With the resurgence of the luxury market, space on the most popular shopping streets in the world is getting tighter and tighter. Fifth Avenue with the highest rents, retains its designer cachet but more moderately-priced retailers are muscling in. Grafton Street jumped from 10th to fifth place, a reflection of Ireland’s growing affluence. Meanwhile, Japan’s Ginza, with a spate of new megaflagships and shoppers with an appetite for designer goods, shot up to ninth place from 15.
FIFTH AVENUE, NEW YORK $950 per square foot Fifth Avenue rents are not for the fainthearted. Increasingly, chains that appeal to a broad customer base are digging into their deep pockets to fund flagships. H&M in 2000 planted its flag on Fifth Avenue and 51st Street, and Liz Claiborne in 2003 turned its Fifth Avenue and 52nd Street store into the first U.S. unit of Mexx. Zara opened a flagship in September between 54th and 55th Streets and Abercrombie & Fitch is taking over Fendi’s store at 720 Fifth Avenue.
AVENUE des CHAMPS-ELYSEES, PARIS $711 per square foot The Champs-Elysées continues to attract both moderately priced brands and luxury tenants, resulting in a mix that appeals to the hoards of tourists who flock to the street. In addition to a Virgin Megastore, which stays open until midnight, and a Louis Vuitton flagship, Adidas and Go Sport, the French sports chain, recently signed deals for 50,000-square-foot spaces on the street. Hugo Boss and Lancel are opening stores in the next few months and H&M is said to be looking for a space on the street.
CAUSEWAY BAY, HONG KONG $569 per square foot Causeway Bay is benefiting from an influx of tourists from mainland China drawn by the availability of luxury goods and the allure of prices that are about 40 percent cheaper. In addition to department stores Sogo, Lane Crawford and Mitsukoshi, boutiques such as Louis Vuitton, Chanel, Salvatore Ferragamo, Hermès and Christian Dior have outposts in the neighborhood. Causeway Bay appeals to bargain hunters, as well, with Jardine’s Crescent and Lee Garden Road.
OXFORD STREET, LONDON $517 per square foot Oxford Street from Marble Arch to Oxford Circus is home to department stores such as Selfridges, Debenhams and House of Fraser. The street has big international players, including Monsoon and Zara, and homegrown fashion chains such as New Look, Topshop, French Connection and Next. But the tattiness of some of the retailers has the local council looking at a makeover for the street. Urban Outfitters in September opened a 15,000-square-foot flagship and Adidas is set to arrive on Oxford Street later this month.
GRAFTON STREET, DUBLIN $381 per square foot Grafton Street shot up from the 10th slot on last year’s list, in part a function of Ireland’s status as one of the wealthiest countries in the world with a gross domestic product ahead of the U.K. Brown Thomas, Selfridges and Weirs, a Dublin jewelry institution, uphold the luxury banner, while HMV, Next, Jigsaw, Warehouse and Monsoon are drawing a more populist crowd. Marks & Spencer, one of the U.K.’s largest retailers, has baked goods, home products, a beauty hall and private label fashion. Selfridges sells contemporary designer fashion, beauty, food and home goods and is increasingly appealing to young customers.
KAUFINGERSTRASSE, MUNICH $332 per square foot Kaufingerstrasse is still the most expensive and heavily frequented shopping street in Munich. In the last year, H&M took over the former Gap store, after that chain pulled out of Europe. Douglas also moved from one part of the street to another. Hettlage changed its mixed apparel assortment to a new women’s-only Hettlage Piazza concept. Benetton will move into a newly constructed building on the site where an older structure is being torn down, and S. Oliver in 2006 will be moving into a new building where Salamander formerly stood.
TVERSKAYA, MOSCOW $325 per square foot Despite political and economic uncertainty, well-to-do Russians haven’t curbed their taste for luxury goods. With the Russian economy enjoying growth, everyone from J.Lo to Louis Vuitton wants a piece of the retail action. Tverskaya Street, a favorite shopping destination for young Muscovites, boasts a GUM satellite store, Diesel and a new 2,000-square-foot Levi’s flagship.
