Foreign brands taking over Manhattan retail corridors

Merchants based abroad operate 39% of Fifth, Madison avenue, Soho stores

TRD New York /
Dec.December 07, 2015 01:15 PM

Foreign buyers have famously made waves in the luxury condominium and investment sales markets, but it turns out their impact on high-end retail has been just as significant.

Brands based abroad operate 39 percent of the stores on Fifth and Madison Avenues, and in Soho, according to a new study by Cushman & Wakefield.

The report, which looked at 906 retailers, found Soho to be the most nationally-diverse area, with 24 countries represented. Fifth Avenue had 17 non-U.S. outlets, and Madison Avenue had 13. Italian outlets represented the largest international cohort.

“This is a trend line that took root in the early 1990s, when national retail brands really started to infiltrate and populate urban centers, particularly New York, because the commercial office market was so weak,” Cushman’s Gene Spiegelman told the Journal. “Easily less than 10 percent of brands were foreign in the early ’90s.”

U.K.-based designed Stella McCartney is in talks to open a store at 929 Madison Avenue. In July, Lebanese designer Elie Saab took 4,000 square feet at 860 Madison Avenue[WSJ, 1st item]Ariel Stulberg


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Steve Roth and Miki Naftali with 1167 Madison Avenue and 50 East 86th Street (Credit: Google Maps)

Naftali buys two vacated Vornado properties for $71M

US rent payments in the 2010s totaled $4.5T

Why New Yorkers, Californians and others pay so much rent

Robert Futterman and 345 West 13th Street (Credit: Getty Images and StreetEasy)

Robert Futterman sells West Village penthouse

The $100M club: LA’s priciest mansions are having a moment

The $100M club: LA’s priciest mansions are having a moment

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

arrow_forward_ios
Loading...