Fifth Avenue again lost out to Hong Kong’s Causeway Bay in a ranking of the world’s priciest retail locations, according to a report released today by the retail research division of Cushman & Wakefield.
The 25th annual edition of the Main Streets Across the World ranking found a 14.7 percent growth in rental values–to an average $3,017 per square foot–along Causeway Bay, with Fifth Avenue trailing at an average $2,500 a foot. That figure was right on par with last year’s. Paris’s Champs Elysées rounded out the top three at $1,601 a foot rental value, an impressive 38.5% surge from last year for the tourist mecca, which has recently been trying to restore some of its long-vanished class and exclusivity. Read More