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Sydney's Pitt Street Mall ranks 8th World’s most expensive retail - Cushman & Wakefield Milan’s Via Montenapoleone, has overtaken New York’s Upper 5th Avenue to be crowned the world’s most expensive retail destination, according to Cushman & Wakefield. It is the first time a European street has topped the global rankings in the firm’s flagship retail report ‘Main Streets Across the World’. Now in its 34th edition, the report focuses on headline rents in 138 best-in-class urban retail locations across the globe, many of which are linked to the luxury sector, utilising Cushman & Wakefield’s proprietary data. Robert Travers, Head of EMEA Retail at Cushman & Wakefield, said: “These globally iconic locations are characterised by intense competition for space and extremely limited supply, even in challenging retail market conditions. Brands, from luxury to mass market, are doubling down on their physical stores in the top locations as competition for consumer attention drives the need for a superior shopping experience and product showcase. Report author Dr. Dominic Brown, Cushman & Wakefield’s Head of International Research, said: "As prime retail space becomes increasingly scarce; retailers are seeking high-profile locations beyond traditional main streets. In Sydney, we’re seeing elevated demand for sections of Castlereagh and George Streets, particularly around iconic intersections like King and Pitt Streets, which offer unparalleled visibility and foot traffic." Read more on COMMO - https://lnkd.in/gp5Gu66k Michael DiCarlo Noral Wild The ASEAN Developer Luxury List Maria Russo-Fama Lora Radmilovic #cushandwake #retailreport #retailresearch #retailmarket #cre #retailnews #luxuryretail #retailleasing #retailinvestment #retailproperty #retaildevelopment #pittstreetmall #sydneycbd

Sydney CBD’s Pitt Street ranks as one of the world's most expensive shopping streets based on headline rents, ranking eighth in Cushman & Wakefield’s Main Streets Across the World report. At $802 per square foot, it’s the only Australian strip to make the top 10. High on the list are iconic locations like Milan’s Via Montenapoleone and New York’s Upper 5th Avenue. Globally, retailers are continuing to target prime locations for strategic positioning and creating a higher-end customer experience. Balancing cost pressure challenges and shifting customer loyalty trends are on their radar. And a combined digital and physical presence feature to enhance loyalty and engagement. Hundreds of retailers are across the two blocks of Pitt Street. Have you noticed certain brands or luxury brands recently entering the Pitt Street shopping strip? #PRD #RetailTrends #CommercialProperty

Revitalising Retail with Boom Retail! This is a Case Study of Successful Shopping Centre Transformation at The Grove Shopping Centre, Adelaide. The Grove is a sub-regional shopping centre in Adelaide S.A. Often, Boom Retail never gets to see the result of Boom Retail Strategic Report. Working in Adelaide last week, Boomed stopped in at The Grove to witness the transformation, which was a fantastic collaboration with owners #ChallengerInvestments. Great work to Dean Baker (Former Asset Manager), Phil Monfries (Centre Manager), Cheryl Kemp and the centre mgt team. Check out the before-and-after pics of the shopping centre transformation, highlighting changes such as identity & new brand, entrances, new layout with additions of indoor and outdoor seating areas with fireplace, car park improvements, lighting, leasing, family area, identification and VM presentation, Shopping Centre upgrades, amenities, and improved customer touchpoints. While the upgrade was done a few years ago now it certainly massive improvement to the outdated 30 year old centre that Boom had the privilege reviewing and offering design suggestions to improve shopping experience and sales within the centre. Massive sales growth was achieved as reported to Boom. 33,452 square metre centre Anchored by Woolworths, Big W, Tony & Marks, Drakes Supermarket and over 100 specialty tenancies. Need your property reviewed for strategic planning 2025 or reviewed for better sales performance? contact Boom Retail. #RetailTransformation #ShoppingCentreDesign #RetailInnovation #CustomerExperience #AdelaideRetail #BoomRetailSuccess ##ChallengerInvestments #TonyandMark #TheGroveShoppingCentre #BoomRetail #MarketingShoppingCentres #retaildesign #sales #leasinggrowth #ISSC #Propertyinvestment #salesperformance #customerbehaviour #QIC #ChallengerInvestments #Stockland #SCentre #EcononmicdevelopmentAdelaide #BNE #Mirvac #Haben #JLL #Exceed

www.cpgconnect.ca/news: New York’s Upper Fifth Avenue has lost its long-held crown as the world’s most expensive street in retail. Via Montenapoleone in Milan is the most expensive retail destination in the world, according to the 34th edition of Cushman & Wakefield’s “Main Streets Across the World” report, which focuses on headline rents in 138 best-in-class urban retail locations across the globe. It is the first time a European street has topped the global rankings. https://lnkd.in/gQCeuqw4 www.cpgconnect.ca/news follows Consumer Goods and Retail News.  To stay current, you can create News Alerts by Category. Membership is free. #FifthAvenue #CPG #ConsumerGoods #FMCG #FastMovingConsumerGoods #Retail #News #CPGConnectNews

