The race to acquire luxury real estate is getting hotter as Chanel and Louis Vuitton are bidding for the same building in Manhattan’s prestigious Fifth Avenue retail area.
As top-tier luxury brands vie for their space in the world’s most iconic shopping corridors, the building at 745 Fifth Ave and 58th Street is a most prestige location and according to Bloomberg has both companies interested in its acquisition.
The pursuit of properties along Manhattan's Fifth Avenue underscores the intensifying competition among global luxury retailers seeking to establish ownership in the US market and New York as a lucrative shopping destination.
Earlier this year, Kering SA acquired a property at 715-717 Fifth Ave. for a staggering 963 million dollars and Prada recently purchased the flagship store at 724 Fifth Avenue for 425 million dollars that it previously had been leasing.
Beyond the confines of New York City, luxury retailers are extending their property investments worldwide. Earlier this month Kering acquired Milan’s most expensive property for 1.3 billion euros, after also making notable acquisitions in Tokyo and Paris. This signals a broader trend of global property acquisitions within the luxury retail sector and shows no signs of slowing down.
http://dlvr.it/T5HW0t
No comments:
Post a Comment