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New York’s Fifth Avenue Still World’s Priciest Retail Market

Store rents in most prime global locations continue to recover.




New York’s Fifth Avenue Still World’s Priciest Retail Market
New York’s 5th Avenue at dusk. PHOTOGRAPHY: Ultima Gaina/

New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination at $2000 per square foot, despite recording flat rental growth year-over-year. That was one of the major findings by commercial real estate services firm Cushman & Wakefield in the 33rd edition of its “Main Streets Across the World.”

The survey, which examines retail rental rates in prime locations in cities around the world, also found that Milan’s Via Montenapoleone jumped a spot into second with a rate of $1766, displacing Hong Kong’s Tsim Sha Tsui, which placed third in 2023 at $1493.

“The retail sector has continued to face issues head on while demonstrating its resiliency. The near-term outlook for the retail sector remains cautious, but at the same time is nuanced between sub-sectors and geographical locations,” said Barrie Scardina, C&W’s Head of Americas Retail. “At the macro level, the focus is on the strength of consumer spending. As central banks have undertaken one of the most aggressive interest rate hiking cycles in decades, consumers have shifted spending patterns and are reining in non-discretionary expenditure.”

The report focuses on headline rents in best-in-class urban locations across the world which, in many cases, are linked to the luxury sector. The study found rental values in this segment have been relatively immune to additional discounts, incentive packages or shared-risk rental models that have become more prominent in the wider retail markets globally.

Another noteworthy finding: almost 60 percent of markets globally remain below pre-pandemic rental levels. This is especially true in Europe, where 70 percent of the markets tracked are below pre-pandemic rents. In contrast, in the U.S., only 31 percent are below pre-pandemic level.

Click here for more from the study.




Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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