Even the most elite luxury strips worldwide see rents fall

05/15/2009 | Bloomberg

Rents on the world's most expensive retail corridor, New York's Fifth Avenue, fell 15% in the first quarter, as landlords endured even more dramatic losses of revenue from the Champs Elysees in Paris, London's Bond Street and Madison Avenue in Manhattan, according to Colliers International. "Survival will be the name of the game in 2009," said the chairman of Colliers Retail Services Group, Pat Duffy.

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