PITT STREET MALL, SYDNEY $321 per square foot Pitt Street Mall is home to shopping centers such as Sydney Central Plaza and the newer Sydney Arcade. The mall boasts The Strand, built in 1892, which houses Australian fashion brands including Zambelli Donna and Adam Dixon, and home stores like Past Present Future, which showcases Italian designers such as Alessi and Mandarin Duck. The major department stores David Jones and Grace have entrances on Pitt Street. The foot traffic — about 500,000 people a week — qualifies the mall as one of the busiest retail stretches in the world.
GINZA, TOKYO $311 per square foot Luxury brands are building megaflagships on the Ginza, a testament to the Japanese penchant for luxury products and the staying power of one of the city’s premier streets. Christian Dior in October opened its largest store in Asia on the Ginza. The 10,300-square-foot flagship is spread over six floors and one underground level. Chanel in December is opening a three-story unit housed in the company’s new 14-floor tower.
MYEONGDONG, SEOUL $301 per square foot Myeongdong, in the heart of Seoul, is home to banks and brokerage firms and Western and traditional restaurants. It’s also known as South Korea’s fashion street, with its luxury boutiques and department stores. Other shopping streets in Seoul, such as Namdaemun and Dongdaemun Market, are populated with retailers selling low-priced products.
My character, Dinah Madani, is just the coolest, [most] badass woman imaginable," says @amberroserevah. The actress stars in @marvel's newest series on @netflix, @thepunisher. To prepare for her role, Revah sat down with Homeland agents to get a real sense of with Dinah's day-to-day life is really like. Read our full interview on WWD.com. #wwdeye (📷: @jilliansollazzo)
A scene from the 91st annual @macys Thanksgiving Day Parade. The parade, which boasts 50 million TV viewers and 3.5 million on-site spectators, is considered one of the largest and most watched parades in the world. (📷: Jason Szenes/EPA-REX)
The circus came to @bloomingdales 59th Street on Tuesday night and lit up Lexington Avenue with acrobatic dancers, death-defying knife throwing, sword swallowing and aerial acts with no net. The 45 minutes of theatrics built up to unveiling the holiday windows depicting @swarovski crystal-encrusted circus pieces and scenes from “The Greatest Showman” – songs from the soundtrack included. See the rest of the photos on WWD.com #wwdfashion (📷: Joshua Scott)
The psychedelic fashion that pervaded the ’60s is back with an exhibit at the @museumofcityny. “Mode New York: Fashion Takes a Trip” chronicles the changing styles from 1960 through 1973 and features designers such as @ysl, @oscardelarenta and more. The exhibition, which is on display through April 1, is organized into four periods: First Lady Fasion, Youthquake, New Bohemia and New Nonchalance. Pictured here is model Pat Bardonella during the Garvey Day Parade in 1968. (📷: @kwamebphoto) #wwdeye #wwdfashion
“People should be a lot more honest in expressing both the dark and light of themselves. We need to give each other the space to do that because it’s the only way we can grow and evolve,” says @noelwells of her new film “Mr. Roosevelt,” which is largely based on her own struggles. Unexpectedly leaving @nbcsnl in 2014 after just one season, Wells felt set back in her self-esteem and career trajectory. She quickly refocused her energy to more personal projects, which led to the completion of “Mr. Roosevelt.” Read the rest of WWD’s interview with the “Master of None” actress on WWD.com #wwdeye (📷: @jilliansollazzo)
@barbrastreisand is giving fans a chance to see her perform up close in a new concert series, which makes its debut on @Netflix today. From behind-the-scenes takes to her concert performance in Miami last December, the two-hour streaming special captures Streisand in her element. Pictured here is the singer/actress photographed for WWD in 1963. (📷: Palmieri Tony) #wwdeye #wwdarchive
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)