First Brooks Brothers moves out, then Uniqlo moves in and there goes the neighborhood? It’s a question. Fifth Avenue, synonomous with sophisticates and upscale shopping, seems to have taken an economic beating that’s changing it’s landscape.
Uniqlo had been eyeing the 30,000 square foot vacancy left by Brooks Brothers since last summer. This week the company announced plans to take over the space in the world’s most expensive retail district, paying “a record $300 million in rent over 15 years.”
Uniqlo is Japan’s largest apparel retailer, popular amongst frugal fashionistas looking for affordable fashion. However, affordable and Fifth Avenue have never gone together. So what’s happening on Fifth Avenue? What does it mean for luxury and specialty retail? Tiffany & Co. is holding with their iconic flagship store on the famed retail row, but another high-end retailer, Takashimiya Co., is closing their Fifth Avenue location in June. Wall Street Journal ran a very telling article on the impact of Japan’s changing consumer tastes on their Ginza shopping district. So is Rodeo Drive next?
