Fifth Avenue Is Barely Clinging To Its Priciest-In-The-World Title

by MR Magazine Staff

Once again, in 2016 the most expensive shopping strip in the world was Manhattan’s Upper Fifth Avenue, where annual rent averaged $3,000 per square foot. But the luxury nexus, which goes from 49th Street to 60th Street—and houses world-famous stores such as Tiffany & Co, Saks Fifth Avenue and Bergdorf Goodman’s flagships—could be losing its grip on that mantle: in 2015, the average rent was $3,500, according to Cushman & Wakefield research. “What we are seeing is a rebalancing of where sales are taking place between online and stores,” says Gene Spiegelman, vice chairman and head of the real estate firm’s retail services in North America. “There are substantial investments—where do you want to allocate your marketing dollars?” Read more at Fortune.