New York ’ s Fifth Avenue keeps most expensive retail destination rank
Cole Haan marks 500 global store milestones
NEWS
New York ’ s Fifth Avenue keeps most expensive retail destination rank
New York ’ s Fifth Avenue remains at the top of the rankings of the world ' s most expensive retail rental strips , despite flat rental growth in the third quarter , Cushman & Wakefield stated .
Rent on Upper 5th Avenue in New York amounts to $ 21,500 per sqm a year , Cushman & Wakefield showed in its Main Streets Across the World 2023 report .
New York is the only US destination in the top 10 most expensive for FY23 .
The Americas posted the second-highest regional rental change , 5.2 percent , following the APAC region with a growth rate of 5.3 percent .
" The retail sector has continued to face issues head-on while demonstrating its resiliency . The near-term outlook for the retail sector remains cautious , but at the same time is nuanced between sub-sectors and geographical locations ," said Barrie Scardina , Cushman & Wakefield ’ s Americas retail head .
" At the macro level , the focus is on the strength of consumer spending . As central banks have undertaken one of the most aggressive interest rate hiking cycles in decades , consumers have shifted spending patterns and are reigning in non-discretionary expenditure ."
Meanwhile , Milan ' s Via Montenapoleone now ranks as the world ' s second most expensive retail destination , with a rental cost of $ 19,000 per sqm a year , displacing Hong Kong ’ s Tsim Sha Tsui ( main street shops ), now ranking third , with a rental cost of $ 16,000 per sqm a year .
London ' s New Bond Street ranked fourth at $ 15,700 per sqm a year , while Paris ' Avenues des Champs-Élysées ranked fifth at $ 12,000 per sqm a year .
Cole Haan marks 500 global store milestones
New York-based footwear and accessories brand Cole Haan has established its 500th store at the Livat Centre in China ' s Beijing , aiming to meet growing consumer demand throughout the world .
“ From the early days of our launch of Cole Haan as an independent company following our acquisition of the business [ from Nike ], we envisioned the opportunity to bring this iconic American brand to a broader global audience ,” Cole Haan CEO Jack Boys said .
“ Over the past decade , we have expanded our product assortment , our talent , and our partnership with a network of world-class distribution partners globally . As we reach this important milestone , we are focused on a range of opportunities we have created for the future of Cole Haan .”
Cole Haan recently opened its first regional office in Dubai , UAE , which joins existing offices and showrooms in New York , Toronto , London , Hong Kong , and Tokyo . The company has grown its global retail base from 13 to more than 100 countries over the past decade .
In September , the brand opened its first physical store in London , England , in the form of a shop-in-shop within high-street shoe retailer Soletrader .
10 www . insideretail . us December 2023