The trend: More non-luxury retailers are buying up prime property on New York City’s Fifth Avenue to guarantee their spots in a highly trafficked, premier retail corridor.
- Uniqlo agreed to purchase its 90,732-square-foot Fifth Avenue flagship for $350 million in August.
- Ikea’s real estate arm Ingka Investments invested $400 million in a Fifth Avenue development. The deal guarantees it a one-third stake in the soon-to-be-built office tower and ownership of the 80,000-square-foot retail space on the ground floor.