Readers Speak Out: Is Fifth Ave. real estate worth the expense?
In the June 9 edition of SiteTalk, we referenced a survey that found Fifth Avenue in Manhattan to be the most expensive place in the world to operate a store -- and asked you if it was worth the expense. Here is what one reader had to say.
“It's no secret that I love my hometown, and that my work here has been very good to me. But I am truly being objective when I say that yes, of course it's worth it! New York is the financial and de facto capital of the world, and Fifth Avenue is its historical retail core. To locate here is to indicate that you've arrived among the great international retailers in the world -- after all, your neighbors include Saks Fifth Avenue, Giorgio Armani, Tiffany, Cartier, and Bergdorf Goodman. Is a Fifth Avenue store expensive? Yes. Does it show that you're successful enough to afford it? Yes. Is the cachet a Fifth Avenue address conveys profitable? Yes, yes yes."
-- Faith Hope Consolo
Retail Leasing, Marketing and Sales Division
Prudential Douglas Elliman
New York, N.Y.