Same stores, different streets

The priciest retail strips in the U.S. are attracting identical luxury brands
By Tobias Salinger | May 11, 2016 08:45AM

New York City’s Fifth Avenue, San Francisco’s Union Square, Miami Beach’s Lincoln Road, Chicago’s Magnificent Mile on Michigan Avenue, and Beverly Hills’ Rodeo Drive are among the most expensive retail strips in the U.S.

From the National Market ReportThe marble walls of the Fifth Avenue flagship of Italian fashion designer Valentino are a fitting touch for the world’s most expensive retail neighborhood, located between 49th and 60th streets in Manhattan. A doorman welcomes customers inside the three-floor luxury store with its displays of Rockstud shoes and bags and a sculptural gray and white mosaic staircase. The trophy property’s owner, Thor Equities, is welcoming bids for the retail-and-office building at 693 Fifth Avenue, which could fetch offers north of $300 million, according to Bloomberg.

The world’s most valuable companies and individuals are investing huge sums to gain a piece of one of the top retail districts across the country. The elite neighborhoods include New York City’s Upper Fifth Avenue, Rodeo Drive in Beverly Hills, Union Square in San Francisco, North Michigan Avenue in Chicago and Lincoln Road in Miami Beach.

Brands such as Armani, Tiffany & Co., Apple and Zara have a presence in most, if not all, of them and these high streets are in expansion mode as even more wealth concentrates in major cities. These five retail areas have served as shopping destinations for decades and have been heralded in movies and TV shows. [more]