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Retailers turn in mixed results for May; Costco, Macy’s and Saks shine
New York City -- A sluggish economy, cool weather and high prices at the pump tempered retail sales in May, as retailers reported mixed results for the month. Retail Metrics projected an increase of 5.1% for the 25 chains tracked, which would mark the 21st straight monthly gain from September 2009.
Among the May standouts was Costco Wholesale Corp., with a 13% rise in same-store sales. Analysts were expecting an 11.2% increase. However, without gasoline sales and beneficial foreign exchange rates, Costco’s same-store sales would have been 7%.
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New York City’s Fifth Avenue has world’s highest retail rent rates
New York City -- New York City remains the world’s most expensive retail destination as retailers focus on the major fashion capitals pushing global rents in prime locations even higher, according to the latest CB Richard Ellis (CBRE) Global Retail MarketView.
The average rent for space along Fifth Avenue from 49th Street up to 59th Street hit $1,900 per square foot in the first quarter. Hong Kong and Sydney came in second and third place in the rankings, with average per-square-foot rents of $1,697 and $1,301, respectively.
