public transit (trains, buses, ferries)
• Safe biking infrastructure—a study in Toronto showed replacing 12 parking spaces with a bike lane quadrupled sales
• Walkable streets and, occasionally, parking

Inviting Public Spaces

Places that are safe, clean, and appealing are essential. District marketing campaigns amplify the reach of businesses with meager promotional capacity. When residing in Jackson Heights, a simple visit to the P.S. 69 playground often led to a delightful stop at Lety’s Bakery, illustrating the harmony between public spaces and small business that strengthens our neighbourhoods.

Capital: The Lifeline

Investment in digital tools and storefronts is vital. According to JPMorgan Chase, U.S. small businesses generally have a mere 27 days of cash reserves, while Black- and Hispanic-owned firms fare worse with less than 21 days. Outdated signage regulations further hinder effective promotion, necessitating flexible options such as blade signs and outdoor displays.

The Imminent “Silver Tsunami”

Another pressing dilemma is the generational shift or “Silver Tsunami”—nearly 73,000 businesses owned by Baby Boomers are facing transitions. Without proper aid, these might close rather than be transferred. With the right tools, transitions to family or new entrepreneurs can be facilitated.

A Call to Action for City Hall

It’s imperative that City Hall aligns various small business programs across agencies like Transportation and Planning. We need decisive mayoral leadership and a cohesive strategy for our city’s small business prospects. As New Yorkers, we’re at a critical juncture. The opportunity to redefine support for small enterprises in a modern city is before us, and we must grasp it.

Larisa Ortiz is renowned as the managing director of the public and non-profit solutions team at Streetsense. Her pivotal role in New York City’s Commercial District Needs Assessment has shaped small business frameworks.

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