Landlords marketing to premium retailers are finding it harder to lease out properties that would once attract top dollar brands. As the retail industry continues to shift, the vacancies in many malls and shopping outlets continue to increase.
The properties located in common luxury markets are no longer insolated from the issues facing the broader industry. In NYC, the famed Fifth Avenue is losing its attractiveness, despite being in the largest city in the United States.
People can buy many luxury brands and products via online channels without the hassle associated with parking, traffic, and other shoppers.