Fifth Avenue news and archive

New York mayor confirms 400 million dollar investment to pedestrianise Fifth Avenue

Fifth Avenue is to undergo a major transformation. Mayor Eric Adams has confirmed that New York City’s iconic shopping street is to receive an investment totalling 400 million dollars to fund plans to pedestrianise the boulevard. While an initial 152.7 million dollar investment had first been announced in December under the Future of Fifth...

Retail

Prada buys New York Fifth Avenue store building for 425 million dollars

Prada has completed the purchase of a building on Fifth Avenue for 425 million dollars, a move signaling its transition from leasing the five-story boutique at 724 Fifth Avenue, which it has done since 1997. The acquisition aligns with Prada's strategic vision to focus on the US market where its sales have been less than robust, emphasising the...

Retail

Louis Vuitton set to open new flagship on Fifth Avenue

As several luxury flagship locations keep popping up on New York’s Fifth Avenue, Louis Vuitton is the next in show, according to the New York Post. The retail hotspot has recently seen the opening of the new Tiffany flagship, and the building of the new 21-story Rolex headquarters is underway. In a similar fashion, the new Louis Vuitton flagship...

Retail

New York’s Fifth Avenue is the world’s most expensive retail street

New York’s Fifth Avenue has reclaimed its position as the world’s most expensive retail street. The data was released by global commercial real estate services firm Cushman & Wakefield, who said the average rents of 2,000 dollars per sq ft beat Hong Kong’s 1,436 dollars per sq ft and Milan’s via Montenapoleone at 1,380 dollars per sq ft. It is...

Retail

Mango to open flagship store on New York's Fifth Avenue

Spanish fashion retailer Mango is to open a flagship store on New York’s iconic Fifth Avenue in the first half of 2022, bringing its total number of US stores to nine. Located in Plaza District, in the Grande Dame building, the store will have a selling space of close to 2,100 square meters and will carry the retailer’s women’s, men’s and kid’s...

Retail

Valentino sues to close Fifth Avenue store

Valentino is suing the landlord of its Fifth Avenue store in an attempt to terminate their lease. Valentino says that the FIfth Avenue location is no longer prime retail space due to the coronavirus pandemic. In March when New York City went on lockdown, Valentino's four-story flagship store closed like all non-essential businesses. During the...