Find in the news:
BY COUNTRY

Prada invests $425 million in iconic Fifth Avenue property



Italian fashion house has sealed a deal to acquire the building housing its flagship store.
nils-schirmer-FEcNmIfoaSE-unsplash.jpg

Italian fashion house Prada SpA has sealed a deal to acquire the building housing its flagship store on the Fifth Avenue in New York, one of the world's premier shopping streets. The transaction, totaling $425 million, reflects Prada's confidence in the unwavering demand from American consumers, undeterred by inflation and high borrowing costs.

A landmark investment on Fifth Avenue

Prada has leased its store in the 12-story building located at 724 Fifth Avenue since 1997, as stated in Wednesday's stock exchange announcement. The company emphasized the high strategic value of the property, especially following increased investments in residential, hospitality, and retail sectors in the area. The group intends to continue utilizing the space for its store, offices, and warehouse.

Resilient US retail landscape

Despite global economic slowdown concerns, retail sales in the US have shown unexpected growth in November, reaching the highest level since April 2022. While analysts anticipate a slight slowdown in growth rates in 2024 due to household savings reduction and worsening credit conditions, the country's expenditures remain robust compared to China. The real estate market crisis in China has led consumers to tighten their belts, with Chinese buyers increasingly favoring spending on experiences like food and beverages rather than luxury handbags.

Prada's performance and industry dynamics

Prada experienced a slowdown in sales in the third quarter, with net revenue falling short of analysts' expectations at 1.11 billion euros (1.18 billion dollars). The sales growth of the Prada brand, constituting over 80% of total sales, decelerated to 5% in the quarter compared to 15% in the previous one.

More about shopping malls in the USA



DAY BEFORE YESTERDAY, China:
Located in Plaza 66’s west gate atrium, the Shanghai boutique is Manolo Blahnik’s 20th global store.
Nov 7, 2024, USA:
Trinny London brings personalized beauty experience to New York with Soho pop-up
Nov 6, 2024, Canada:
Brand brings immersive sports retail experience to Vancouver’s iconic Robson Street.
Nov 6, 2024, China:
Luxury brand looks to China’s market resurgence to drive its own growth.
Nov 5, 2024, Canada:
Over five days, Shein will give away 10,000 presents, including home décor, accessories, and apparel.
Nov 1, 2024, USA:
Louis Vuitton opens dog-friendly 'Dog LVERS' pop-up in NYC's Soho.
Friend
and Follow
Charlotte Premium Outlets GLA:400 000 SF
ADDRESS: 5404 New Fashion Way Suite 100, Charlotte, NC 28278
USA . Charlotte
Charlotte Premium Outlets
Asheville Outlets GLA:325 000 SF
ADDRESS: 800 Brevard Road, Asheville, NC 28806
USA . Asheville
Asheville Outlets
Optimum Outlet GLA:421 127 SF
ADDRESS: ve Eglence Merkezi | Istiklal Sokak No.2/B Yenisahra/Atasehir
Turkey . Istanbul
Optimum Outlet
Dolphin mall GLA:1 400 000 SF
ADDRESS: 11401 N.W. 12th Street Miami, FL 33172
USA . Miami
Dolphin mall


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us