Madison Avenue now world's most expensive retail location.Start spreading the news Spreading the News is a short one-act comic play by Lady Gregory, which she wrote for the opening night of the Abbey Theatre in Dublin, 27 Dec. 1904. It was on a double bill with William Butler Yeats's On Baile's Strand. : New York's Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. , much like the Yankees, is "Top of the Heap." This year, New York's Madison Avenue wins the title of "Most Expensive Shopping Street in the World" with rents averaging $550 per square foot a year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Cushman & Wakefield and Healey & Baker, the international real estate services firms that merged earlier this year. Hong Kong's Causeway Bay Causeway Bay or East Point is a heavily built-up area of Hong Kong, located on the northern shore of Hong Kong Island, and covering parts of Wan Chai and Eastern districts. has been pushed from first to second place, with rents now averaging $542 per square foot. London moved up from fourth to third place, following a 25 percent jump in Oxford Street rents, taking them to an average of $468 per square foot. "Madison Avenue is regarded as the favored couture shopping street in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ," said Susan Kurland, director of retail brokerage at Cushman & Wakefield. "Although still commanding similar rents, a lot of retailers have shied away from Fifth Avenue because they are not comfortable being near the American national chains who have gravitated to the street because of its high density of tourist traffic." Among the changes in Healey & Baker's 11th annual survey of shopping streets are: MOVING UP: Paris (from 5th to 4th), Athens (10th to 8th), Zurich (11th to 9th), Stockholm (30th to 19th); NEW ENTRANTS: Downtown Santiago in Chile (16th) and Helsinki city center (22nd); MOVING DOWN: Moscow's Trade House Gum (from 3rd to 5th), Singapore's Orchard Road Orchard Road is a road in Singapore that is the retail and entertainment hub of the city-state. It is regularly frequented by the local population as well as being a major tourist attraction. Often the surrounding area is known as Orchard and associated with the road. (7th to 12th), the Galleria in Istanbul (15th to 32nd), and Bangkok city center (24th to 37th). Although retail rents are up by an average of only 1 percent around the world, the pattern of growth has been increasingly uneven in recent months. The Americas and Europe saw the biggest rises, while financial instability in the Asia/Pacific region and eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. has affected confidence in their retail markets. Most of Europe has experienced an economic and property market upswing in the past year. Emerging markets in Hungary, Greece and Turkey are showing vigorous demand and growth, marked by a robust level of performance in the more mature markets, such as the UK, France, Italy and Sweden. North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. is performing well ahead of Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. , which has lost some momentum. The increases of 50 percent or more seen last year in Brazil have not been matched this year. Rental values have dropped by an average of 20 percent in most of the Asia-Pacific region, except for Australia. One notable feature this year is the huge increase in cross-border retail activity, particularly across Europe. The European shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into market also remains active, with good occupier demand and ongoing development activity. However, tighter planning regulations in many areas are beginning to have an impact. The total number of active requirements from cross border retailers increased by 30 percent between October 1997 and September 1998, when compared to the previous 12 months. The most popular destination remains the United Kingdom, followed by France, Germany, Spain and Belgium. David Hutchings, head of research at Healey & Baker, said "Although the world's retail markets have been enjoying a much improved level of activity over the past year, there are signs coming through of a slowing of the global economy and the impact of financial instability in Asian and eastern Europe. One of the most significant factors in our overview is the sharp rise in cross-border retailing, which shows little sign of slowing down." |
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