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Retail Report

Retail Report

Retail Salaries, Bonus Payouts Increasing: ICSC

New York Times Square

A new survey from the International Council of Shopping Centers shows that retail real estate salaries and cash-bonus payouts are increasing, with a majority of firms anticipating new hiring and better performance in fiscal year 2013.

Median retail real estate salaries in 2013 are trending 3 percent higher than last year, according to the ICSC’s Read More

Retail Report

New York Prime Retail Rents Second to Hong Kong

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Despite asking rents on Fifth Avenue topping $3,000 per square foot, New York prime retail space still trails the Hong Kong market, where asking rents are $4,328, according to CBRE’s quarterly ranking of the world’s top 10 retail markets.

“Global retailers continue to desire premier retail locations in gateway cities because of the global shoppers those corridors attract and the value delivered for brand visibility,” said Anthony Buono, executive managing director of Americas Retail Services at CBRE, in a statement. Read More

Retail Report

Fifth Avenue Retail Asking Rents Pass $3K

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Average asking rent for the Fifth Avenue retail corridor has crossed over $3,000 per square foot, the highest in New York City, according to CBRE’s second quarter Manhattan retail report. The increase represents the first time a Manhattan retail corridor has registered average asking rent north of $3,000.

“There was a time when $600 per square foot was considered outrageous on Fifth Avenue,” Richard Hodos, executive vice president of the CBRE Retail Group, told The Commercial Observer. “Putting inflation aside, it speaks to the fact that New York is a world class city.” Read More

Retail Report

Anthropologie Nixes Store at 250 Bowery, Dissing Buildout

A rendering of 610 Lexington Avenue

Just two weeks after the facade at 250 Bowery was revealed, with Anthropologie‘s name dominating the exterior, the retailer has reportedly backed out of its 10,000-square-foot location at the new Lower East Side building.

The apparel maker broke their contract on Thursday following months of rumors that the company had been displeased with an unspecified aspect of the new property’s build-out. Its ground floor space is now back on the market, with an annual asking rent of $1 million. Read More

Retail Report

Real Estate Pros: Opening Calatrava’s PATH Station to Events Signals Retail Struggle

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When Santiago Calatrava‘s much-delayed World Trade Center transportation hub (maybe) opens in mid-2015, its mammoth concourse floor will be leased out for private events and to retail tenants staging promotional blitzes. And while retail rents between $450 and $550 a foot rival those of respectable Midtown corridors, some industry insiders think that opening up Calatrava’s Oculus concourse to parties and glorified live commercials is an ominous sign for traditional retail in the $3.74 billion project. Read More

Retail Report

Tourism Spurs New York Retail Growth in 2012

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A 2.1 percent increase in tourist visitors to New York City in 2012 generated growth in retail sales and expansion, according to the fourth quarter Manhattan Retail MarketView from CBRE Global Research and Consulting.

“It has been a good year for retail, New York is coming off its best year for tourism, which translates to better retail sales and hotels at higher occupancies,” Andrew Goldberg, executive vice president at CBRE told The Commercial Observer.

Tourism has driven business to New York’s primary retail corridors, Mr. Goldberg noted. “Retailers are expanding in their current space, growing store counts, doing new flagships and seeing growth,” he said. Read More