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Hong Kong, New York are world’s most expensive retail destinations

BY Katherine Boccaccio

Los Angeles — A report released Tuesday by CBRE Group found that Hong Kong and New York City rank number one and two as the world’s most expensive prime retail markets.

According to the company’s third quarter 2012 MarketView report, global retail prime rents remain high in key gateway markets due to strong flows of international tourists seeking luxury products. Hong Kong and New York City recorded significant rises in prime retail rents during the third quarter of 2012, while the next tier — Tokyo, Sydney and London – held steady, according to the research.

U.S. gateway markets have benefited from strong tourism demand and have also recorded significant rises in prime rents. Gains were witnessed particularly in New York City, where rents on Fifth Avenue increased 17% quarter-over-quarter. International retailers are seeking flagship store space, where consumers and tourists spend liberally on luxury goods and services. As such, demand for scarce prime space remains high. 



“We are continuing to see strong demand and price velocity on the very best retail corridors in gateway cities, particularly in Manhattan, where every brand must be located in order to legitimately claim a ‘global’ identity,” said Anthony Buono, executive managing director, Americas Retail Services, CBRE. “Fifth Avenue, Madison Avenue, Times Square and to an increasing extent, Soho and Meatpacking districts, are destinations for global shoppers. However, core rents are reaching new heights and retailers are compelled to reach new heights to acquire space.”

The global prime retail market proved resilient in third quarter 2012 with the CBRE Global Retail Rent Index increasing on a quarterly basis by 2.0% and by 7.3% year-over-year. Global retailer activity remains polarized with prime retail corridor space in the best markets experiencing the greatest retailer demand. International entertainment, restaurants and fast-fashion brands actively sought prime retail space as they pursue long-term expansion strategies, while still maintaining a cautious eye on global growth and softening retail indicators, found CBRE. 



Hong Kong, which is firmly cemented at the top spot, has garnered increasing interest from fast-fashion retailers seeking expansion opportunities throughout its shopping malls.

“Hong Kong and other Asia Pacific markets have benefited from international retailers – particularly fast-fashion, cosmetics, jewelry watch, and mid-range fashion retailers — aggressively seeking prime locations across the region,” said Ray Torto, global chief economist, CBRE.

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Dillard’s to settle EEOC suit for $2 million

BY Katherine Boccaccio

Chicago — A report on Tuesday by the U.S. Equal Employment Opportunity Commission revealed that Dillard’s Inc. will pay $2 million to settle a class-action disability discrimination lawsuit.

The department store retailer will also have to “commit to extensive, company-wide injunctive relief,” according to the EEOC.

Dillard’s was accused of having a policy of forcing employees to disclose personal medical information to get approval for sick leave. The EEOC also held that Dillard’s also terminated employees for being out longer than the maximum amount of time they were allowed by the company, a violation of the Americans with Disabilities Act.

The suit dates to 2008 and a federal district court had held the medical-disclosure policy to be discriminatory under the law.

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J.Iris says:
Mar-18-2013 06:14 am

Discrimination is an issue that companies just can't ignore. This manner is unacceptable and should not be allowed in a working place. - Michael Courouleau

J.Iris says:
Mar-18-2013 06:14 am

Discrimination is an issue that companies just can't ignore. This manner is unacceptable and should not be allowed in a working place. - Michael Courouleau

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Capital One survey: Holiday shoppers buying with cash, debit

BY Katherine Boccaccio

Wilmington, Del. — Survey results released Tuesday by ING Direct – to be rebranded Capital One 360 in 2013 – found that most Americans are purchasing holiday gifts with cash or debit cards this year.

The fourth annual holiday shopping survey found that more than three out of four Americans are purchasing gifts with cash or a debit card this year and more than three out of five (63%) are spending the same on holiday gifts as they did last year.

The survey also found that, as New Year’s resolution time approaches, 70% of Americans ages 18 to 34 say they will start saving more in 2013. Overall, 49% of respondents are going to kick-start savings plans.

"This year’s holiday shopper is taking the smartest approach to gift buying by sticking to what they can afford and positioning themselves for a worry-free start to 2013," said Jim Kelly, head of Direct Bank, Capital One.

According to respondents who are making financial resolutions, 38% plan on investing more for retirement and 33% will reduce or eliminate credit card debt in 2013.

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D.Peyton says:
Dec-19-2012 06:07 am

Great recession has taught many of our fellows to save more. Those who are on a tight budget can save more by shopping this holiday season because retailers get the most aggressive during this season. They are offering all sorts of incentives to lure customers away from competitors. One such strategy is price matching, in which a retailer will recognize the advertised costs from other merchants. However, customers need to be cautious and read the "fine print." Read more here: Price matching can save you big, but be careful.

D.Peyton says:
Dec-19-2012 06:07 am

Great recession has taught many of our fellows to save more. Those who are on a tight budget can save more by shopping this holiday season because retailers get the most aggressive during this season. They are offering all sorts of incentives to lure customers away from competitors. One such strategy is price matching, in which a retailer will recognize the advertised costs from other merchants. However, customers need to be cautious and read the "fine print." Read more here: Price matching can save you big, but be careful.

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