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Midtown Manhattan is the world's most expensive shopping location

- France's Avenue des Champs Elysees is the second most expensive shopping location.

Fifth Avenue and East 57th Street in New York City share first place as the world's most expensive retail location in this year's edition of Main Streets Across the World, an annual report by Cushman & Wakefield Healey & Baker.

With rents per square metre at US$7,535 per annum, the New York retail destination that stretches from 52nd to 58th on Fifth Avenue and then along East 57th Street to where it meets Madison Avenue is 20 per cent more expensive than Paris' Avenue des Champs Elysees, which is in second place. Meanwhile, rents on Madison Avenue, at US$6,997 per square metre, were the fastest growing in the US, showing an increase of 25 per cent.

London's Oxford Street is ranked the fourth most expensive retail location (after Hong Kong) with rents up 5.6 per cent in the last year. On average, retailers on Oxford Street are now paying US$4,676 per square metre per annum for prime space.

Main Streets Across the World 2002 shows the results of monitoring rental levels in 221 key shopping destinations in 44 countries around the world between June 2001 and June 2002. The least expensive of the world's 44 most expensive retail locations (see chart) is the Latvian capital of Riga - a retailers' bargain compared with New York, with annual rents at a mere US$420 per square metre.

David Gialanella, Executive Vice-President, National Retail Services in Cushman & Wakefield's New York World Headquarters, said: "Despite the events of 9/11 and the slowing US economy, the top areas of New York retail have experienced improved fortunes in 2002. This is against a fall in demand for retail space in secondary areas.

"The key Manhattan streets of Fifth Avenue, East 57th and Madison Avenue have enjoyed a renaissance as the world-class destination for the big names of international luxury retail," he added.

The junction of East 57th and Fifth Avenue is one of the world's most famous shopping spots. One corner is taken up by the new Louis Vuitton flagship store, which opens in 2003, while the three other corners are occupied by Tiffany's, Bvlgari and Van Cleef & Arpels.

On Fifth Avenue, new names this year include Boucheron and De Beers. Existing brands to commit to major expansions and relocations in Fifth Avenue include Asprey & Garrard, Ermenegildo Zegna and Faconnable. And East 57th has become home to Christian Dior and Jil Sander, and has also seen the expansion of Burberry.

Madison Avenue was the choice for Swarovski's flagship store and has seen French-style US luxury retailer Pierre Deux triple the size of its store on the Avenue. In addition, Graff, Breguet, Jean-Paul Gaultier, DiModolo and Gucci have arrived on Madison Avenue.


