Getty/Ari Perilstein
Rodeo Drive's iconic stores are only good enough to be the second-most expensive on this list.
- Many retailers are closing stores, but luxury still seems to be thriving.
- Cushman & Wakefield has crunched the numbers to find the most expensive streets shopping streets in America.
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These shopping areas have thrived despite the
retail apocalypse.
If there's a retail apocalypse going on, nobody told the stores on 5th Avenue.
The upper reaches of the Manhattan street again ranked as the most expensive place in the US to rent space for a retail store. It's the most expensive shopping street in the country as well as the world, according to a new report by commercial real estate firm Cushman & Wakefield.It seems that though many stores are indeed closing , the trend is mostly impacting lower-priced mall locations - and not the main streets in the US' biggest cities.
"While there has been a lot of discussion around store closures, the main high street markets have not been as adversely affected as some of the headlines might suggest," the report reads.
Here are the most expensive shopping streets in America:
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1. Upper 5th Avenue — New York City
New York is still the top when it comes to retail rents. On Fifth Avenue, between 49th and 60th Streets, rents go for $3,000 a square foot per year.
Fifth Avenue is home to flagship stores of many international luxury and mid-tier brands. Its global prominence hasn't wavered in the storm of what's going on with retail.
2. Rodeo Drive — Los Angeles
Rodeo Drive's iconic store cluster remains as relevant as ever, making it good for the second slot. It demands $875 a square foot per year.
3. Union Square — San Francisco
San Francisco's retail rents are high like its residential rents. In third place, it would cost $700 per square foot a year to have a store in the famed shopping area of Union Square.
4. North Michigan Avenue — Chicago
Chicago has spruced up its famous North Michigan Avenue shopping district and given it a new coat of paint. Anchored by a redeveloped riverfront that features a new Apple Store, rents go for around $550 a square foot per year.
5. Lincoln Road — Miami
Miami's Lincoln Road pedestrian shopping area has the ability to attract a crowd. It also attracts renters with a going rate of $300 a square foot per year.
6. Penn Quarter — Washington, DC
Washington, DC's Penn Quarter is one of the most dynamic sectors of the city. Its rents are the highest too, costing $205 a square foot per year.
7. Worth Avenue — Palm Beach
Palm Beach's pricey boutiques also have pricey rent. It costs an average of $145 a square foot per year to rent on the main street, Worth Avenue.
8. Newbury Street — Boston
Boston's famous shopping street also has stores from e-commerce-based brands, but it's famous in its own right. That's good enough to command $130 per square foot in rent per year.
9. Walnut Street — Philadelphia
Like many other cities, Philadelphia has gotten a retail boost from e-commerce-based brands that have opened stores in major shopping areas. The rent on Walnut Street averages $125 per square foot a year.