Rents Drop for Some of World's Hottest Shopping Districts: ChartBy
Good news for retailers in some of the world’s hottest shopping destinations: Rents are on the decline. For the first time since the financial crisis, rent fell on Manhattan’s Upper Fifth Avenue -- the most expensive retail property on Earth -- from $3,500 per square foot in 2015 to $3,000 this year. But as Bloomberg Gadfly’s Rani Molla writes, while high-profile flagship stores function as brand advertisements and see substantial foot traffic, a shift to online shopping will force retailers to get a lot choosier about their top real estate.
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