NYC home to priciest retail for ninth year

For the ninth consecutive year, New York City is home to the world’s priciest retail, according to a global retail report from Cushman & Wakefield, released today, which tracks the world’s top 269 shopping locations. Fifth Avenue, which saw its rents increase 8.8 percent from last year, up to an average $1,850 per square foot, nabbed the top spot, while Causeway Bay in Hong Kong and New Bond Street in London came in second and third places, respectively. Retail rents in prime locations — those that have, historically, been in high demand — are showing the greatest rebound from the 2009 doldrums, according to Cushman. Still, so-called “secondary locations” worldwide have faced challenges on the road to recovery, according to John Strachan, global head of retail at Cushman. “The aftershocks of the global economic recession are still being felt in the retail property market,”Stachan said. “However, on the great shopping streets of the world, in cities such as London and New York, demand has continued to exceed supply.” TRD