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.
Part of the problem may be Trump Tower, which has had an impact on foot traffic with the tightened security surrounding it.
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.
RELATED STORIES
Trending on Inside Edition

Texas Elementary School Shooting: 19 Children, 2 Adults Killed in Deadliest School Shooting Since Sandy Hook
Crime
Vacationing Mother and Daughter Scammed Into Paying $640 for Meal on Greek Beach
Crime
Jewelry Store Owner Thwarts Robbery by Hitting Suspect With a Chair
Crime
Coffee Shop Employee Leaves Comment on Deaf Woman's Receipt Saying She's the 'Most Difficult Customer Ever'
Human Interest
Man Who Got Monkeypox in 2003 Outbreak Describes Symptoms as Virus Spreads
News