Rodeo Drive holds firm at no. 2 spot from last year – New York’s 5th Ave takes first place, San Francisco’s Union Square no. 3 as highest retail rents in Americas
LOS ANGELES, November 14, 2017 – Cushman & Wakefield has announced the 29th edition of its global flagship report, ‘Main Streets across the World’, and, within the Americas, Los Angeles’ Rodeo Drive in Beverly Hills is listed as the second most expensive location in the country.
The report tracks 451 of the top retail streets around the globe, ranking the most expensive in 68 countries by their prime rental value and enabling an analysis of trends in retail real estate performance.
The top five global city locations include:
- New York’s 5th Avenue (49th – 60th Streets)
- Hong Kong’s Causeway Bay
- London’s New Bond Street
- Milan’s Via Montenapoleone
- Paris’ Avenue des Champs Elysées
In the Americas, the list’s top five includes:
- New York’s 5th Avenue (49th – 60th Streets)
- Los Angeles’ Rodeo Drive
- San Francisco’s Union Square
- Chicago’s North Michigan Avenue
- Miami’s Lincoln Road
Cushman & Wakefield’s Senior Director Carine Mamann, based in Los Angeles, said Beverly Hills’ Rodeo Drive retail district is recognized as one of the world’s premier shopping destinations, which include Fifth Avenue, Union Square, Rue du Faubourg Saint-Honoré, Madison Avenue, Bond Street, and the Ginza District.
“Rodeo Drive’s legendary glamour attracts celebrities and tourists alike,” said Ms. Mamann. “It’s a must-see destination for people visiting LA,” she explained. “Films and television continue to depict the grandeur that makes it the jewel of Beverly Hills and an important part of LA’s identity as a prominent fashion destination.”
The pristine, three-block Rodeo Drive has an opulent lineup of jewel boxes and flagships, including renowned retailers such as Tiffany & Co., Chanel, Gucci, Prada, Saint Laurent, Louis Vuitton, Goyard, Cartier, Ralph Lauren, Versace, and Vera Wang.
The ‘Main Streets across the World’ report also lists 2017 retail trends and finds the Los Angeles retail market has experienced an increase in restaurants and cafés that provide nutritional grab-and-go options or a dining setting that is comfortable for customers coming from the gym, work, or anywhere in between. These restaurants can deliver a quick sit-down service while still offering locally sourced and organic fare.
The report indicates many cafés have developed a model that supports in-house service, take-out, and pre-made grab-and-go items. Operators such as Beaming, Sweetgreen, Cava Grill, and Joe & the Juice continue to open outlets in the city, while newcomers such as Everytable recently opened at the Bloc. Eataly and Javier’s opened in Westfield Century City mall in recent weeks to great fanfare and success.
Looking forward, further consolidation in the market is expected, as retailers focus on reducing their physical footprint, leading to more concentrated areas of retail. Other key trends will include more pop-up locations and a growing number of lifestyle centers, as well as the increased use of technology such as Augmented Reality (AR) to enhance the customer experience and help retailers stay competitive.
Across the Americas as a whole, recent economic growth has been encouraging and looks set to remain so in 2018, however, retail real estate trends have varied across the region’s diverse set of markets, according to the report’s author, Darren Yates, Head of EMEA Retail Research, at Cushman & Wakefield.
“While the growth of online retail is a common theme in all of America’s markets, retailing in much of Latin America is still maturing. However, most of the region’s developed cities now have high quality retail developments which cater for a variety of income groups, including a rapidly growing middle class,” Mr. Yates said.
“In the US, 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 fact is that most retailers are not turning their backs on high street locations,” he said.
Click here to view the report
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.