This is not the best of news for merchants of Fifth Avenue in New York as the holiday season is nipping at our heels (and wallets).
Fifth Avenue is no longer the number-one retail address in the world, according to a report from real estate firm Cushman & Wakefield. Hong Kong’s Causeway Bay, with rent of $2,630 per square foot, is the new top retail address worldwide. Hong Kong and New York addresses occupy the top five slots. Hong Kong 3 … New York 2.
The study also reports that despite a backdrop of a lower global economy and continued uncertainty surrounding the euro zone, prime retail rents were generally resilient over the year to June 2012.