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New York City second to Hong Kong in world’s highest retail rents
Los Angeles -- CBRE Group released research findings on Tuesday that showed Hong Kong’s continued top position as the world’s most expensive global retail market, recording prime rents nearly 150% higher than New York City.
London ranked third, with prime rental rates 400% lower than Hong Kong’s.
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Cache loss widens in Q1
New York -- Cache reported Tuesday a loss of $18.5 million for the first quarter, widened from a loss of $1.2 million in the same quarter last year. An income tax provision of $10.2 million and employee separation costs were cited as reasons for the worsened performance.
Revenue declined 5% percent to $53.5 million from $56 million, and same-store sales dipped 1.5%.