# New York's Fifth Ave. Retail Space World's Most Expensive



## krull (Oct 8, 2005)

*Fifth Avenue named priciest retail spot*
*Asking rents for the famed shopping corridor, which runs from 49th to 59th streets, surged 21% from a year ago to a record $1,250 per square foot in September.*


December 13. 2007
By: Kira Bindrim

Manhattan’s top luxury retail corridor along Fifth Ave. remains the most expensive retail strip in Manhattan, according to a recent report. 

Asking rents for the famed shopping corridor, which runs from 49th to 59th streets, surged 21% from a year ago to a record $1,250 per square foot in September, according to a report released Thursday by the Real Estate Board of New York. 

“Rising tourism, a weak U.S. dollar compared to foreign currency, and the overall eagerness of European retailers to establish a presence in New York, have all contributed to the rising asking rents for retail space in that area and throughout the borough, REBNY President Steven Spinola said in a statement.

*Overall, average asking rent for Manhattan retail locations increased 26% to $133 per square foot in September.* 

An average 1,000-square-foot storefront along Fifth Avenue’s “golden corridor” would run a retailer about $1.5 million a year, Manhattan-based Cushman & Wakefield said in a report last month. 

According to REBNY’s report, *rents in the Broadway shopping area, between 42nd and 47th streets, saw the biggest jump, more than doubling to $797 per square foot. The second-highest increase was for the area on Broadway from Battery Park to Chambers Street, where asking rents increased 88% to $301 per square foot.* 

Indeed, sky-high midtown rents and a renaissance downtown have attracted an increasing number of commercial tenants. Average asking rents downtown increased 18% to $109 per square foot, marking the first time rents downtown have crossed the $100 mark.


http://www.crainsnewyork.com/apps/p...20071213/FREE/71213008/-1/rss01&rssfeed=rss01


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## krull (Oct 8, 2005)

krull said:


> *Top Ten Locations In The Americas:*
> 
> *1. New York City* - 5th Avenue - $1,500
> *2. New York City* - Madison Avenue - $1,200
> ...


Hmmm from article above...



> According to REBNY’s report, rents in the Broadway shopping area, between 42nd and 47th streets, *saw the biggest jump, more than doubling to $797 per square foot.*


Then shouldn't this shopping destination in NYC be at #4?

Plus...



> The second-highest increase was for the area on Broadway from Battery Park to Chambers Street, where* asking rents increased 88% to $301 per square foot.*


Should be at #8 aswell. I am not sure how they overlook these areas with such rents.


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## ChinaboyUSA (May 10, 2005)

The most expensive areas are the areas around Central Park, either CPW, or CPE, from there all the way to Midtown. Madison, Fifth, and Lexington.

Fashion Ave. (7th Ave.) is very expensive as well.

Downtown is recovering, I think that only SOHU is the most expensive retails space there.


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## MakaWella (Aug 8, 2007)

karlom said:


> Probably in this top ten it miss one of the most expensive street in the europe: via Montenapoleone and via Della Spiga in Milan (Quadrilatero of fashion).
> The price of location is around 2000€ at mtq.


Yepp..


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## MakaWella (Aug 8, 2007)

whats the position of Istanbul - Bagdad Avenue ?


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## mbuildings (May 6, 2007)

i was there, it is a stunning place!


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## spongeg (May 1, 2006)

davidearl said:


> chicago is crazy mix of very high end with mid market
> 
> Oak Street has Prada, Barney's, Hermes, Tod's, YSL, Jil Sander, Graff, Harry Winston, Vera Wang, Loro Piano, Frette, Furla .... then there is BCBG, Arden B, and a new BEBE.... strange mix
> 
> ...


Robson Street which makes that list at #10 doesn't really have anything that high end

it has Salvatore Ferragamo and Godiva ?? if thats high end i guess ??

most of the stores aren't high end - just typical - like Gap, Banana Republic, FCUK, Jacob, Esprit, Guess, Mexx, Roots, La Senza, Starbucks, Red Robin, BCBG, Tommy Hillfigger, Zara, Armani Exchange, Miss Sixty, HMV, Aldo, Club Monaco, Lush, Levis, Bebe, American Apparel, H20, Sears, Peak Performance and some local stuff like Aritzia, TNA etc.

at a cross street - (Burrard street) is Louis Vuitton, Lacoste, Tiffany & co. St John, Hermes, Coach, L'Occitaine, Wolford and a block south of Robson (at Burrard) is Agent Provacateur, Betsey Johnson and some duty free stores for asians

and than there are a few on hastings street a few blocks north - chanel, escada, hugo boss, roche bobois, versace/dolce & gabanna inside Leone (a local mini dept store sort of place), Cartier, Birks (Canada's high end jewelry store)

so its not too mixed but the high end is few and far between and if there is a high end district or epic centre it would probably be burrard and georgia - which is also home to Gucci


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## melbguy (Jan 23, 2007)

davidearl said:


> chicago is crazy mix of very high end with mid market
> 
> Oak Street has Prada, Barney's, Hermes, Tod's, YSL, Jil Sander, Graff, Harry Winston, Vera Wang, Loro Piano, Frette, Furla .... then there is BCBG, Arden B, and a new BEBE.... strange mix
> 
> ...



