Hugo IS Boss on Fifth
Suck on this, Champs Elysées! For the third year running, New York’s Fifth Avenue boasts the most exorbitant retail rents on the planet.
According to brokerage Cushman & Wakefield’s annual talley, which tracks the world’s top 233 shopping locations across 47 countries:
Joanne Podell, senior director of Cushman & Wakefield’s retail services, told Commercial Property News that the sharpest increases have come in–gasp!–Midtown:
Of course, envoking that power doesn’t necessarily translate to an equally high rate of cash-register reciepts, noted C&W’s Gene Spiegelman:
See, it’s not about the money. It’s about leverage. Get it? Guess you just have to be there.
- Chris Shott