Retail High Streets Come Back to Earth
Stores are balking at rents amid slowing sales and profits.
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Some of the world's hottest shopping destinations, sometimes referred to as "high streets," are losing elevation.
Popular retail real estate locales, from New York City's Fifth Avenue to Hong Kong's Causeway Bay shopping districts, saw rents fall this year, according to a new report by real-estate services firm Cushman & Wakefield, as retailers have finally started to balk at high rents.