Is Fifth Avenue Too Expensive for Retailers?
The New York street renowned for its shopping now has vacancy after vacancy.
Is Fifth Avenue losing its luster?
The New York street, perhaps the most famous in the world, features a bevy of high-end stores, including Louis Vuitton, Tiffany and Harry Winston.
But these days, it's also dotted with vacancy after vacancy, real estate consultant Jonathan Miller told Inside Edition.
"This phenomenon nationwide has been called the 'retail apocalypse,'" said Miller.
But Miller said that soaring rents are also causing retailers to rethink their strategies.
"The average right now is about $2,800 a foot," he said, explaining that many companies simply aren't willing to pay such whopping rents.
Complicating matters is the popularity of online shopping, leading some companies to scale back on retail exposure.
"Many of the brand names that you know for luxury are retooling and rethinking their online presence," Miller said.
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