Lackluster leasing for luxury shops

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From the New York May issue: The global economic downturn hurt shopping districts all over the world last year, with retail rents in many countries falling for the first time in decades. But New York City’s prime retail destinations — especially Fifth Avenue and 57th Street — held their own against many other premier international shopping strips, from Rodeo Drive in Beverly Hills to Causeway Bay in Hong Kong. “New York did benefit from a healthier economy and better tourism than we expected,” said Kenneth McCarthy, managing director of New York metropolitan area research at Cushman & Wakefield. “If you look at many other cities, you saw really substantial rent declines.” [more]