Demand for retail space in London has risen 25% year on year with 356 active store requirements in the first quarter, new research by property agent Colliers has shown. Read more here. #retail #retailnews #London #property

www.cpgconnect.ca/news: New York’s Upper Fifth Avenue has lost its long-held crown as the world’s most expensive street in retail. Via Montenapoleone in Milan is the most expensive retail destination in the world, according to the 34th edition of Cushman & Wakefield’s “Main Streets Across the World” report, which focuses on headline rents in 138 best-in-class urban retail locations across the globe. It is the first time a European street has topped the global rankings. https://lnkd.in/gzWcZtWB www.cpgconnect.ca/news follows Consumer Goods and Retail News.  To stay current, you can create News Alerts by Category. Membership is free. #FifthAvenue #CPG #ConsumerGoods #FMCG #FastMovingConsumerGoods #Retail #News #CPGConnectNews

www.cpgconnect.ca/news: New York’s Upper Fifth Avenue has lost its long-held crown as the world’s most expensive street in retail. Via Montenapoleone in Milan is the most expensive retail destination in the world, according to the 34th edition of Cushman & Wakefield’s “Main Streets Across the World” report, which focuses on headline rents in 138 best-in-class urban retail locations across the globe. It is the first time a European street has topped the global rankings. https://lnkd.in/gsUxjacc www.cpgconnect.ca/news follows Consumer Goods and Retail News.  To stay current, you can create News Alerts by Category. Membership is free. #FifthAvenue #CPG #ConsumerGoods #FMCG #FastMovingConsumerGoods #Retail #News #CPGConnectNews

www.cpgconnect.ca/news: New York’s Upper Fifth Avenue has lost its long-held crown as the world’s most expensive street in retail. Via Montenapoleone in Milan is the most expensive retail destination in the world, according to the 34th edition of Cushman & Wakefield’s “Main Streets Across the World” report, which focuses on headline rents in 138 best-in-class urban retail locations across the globe. It is the first time a European street has topped the global rankings. https://lnkd.in/gWSRZnWW www.cpgconnect.ca/news follows Consumer Goods and Retail News.  To stay current, you can create News Alerts by Category. Membership is free. #FifthAvenue #CPG #ConsumerGoods #FMCG #FastMovingConsumerGoods #Retail #News #CPGConnectNews

How Hudson Yards New York Defied Its Haters and Became New York’s Top Mall. Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn’t help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists. At the time, the newly opened development was New York’s favourite punching bag. The media characterised the gleaming glass towers and the multi-million-dollar condos and retail they contained as a soulless playground for billionaires. The Shops at Hudson Yards came in for particular scorn, its grey interiors and echoing corridors of French luxury #boutiques likened to something you’d find in Las Vegas or Dubai. Despite a bumpy debut, Hudson Yards has become a top shopping destination. Last year, average monthly visits increased 19 percent year-on-year, far outpacing growth at other top malls, such as Bal Harbour Shops in Florida and the Mall of America in Minnesota, according to Placer.ai. In March 2024, the mall saw 661,000 visitors, edging out The Grove in Los Angeles. Retailers say the visitor mix today is a balance among local residents, both American and international tourists, and the office workers who occupy the more than 7 million square feet of commercial real estate at the development. Tenants also agree a key component of Hudson Yards’ success is a constant sense of newness, particularly in food and beverage — a major driver of repeat visitors in retail. Is retail coming alive again? #retailbusiness #nyc #hudsonyards #newyorkcity #luxuryboutique #luxuryfashion #nyceats #womenswear #tocca #blackcaviarfashion

While traditional formats might be waning, there is hope that high streets can evolve into spaces incorporating retail with lifestyle and local services, aiming to become community hubs rather than just shopping centres. This evolution requires retailers, government, and consumers to adapt to a more integrated retail experience that values local, unique, and experiential commerce and community (social, health, education) services. #highstreet #retail #community #commerce