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Sign in Sign up for a FREE subscriptionNew York’s Fifth Avenue crowned world’s most expensive shopping street
New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street, with average rents of $2,000 per square foot per year, according to Cushman & Wakefield in its Main Streets Across the World report.
“The industry has been through one of the biggest stress tests imaginable over the past few years, but best-in-class retail real estate has remained robust. While we now face new economic challenges, the conversation has shifted from pessimism to retail´s omnichannel evolution,” said Robert Travers, head of EMEA retail at Cushman & Wakefield. “Many brands are playing the long game and seeking to secure prime opportunities to adapt to ever-demanding customer needs. With further investment in high-quality in-store experiences and advances in omnichannel approaches, we are confident in the resilience of the sector, particularly at