New York: meeting place for fashion, fund and finance

Real Estate Weekly, June 26, 1996 by Faith Hope Consolo

In recent years, Fifth Avenue has undergone a complete renaissance. Fifth Avenue still has key fashion addresses, but now the street has mass appeal with something for everyone.

This combination is working very well, and now the street possesses a strong retail spirit.

Mickey, Goofy and Nike are warmly welcomed by the likes of Bendels and Bergdorf.

Uniquely, the corridor changes complexion every ten blocks or so and, more and more, is resembling Europe. Fifth Avenue has something for everyone including fine jewelers, luxury labels, American and European designers, toys, books, records, computers and so on. There is haute couture, avant-garde, young chic, serious fashion, and old money. At each juncture, the area could be almost a twin of a retail district in Europe.

In Europe, there are particular retail districts that have their own special flair - International big names, American big names and major department stores. In most instances, they could be in direct correlation to blocks of Fifth Avenue.

That said, lees walk down Fifth Avenue from 57th Street to the Flatiron District ending at Rond Point to see how the areas compare with Europe.

On 57th Street, this well-known corner is anchored by Bergdorf Goodman Burgdoff and Tiffany. The roundup of new shops on the Avenue includes Piaget, Revillon, Disney, and expanded St. John Knits, a new Ferragamo Flagship, the "Versace" Palace and Armani A/X.

In Europe, this compares to several areas including Faubourg in Paris, Bond Street in London, Via Condotti in Rome, Francesc Macia in Barcelona and Konigsallee in Dusseldorf.

The area South of Saks (SOS) very much resembles Knightsbridge in London, the Passeq de Gracia in Barcelona meeting at the Golden Triangle of Montenapoleone et Duomo. This section of Fifth Avenue includes the renovation of the former Scribners Building at 48th Street by Benetton which will become the company's flagship store. Benetton is truly an international retailer, with more than eight thousand shops worldwide. Remember the global ad, "The United Colors of Benetton"?

Entertainment and excitement in this corridor will now include The Wiz which has taken over the former Wallachs store that is located directly across the street from the mega record and video store from London, HMV.

Now we travel below 42nd Street route to 34th Street, one of the hottest retail destinations anywhere. Home to the New York Public Library and Lord & Taylor thousands of shoppers pass along this street everyday. Retailers here include The Body Shop, Barnes & Noble, Comp USA, Computer Warehouse and expanded Data Vision, 9 West, GNC, The NY Yankees Clubhouse and at the site of the former B. Alunan's is now the new Business & Science Center. This area is distinctly reminiscent of the Champs Elysees in Paris and Regent Street in London.

Now we skip to the fashionable Flatiron District, "ala Rond Point", an area with a very continental atmosphere. Activity is brisk here with the construction underway of the Limited Ekpress together with Bath and Body Works. Already in place is Aveda and Sunglass Hut. Coming soon will be a Cosmetics Plus Superstore and Club Monaco. J. Crew is moving next door to the Banana Republic - which is across from old-money retailers Paul Smith, Armani, Joan & David and Bebe - similar to Germany's fashion center, Cologne and Italy's Milan which is all about style.

Return to Main Street-Fifth Avenue has location, image and the best known address anywhere in the world.

Garrick.Aug's Faith Hope Consolo can now be seen on the Internet, including the popular retail column, "The Faith Report," and listings with color photographs of storefronts and recent news articles on the retail market. Her home page is: http://www.-nyrealty.com:80/garrick.html. Her e-mail address is faith@garrick.com.

FAITH HOPE CONSOLO Senior Managing Director Garrick-Aug Worldwide