Yeah here in Melbourne, on the ranking it has our most expensive retail space as Bourke Street Mall, with high-end department stores like David Jones, and Myer, but also a Supré mega-store of which you can find a regular store in every shopping mall. I honestly don't see how Bourke Street can be the most expensive, when two roads down there is Collins Street with Gucci, Louis Vuitton, Hermes, Ralph Lauren and the types. Collins Street doesn't really have any 'low-brow' stores unlike our supposed most expensive strip, Bourke Street Mall. Also Melbourne Central shopping center has some relatively exclusive stores such as Peter Alexander, Armani Exchange, Lacoste and other boutiques, all along with other normal mall stores.


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## Filip (Oct 10, 2003)

Canada's traditional high end street is Bloor. The majority of the high end labels (except for those who chose Yorkville/Cumberland and Hazelton to the north, choose Bloor. Prada, Gucci, Cartier, Louis Vuitton, Chanel, Tiffany's, Escada, Coach.. etc


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## nuevo-chicago (Nov 24, 2007)

Strange how Russian's always claim Moscow this and this and yet they are not on the list. Just an observation how such a rich city is not on the top ten list??


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## Manolos (Jan 5, 2007)

spongeg said:


> Robson Street which makes that list at #10 doesn't really have anything that high end
> 
> it has Salvatore Ferragamo and Godiva ?? if thats high end i guess ??


Ummm....Ferragamo is definitely high end.


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## tigerboy (Jun 7, 2006)

On Davidearls point I think Chicago is unique among the truly great cities in that the Mag Mile area simply dominates retail. I realise that there are retail centres elsewhere but from high end down the Mag Mile and its malls and sidestreets is simply head and shoulders ahead of the rest of chicago retail.

Compare to eg London where the inner West End Oxford/Regent/Bond Sts compete with Knightsbridge with harrods/harvey nicks etc or Paris where none of the top department stores are found on what is accepted as the prime retail street, the Champs Elysses or NY where Madison vies with Fifth and fashion Ave etc.

It is that concentration in one area which makes Mag Mile such a "mix 'em gather 'em" of retail outlets.


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## _00_deathscar (Mar 16, 2005)

tigerboy said:


> On Davidearls point I think Chicago is unique among the truly great cities in that the Mag Mile area simply dominates retail. I realise that there are retail centres elsewhere but from high end down the Mag Mile and its malls and sidestreets is simply head and shoulders ahead of the rest of chicago retail.
> 
> Compare to eg London where the inner West End Oxford/Regent/Bond Sts compete with Knightsbridge with harrods/harvey nicks etc or Paris where none of the top department stores are found on what is accepted as the prime retail street, the Champs Elysses or NY where Madison vies with Fifth and fashion Ave etc.
> 
> It is that concentration in one area which makes Mag Mile such a "mix 'em gather 'em" of retail outlets.


Hong Kong's Causeway Bay.


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## Manolos (Jan 5, 2007)

tigerboy said:


> On Davidearls point I think Chicago is unique among the truly great cities in that the Mag Mile area simply dominates retail. I realise that there are retail centres elsewhere but from high end down the Mag Mile and its malls and sidestreets is simply head and shoulders ahead of the rest of chicago retail.
> 
> Compare to eg London where the inner West End Oxford/Regent/Bond Sts compete with Knightsbridge with harrods/harvey nicks etc or Paris where none of the top department stores are found on what is accepted as the prime retail street, the Champs Elysses or NY where Madison vies with Fifth and fashion Ave etc.
> 
> It is that concentration in one area which makes Mag Mile such a "mix 'em gather 'em" of retail outlets.


Yes Magnificent Mile dominates retail, but is it good to say among great cities, Chicago is one of the few that only has one of each shop? The reason other cities have so many prime retail destinations is because some cities have half a dozen LVs within miles.

However there are a few shopping districts that I think are similar to Mag Mile. Union Square and uptown Houston readily come to mind.

On another note, Madison doesn't really compete with Fifth. Madison, Fifth and 57th essentially complement one another, most consider it the same shopping district. Its kinda like Michigan, Rush, Oak, etc.


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## Ch.G Ch.G (Aug 4, 2007)

tigerboy said:


> On Davidearls point I think Chicago is unique among the truly great cities in that the Mag Mile area simply dominates retail. I realise that there are retail centres elsewhere but from high end down the Mag Mile and its malls and sidestreets is simply head and shoulders ahead of the rest of chicago retail.


It dominates, that's for sure, but the hippest retail is probably found in the boutiques of Wicker Park, perhaps the polar opposite of North Michigan Avenue...


