After several years of soul searching during the Great Recession, "conspicuous consumption has made a resounding return to Madison Avenue." But, as Eric Wilson discovered, a new Avenue has emerged.
With a former reputation as the "world's most insular shopping mall," the arrival of younger "downtown" brands and their customer to what "at its core, is a local shopping district" for one of the wealthiest neighborhoods in the world has been a shock, albeit a mostly welcome one, for the famous fashion street.
According to Wilson, "Nearly 50 stores have opened in the last 18 months, including a diverse
mix of European luxury labels (Céline and Bottega Veneta), contemporary
brands (Vince, Zadig & Voltaire, Rebecca Taylor, Alice + Olivia,
Theory and Rag & Bone) and hipper American designers (Proenza
Schouler and, coming soon, Monique Lhuillier)."
When the recession struck, rents on the avenue dropped to between $600-$800 a square foot and dozens of vacancies opened. After only three years, "landlords once again are asking (asking, mind you) for rents of $1,500 a square foot, higher than before the recession," notes Wilson.
Read the full story: Downtown Comes Uptown
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City of Rosemead
Rutgers University, Edward J. Bloustein School of Planning and Public Policy
One Hundred Miles
Hunter College, City University of New York (CUNY)
The Architects Foundation
University of Cincinnati Online
City of Cambridge
Montrose County
The Pocatello Development Authority