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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.
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Santa Monica Place launches gift card program that benefits schools
Open-air shopping destination Santa Monica (Calif.) Place has launched a new gift card partnership to benefit local public schools. One dollar from the purchase fee for every Santa Monica Place Gift Card and GIVE Green Gift Card sold at the center will go to the Santa Monica-Malibu Education Foundation.