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September 23, 2009

According to a Bloomberg report, retail prices have fallen at the world’s priciest retail destinations by the largest amount in 24 years. Fifth Avenue, in New York’s Manhattan, kept its #1 world-wide ranking even though rents there fell 8.1% for the year ending June 2009.

Manhattan’s Fifth Avenue ranked as the world’s most expensive retail address for the eighth straight year, even as annual rents dropped 8.1 percent in the 12 months through June, to $1,700 a square foot, the New York-based company said today in a report. Rents in Hong Kong’s Causeway Bay declined 15 percent to $1,525. On the Avenue des Champs-Elysees in Paris, they were little changed at $1,009.

“The last 12 months have been one of the most difficult periods ever for the retail sector,” John Strachan, global head of retail at Cushman & Wakefield, said in an e-mailed statement. “The impact has been much more significant as the full impact of the downturn has been realized.”

According to Cushman & Wakefield, the average rent in 274 shopping streets monitored across 60 countries by fell 23 percent to $213 a square foot from $276 a square foot a year earlier. Yikes.

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