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## Луиc (Oct 4, 2007)

does anyone knows the raking per city in Europe?


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## spongeg (May 1, 2006)

Manolos said:


> Ummm....Ferragamo is definitely high end.


yes for sure

but not much else on robson is high end other than godiva - which was what i was wondering if its considered high end


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## Minato ku (Aug 9, 2005)

*Paris' Champs Elysees succumbing to chain-store invasion *









Picture by Kilgoretrout

PARIS, Jan 6, 2008 (AFP) - The famed Champs Elysees avenue in Paris, where Charles de Gaulle celebrated liberation from the Nazis, has lost another round in its battle against an invasion by global chain stores. 

Faced with skyrocketing rents, the last small privately-owned pharmacy on the Champs-Elysees closed last week and the post office will soon follow suit, unable to meet the demands of property barons. 

"It's over for small business. They don't want us anymore," lamented Ludovic Aissy, who ran the decades-old Lincoln pharmacy for nearly 30 years, filling prescriptions and offering a small selection of beauty products. 

"The Champs-Elysees are just one big showcase for global brands," said Aissy, who was forced to close down his business on December 31 after the owners withdrew his lease. 

Aissy had successfully challenged in court an attempt by the owners to double his rent, already hovering at 10,500 euros (15,500 dollars) per month, when they decided to end his contract altogether. 

With the majestic Arc de Triomphe at one end and the Tuileries Gardens at the other, the Champs Elysees has fuelled much debate over its commercial development since a Virgin Music super-store opened its doors in 1988. 

Over the past two decades, movie houses, small shops, cafes and restaurants have been replaced by a string of mega-shops like the US clothing retailer Gap and luxury brands such as Louis Vuitton. 

Amid a growing public outcry, authorities in late 2006 turned down a request by the Swedish clothes retailer H and M to open an outlet on the Champs Elysees, touted as the most beautiful avenue in the world. 

"Our concern is that the Champs Elysees will become a mall, offering exactly the same shops that can be found in London or Los Angeles," said Francois Lebel, the mayor of Paris' 8th district which encompasses the avenue. 

Lebel said city authorities had little leverage to prevent commercial rents from hitting the roof and driving out small businesses on the Champs Elysees. 

"The question now is what is going to open in their place," he said. 

"We want to re-direct development on the Champs-Elysees, focus on everything that promotes France's image: luxury goods, fashion, culture and leisure," said Lebel. 

When one of the Champs Elysees iconic venues, Le Fouquet's restaurant, was threatened with closure, city authorities moved in and declared the establishment a historical site, granting it a de facto buffer. 

"City authorities want to maintain a balance," said Philippe Vincent, the head of the Clipperton Development firm that conducted a major study in 2006 for the concerned local business community. 

"The Champs-Elysees is a symbolic venue that evokes something other than shopping," said Vincent. 

In 1998, one million football fans descended on the Champs Elysees to celebrate France's World Cup victory and the avenue hosts the annual Bastille Day military parade on July 14. 

Nicolas Sarkozy triumphantly rode down the avenue in May after he won victory in the presidential election, as had Jacques Chirac and presidents before him. 

Rents on the Champs Elysees are the third-highest in the world, behind Hong Kong's Causeway Bay and New York's Fifth Avenue, and the avenue is the second most visited site in France after the Eiffel Tower. 

Unease over the Champs' commercial development has been compounded by recent reports of a rise in violent crime in the area, with police statistics citing an increase of 32 percent in assaults in 2006. 

The closure of the post office, which served the 24 families who live on the Champs Elysees along with the countless businesses and tourists, has reinforced concern over fewer services in the neighborhood that underpin community life.
__________________________________________________________

Don't be wrong Champs Elysees are more and more active and attractive that's why the price increasing and are now too expensive for small business wich are quite rare since a long time here.
This avenue is already globalised like most part of Paris.


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## tigerboy (Jun 7, 2006)

Thanks for posting that Minato. I don't think Les Champs or any really famous high end locale can escape globalisation. The brands are attracted to Les Champs as they are to Fifth Ave, Rodeo Drive, Bond St. etc and that is how it is. Short of preservation orders such as that attaching - in effect - to Fouquets, what can one do? The market will speak.

Besides I don't really like les Champs. They have always seem sterile to me.


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## Triplenet (Feb 4, 2008)

One thing that is interesting and still inspiring is that many of the major world cities that have super high rent districts attract smaller boutiques that are inspired by the global retailers. If you think about London, New York, Paris and any other major city, there are still independent shop owners and business people that open exciting and unique concepts. Every once in a while, one of these concepts becomes an international retailer, but there are many that are local heroes. A great example is Akira in Chicago. Akira is a retailer that could be in London, Tokyo, New York or any other major city, but it is Chicago's own destination apparel retailer. I think that in years to come there were will be a revival of great destination boutiques in markets saturated by chains.

Marcus
www.triplenetspace.com


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