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| In Manhattan, store rent is higher |
| In Manhattan, store rent is higher on sunny side of street
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| UNITED STATES OF AMERICA
, 25-September-2013
4:34:8 AM |
| In New York, everything has a price - even sunshine.
As Manhattan rents rise overall, retailers are vying for prime locations, and are paying a premium for areas like the east side of Fifth Avenue - the sunnier side of the street.
New York's most expensive retail space, prime Fifth Avenue, is the second-most expensive in the world, after Lan Kwai Fong in Hong Kong, beating the Champs-Elysées in Paris and New Bond Street in London, said the retail group at Douglas Elliman Real Estate, which supplied most of the figures for this article.
Elliman recently arranged deals for Orogold Cosmetics on 57th and Park, and Buccellati jewelry, Armani Junior and Perrin Paris 1893, a leather accessory brand, on Madison.
"It sounds cocky, but it's New York and then it's the rest of the world, and that's why everybody wants to be here," said Faith Hope Consolo, a broker with Elliman.
According to the latest figures available from the Real Estate Board of New York, the average retail price sought per square foot in Manhattan in spring 2013 was $116, up 5.4 per cent from fall 2012.
Walk up and down Fifth Avenue, or shop on 57th Street, and the reasons for the variations in the price of retail space are mostly secrets known to retailers and developers. Sun is a major factor. Shoppers generally gravitate to the sunny side of the street, and the natural light helps showcase retailers' goods.
Transportation is another. Pedestrian traffic will be higher on streets with subway exits.
And the lineup of shops around a location may be most significant. "Your neighbours are very important," said Larry Meyer, chief operating officer for U.S. business at Uniqlo, a Japanese clothing retailer. The chain opened a 90,000-square-foot store on Fifth Avenue and 53rd Street two years ago, and has Zara and Hollister clothing stores next door. Counterintuitively, retailers like to set up shop next to direct competitors, so customers can wander from one like-minded store into the next.
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