Lincoln Road in Miami is still one of the best shopping streets in the world.

Miami's Lincoln Road remains the fourth most expensive retail street in the Americas, according to Cushman & Wakefield's newest Main Routes Across the World survey, which examines 462 of the world's top retail streets and ranks them by their prime rental value. These rents were similar to those reported a year ago. Cvs pharmacy

 

The 28th edition of the report also contains a listing of the 71 most expensive streets in the world, one for each country. According to this year's research, rental gains were seen on 36% of all streets studied.

 

"Both taking rents and demand from global stores have been steadily increasing on Lincoln Road," stated Senior Director Greg Masin. "While the street remains a highly relevant and vital touch point for the merchant with the client, businesses are under pressure to reduce fixed costs and re-evaluate business models and how they best engage the consumer."

 

"As a result, we've witnessed a slowing of transaction velocity on Lincoln Road, as well as a leveling, and in some cases lowering, of asking rents," Masin noted. "In the short term, we expect this tendency to continue."

 

Wall Street continues to put enormous pressure on publicly traded apparel retailers in the United States to become more efficient, which has meant closing underperforming locations, decreasing overheads, and boosting profits. This tendency has had an especially negative impact on the high street and mall sectors in the United States, and it is expected to continue in 2017. There has also been a slowdown of demand from worldwide brands searching for flagship space in New York, with the few newcomers being exceedingly cautious in their site choices.

 

"The Americas region has benefited from solid consumer spending that has been sustained by solid employment and decreasing energy prices throughout 2016," stated Gene Spiegelman, Vice Chairman, Head of Retail Services, North America at Cushman & Wakefield. "This has been a consistent trend since 2015, and we expect it to continue in 2017."

 

"For 2017 and beyond, the broader question will be the unrelenting balance of sales origination - bricks and mortar against e-commerce," Spiegelman noted. "Global brands seeking tangible connections with consumers will continue to benefit the urban retail sector, while enclosed malls and open air shopping centers will face increasing pressure to improve their shopping experiences and differentiate their market positions in order to maintain competitiveness in the ongoing advancement of the 'bricks and clicks' model."

 

According to Cushman & Wakefield, New York's Upper 5th Avenue remains the world's most expensive retail strip, just ahead of Hong Kong's Causeway Bay, but rental values in both have declined as firms balance the demands of physical and online presences.

 

Upper 5th Avenue and Causeway Bay are both more than twice as costly as the top street in any other country, with yearly rents per square foot falling for the first time since the financial crisis.

 

Third place goes to Paris' Avenue des Champs-Élysées, with annual rates of $1,368 per square foot; fourth place goes to London's New Bond Street ($1,283); and fifth place goes to Tokyo's Ginza, with yearly rates of $1,249. The only other upward mover in the top 10 was Seoul's Myeongdong, which rose one spot to eighth.