Here’s a bit of interesting retail news we came across in the Los Angeles Business Journal.
Apparently Rodeo Drive is lower on the list of high rent shopping streets than you’d think. The LABJ reports that the posh Beverly Hills thoroughfare averages $500 a square foot, placing it 20th on a world list topped by New York’s Madison Avenue, which averages $1,700 per square foot.
The story is based on findings by brokerage firm Cushman & Wakefield, who say that retail rents have declined in 147 locations worldwide–the most since their annual survey was first published in 1986.
Overall, retail rents in the U.S. dropped by 12 percent.
Now if only the price tags reflected that decrease in real estate value…
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