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Fifth Avenue Remains World’s Most Expensive Retail Destination
Cushman & Wakefield’s 33rd Main Streets Across the World report unveiled pivotal shifts in global retail rental rates. New York’s Fifth Avenue retains its prime spot despite static year-over-year growth. Milan’s Via Montenapoleone leaped to second place, displacing Hong Kong’s Tsim Sha Tsui, now in third.
The report highlights the resilience of luxury retail sectors in prime urban locales, remaining relatively immune to market-wide discount trends. “The retail sector has continued to face issues head-on while demonstrating its resiliency,” said Barrie Scardina, Head of Americas Retail. “The near-term outlook for the retail sector remains cautious, but at the same time is nuanced between sub-sectors and geographical locations.”
While prime retail destinations averaged 4.8% rental growth globally, many markets haven’t reached pre-pandemic levels, with 60% below, notably 70% in Europe and 31% in the U.S., showcasing the varying recovery stages.
- ◦Economy
