REAL ESTATE

The priciest retail corridor in the world — by a long shot
When it comes to retail rents, Manhattan’s Fifth Avenue is really in a class by itself.

Upper Fifth Avenue, between 49th and 60th streets, is the most expensive retail corridor in the world, with rents rising 3.6% to $3,500 per square foot through the first half of this year, according to an annual report from Cushman & Wakefield. (The top 10 streets are listed at end of article.)

Fifth Avenue rent was nearly double that of the second priciest corridor, Causeway Bay in Hong Kong, at $2,399 per square foot.
WP Glimcher CEO named to NAREIT 2016 executive board
Columbus, Ohio -- WP Glimcher announced CEO Michael P. Glimcher has been named to the National Association of Real Estate Investment Trust’s (NAREIT) 2016 executive board. Glimcher previously served as chair of NAREIT’s Audit/Investment committee.

Saks Fifth Avenue to offer retail, food and more in new stores in Canada

Saks Fifth Avenue is pulling out all the stops to make its two upcoming stores in Canada true destinations whose attractions extend beyond buying the latest fashions.

The company will open a163,000-sq.-ft. store at Toronto’s Eaton Centre at Queen Street on February 18, 2016, and a 150,000-sq.-ft. location at Sherway Gardens, also in Toronto, on February 25, 2016.
Report: Lululemon testing new in-store features

Lululemon Athletica has opened its largest store yet, an 11,500-sq.-ft. flagship in Manhattan. The store includes such new features as a 3,000-sq.-ft. community gathering space, called Hub Seventeen, and concierge services, reports New York Business Journal. [New York Business Journal]
Off-price store to make New York City debut

The off-price wars are heating up in New York City.

Saks Fifth Avenue will open its first Saks Off 5th outlet in New York City, in a 32-story office tower at 125 East 57th Street, in March 2016. The store will feature a lobby entrance at street level, which will access two lower level floors.

“The addition of a new Saks Off 5th store at this strategic location will be a dramatic game changer for 57th Street retail east of Park Avenue,” said Charles S. Cohen, president and CEO of Cohen Brothers Realty Corp., which owns the property.
Vestar promotes Jenny Cushing to VP of leasing

Phoenix -- Vestar announced it has promoted Jenny Cushing to VP of leasing. Based in firm's Phoenix headquarters, Cushing is responsible for the leasing efforts of assets throughout California, Arizona & Nevada.
Retail Road Trip: Top 10 New Stores, New York City

The influx of new retail into New York City, from brands both familiar and ones new to our shores, continued unabated in 2015. Everyone has their favorites. Here are mine:

Flying Tiger
The North Face continues in-store foray into virtual reality

Shoppers in select North Face stores will be able to experience winter in Nepal up close and personal.

The retailer, in collaboration with Jaunt Studios, a leading supplier of fully-immersive cinematic virtual reality experiences, is launching a new VR experience titled “The North Face: Nepal.” The content will be available for all smartphone users, and in the company’s stores in San Francisco, New York, and the brand’s new Regent Street location in London.
Retail Properties of America acquires center in the Washington, D.C./Baltimore corridor

Towson, Md. -- Retail Properties of America announced it acquired Towson Square located in Towson, Maryland. The property was purchased for $39.7 million. Towson Square is a new development that opened in 2014 and is currently 96.6% occupied.
California grocery chain to acquire 6 Haggen stores

Gelson's Markets has won final approval to buy six Haggen properties in Southern California.