  Rank   Rank   County         City             Top location in each   US$/sq 
  2002   2001                                   country ranked by      m/     
                                                country                per    
  1      1      US             New York         East 57th              7,535  
                                                Street/Fifth Avenue(A)          
  2      3      France         Paris            Avenue des             6,209  
  3      2      Hong Kong      Hong Kong        Causeway Bay           5,382  
  4      5      UK             London           Oxford Street          4,676  
  5      4      Australia      Sydney           Pitt Street Mall       3,381  
  6      6      Russia         Moscow           Manezhnaya Square      3,000  
  7      10     Germany        Munich           Kaufingerstrasse       2,667  
  8      12     South Korea    Seoul            Myeongdong             2,612  
  9      8      Greece         Athens           Ermou                  2,607  
  10     9      Japan          Tokyo            The Ginza              2,185  
  11     14     Ireland        Dublin           Grafton Street         2,165  
  12     11     Singapore      Singapore        Orchard Road           2,100  
  13     19     Norway         Oslo             Karl Johan Gate        1,866  
  14     18     Italy          Milan            Via Montenapoleone     1,837  
  15     15     Brazil         Sao Paulo        Iguatemi Shopping      1,800  
  16     17     Austria        Vienna           Karntnerstrasse        1,778  
  17     7      Switzerland    Geneva/Zurich    Rue de                 1,680  
  18     20     Netherlands    Amsterdam        Kalverstraat           1,620  
  19     21     Denmark        Copenhagen       Ostergade              1,602  
  20     22     Canada         Toronto          Bloor Street           1,580  
  21     13     China          Beijing          Wandujing              1,560  
  22     16     Malaysia       Kuala Lumpur     Suria KLCC             1,526  
  23     25     Spain          Madrid           Preciados              1,458  
  24     23     Finland        Helsinki         City Centre            1,363  
  25     31     Czech          Prague           Na Prikope             1,333  
  26     26     Belgium        Brussels         Rue Neuve              1,248  
  27     27     Portugal       Lisbon           Baixa                  1,185  
  28     41     Kuwait         Kuwait City      CBD                    1,117  
  29     24     Israel         Tel Aviv         Ayalon Shopping        1,100  
                                                Centre/Ramat Aviv             
  30     32     Sweden         Stockholm        Biblioteksgatan        1,089  
  31     37     Hungary        Budapest         Vaci Utca              1,030  
  32     28     Lebanon        Beirut           City Centre (BCD)      1,000  
  33     29     Poland         Warsaw           Ul. Nowy Swiat/ul.     960    
  34     35     Turkey         Istanbul         Bagdat Caddesi/Abdi    840    
                                                Ipekci (Asian side            
  35     40     Mexico         Mexico City      Mazaryk                780    
  36     N/a    New Zealand    Wellington       Lambton Quay           730    
  37     39     Romania        Bucharest        Bulevarul              720    
  38=    N/a    Lithuania      Vilnius          Gediminas Avenue       660    
  38=    38     India          Mumbai           Linking Road,          660    
                                                Western Suburban              
  40     43     Thailand       Bangkok          City Centre            635    
  41     29     Argentina      Buenos Aires     Florida                480    
  42     42     South Africa   Johannesburg     Sandton City           472    
  43     N/a    Estonia        Tallinn          Viru Street            438    
  44     N/a    Latvia         Riga             Krasta                 420    
(A) In Main Streets Across the World 2002, East 57th Street and Fifth Avenue
are in joint first place. In 2001, East 57th Street occupied the top position
on its own.  

On a worldwide basis, the location with the fastest rental growth between June 2001 and June 2002 is in central Kuwait City, with a rise of 180 per cent. This is due to the opening of the country's first western-standard malls for a number of years. Rents in the traditional retail areas have remained largely unchanged.

In the Americas, the biggest rise is Oscar Freire Jardins shopping centre in Sao Paulo, with rents rising 48 per cent; in Asia, Seoul's Kangam Station, 41 per cent; and in Europe, in the Portuguese city of Porto, Avenida de Boavista, 34 per cent. The biggest falls, of up to 75 per cent, are witnessed in Argentina, hit by continuing economic crisis.

After the Middle East and Africa region, Europe has shown the biggest regional increases in retail rents, with growth of around 3 per cent between June 2001 and June 2002, rising to 6 per cent for the Euroland countries.

David Hutchings, Cushman & Wakefield Healey & Baker's Head of European Research, comments: "A shortage of the right-sized retail units offering the right dimensions has been a real spur for pushing up rents in the more mature markets of Europe. This has been despite the economic slowdown which has reduced demand and alleviated some of the acute space pressures seen a year or two ago."


    Place    Shopping Location              % increase in rents 2001-2002 (B)  

    1        Porto - Avenida de Boavista    33.7                             
    2        Barcelona - Portal de Angel    25.0                             
    3        Bologna - Galleria Cavour      23.5                             
    4        Prague - Na Prikope            22.2                             
    5        Nice - Rue Jean Medecin        20.0                             
    6        Moscow - Novy Arbat            17.7                             
    7        Milan - Via della Spiga        17.4                             
    8        Barcelona - Paseo de Gracia    17.2                             
    9        Naples - Via Toledo            16.9                             
    10       Barcelona - Diagonal           15.8 
(B) Based on movements in local currency. 

Notes to Editors:

Cushman & Wakefield Healey & Baker operates the European, Middle Eastern and African division of Cushman & Wakefield, the pre-eminent global real estate services provider, delivering a worldwide service through 155 offices in 51 countries. Founded in 1820, the Firm provides all types of commercial property advice and acts for a range of prominent clients across the corporate, public and private sectors.

SOURCE Cushman & Wakefield

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