Prime retail-property rents increase in fashion hubs
Retailers in London, Hong Kong, New York and other major fashion capitals are optimistic that consumers will continue spending as retail-property rents increase. "It is easy to assume that falling consumer confidence and financial-market turmoil across the globe are striking all retail stores, but the CBRE survey together with sale figures from retailers is showing that we have a barbell market," said Ray Torto, chief global economist at property consultant CBRE. "Our analysis indicates that the upper end is holding up well, and the same is true for lower-end, nondiscretionary retailers." Guardian (London), The/Reuters (19 Nov.)