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1、U.S.&CanadaDecember 2024RLuxury retailers and experiential concepts embrace prime urban corridorsCity Retail 2025 JONES LANG LASALLE IP,INC.2024Table of contents2City Retail 2025 02Experiential tenants target local corridors16Retail hubs see an influx of international luxury060103From tried-and-true

2、 dining to novel and unique21Core urban corridors see new redevelopment2604Urban retail investment surges3605 JONES LANG LASALLE IP,INC.2024IntroductionCity Retail 2025 3A prime urban corridor is a nationally recognized shopping district distinguished by its mix of high street,national and internati

3、onal tenants.Typically named for the most notable retail street within the corridor,these shopping districts have boundaries that were carefully drawn to include the most prominent retail spaces and occurring and potential retail sprawl within these areas of focus.For this report,in addition to defi

4、ning prime urban corridors in North America,we have also selected emerging urban corridors that are organically developing into prime destinations.These corridors feature a mix of local retailers and restaurants along with a growing presence of national brands.JONES LANG LASALLE IP,INC.2024City Reta

5、il 2025 4VancouverRobson StreetWest 4th StreetSan FranciscoUnion SquareFillmoreHayes ValleyThe MarinaLos AngelesBeverly Hills TriangleMelroseThird Street PromenadeAbbot KinneyChicagoMichigan AvenueGold CoastFulton MarketMontrealSainte-Catherine StreetBostonNewbury StreetSeaport DistrictMiamiLincoln

6、RoadDesign DistrictTorontoBloor StreetQueen Street WestNYCFifth AvenueMadison AvenueTimes SquareSoHoUnion SquareMeatpacking DistrictWashington,D.C.M Street14th StreetPhiladelphiaWalnut StreetMarket East JONES LANG LASALLE IP,INC.2024Key findingsCity Retail 2025 51We surveyed more than 30 prime urban

7、 retail corridors,interviewed retail teams in 11 major U.S.and Canadian markets,and identified more than 380 notable new store opening announcements in the past 12 months,of which 54 percent were apparel and accessories,23 percent dining,and 9 percent specialty.5Core prime urban corridors are improv

8、ing infrastructure to enhance the shopping experience through pedestrianization,transit improvements,and sports entertainment.While high-paying international tourism hasnt yet returned,mega-developments are elevating the appeal of luxury corridors in Miami and Toronto.2Prime urban retail corridors a

9、cross North America are shifting toward variety and non-traditional concepts.Almost half of apparel is luxury and luxury lite.SoHo in New York leads as the most active corridor,while Madison Avenue and the Beverly Hills Triangle maintain their luxury status while embracing new concepts.3Local and do

10、mestic retail corridors are gaining momentum.Benefiting from strong local economies and changing consumer habits,D.C.s Georgetown,Philadelphias Walnut Street,and Bostons Seaport District are attracting high-end,fitness,and experiential concepts.4D.C.and Philadelphia lead the way in new dining openin

11、gs.Specialty dessert chains are expanding,while different dining styles are entering major U.S.markets.Now,unique dining experiences engage guests and extend their time in retail areas.6New investor interest has driven a surge in U.S.urban retail investment,with sales transaction volumes reaching$2.

12、4 billion and representing a five-year high.JONES LANG LASALLE IP,INC.20246Retail hubs see an influx of international luxury01City Retail 20256 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024City Retail 2025 7SoHo in New York City remains a prime destination for diverse international a

13、pparel and accessories brandsSoHo saw the most tenant activity of any prime urban retail corridor in North America,with the highest number of openings of diverse apparel and accessory concepts,cementing its status as a premier global shopping destination.Leveraging SoHos branding and post-pandemic f

14、ootfall surge,an influx of U.S.and international concepts first-to-market names,streetwear labels,and contemporary fashion brands alongside luxury and accessible luxury retailers have kept vacancy low in the corridor.U.K.retailers have shown particular interest in SoHo as their entry point to the U.

15、S.or New York market.These include contemporary fashion Varley,luggage store Antler,and eyewear seller Cubitts,also expanding retailers such as contemporary fashion seller Me&EM and eyewear brand Cutler and Gross.SoHo has also embraced fast fashion.Japanese clothing retailer GU a sister brand of Uni

16、qloopened its first overseas flagship this September,offering womens and mens clothing on two floors.H&M also returned to SoHo in early 2024 with a 10,000-sq store,introducing a new concept that includes a shop-in-shop with curated second-hand pieces.JONES LANG LASALLE IP,INC.2024City Retail 20258So

17、Ho retail boom welcomes diverse trendsTrendBrandType of Apparel/AccessoriesNationalityAdditional InformationLuxury expansionValentinoLuxury fashionItalianReturn to SoHo with new conceptCartierLuxury jewelry and watchesFrenchThird NYC storeFrereLuxury fashionAmericanNew store,LVMH alum-ledInternation

18、al brands entering U.S.or NYC marketsAxel ArigatoContemporary sneakers and apparelSwedishFirst U.S.flagshipBared FootwearFootwearAustralianFirst outside AustraliaScotch&SodaContemporary fashionDutchFirst NYC storeChimiEyewearSwedishFirst U.S.FlagshipBritish brands expansionVarleyActivewearBritishFir

19、st U.S.storeCubittsEyewearBritishFirst international storeAntlerLuggageBritishFirst U.S.storeCutler and GrossLuxury eyewearBritishRelocated/expandedMe+EMContemporary womens wearBritishSecond NY storeContemporary fashion growthBa&shContemporary womens wearFrenchNorth American flagshipZimmermannLuxury

20、 womens wearAustralianRelocated flagshipJacquemusContemporary fashionFrenchFirst U.S.storeStreetwear and activewear focusKithStreetwearAmericanFirst women-exclusive flagshipPurple BrandStreetwearAmericanFirst physical storeArcteryxTechnical outerwearCanadianLargest flagship to dateDigital natives go

21、ing physicalGuizioContemporary womens wearAmericanFirst-ever flagshipThumaHome furnishingsAmericanFirst physical flagshipPerfect MomentLuxury skiwearBritishFirst physical store JONES LANG LASALLE IP,INC.20249International brands expand strategicallyInternational retailers,especially from the U.K.,Au

22、stralia,and Japan,have leveraged key U.S.retail corridors to establish physical stores to achieve omnichannel success,boost direct sales,and capitalize on the U.S.s resilient consumer spending.City Retail 2025 JONES LANG LASALLE IP,INC.20249 JONES LANG LASALLE IP,INC.2024City Retail 202510Notable ex

23、panding retailersU.S.,Canada,and AustraliaRetailerNationalityCorridorMarketAlo YogaAmericanNewbury StBostonWalnut StPhiladelphiaMichigan AveChicagoSainte-Catherine StMontralVuoriAmericanSouthportChicagoWalnut StPhiladelphiaUnion SquareNew York ArcteryxCanadianSoHoNew York SouthportChicagoBloor StTor

24、ontoAritziaCanadianWalnut StPhiladelphiaMichigan AveChicagoAesopAustralianFifth AvenueNew York Beverly Hills TriangleLos AngelesRetailerNationalityCorridorMarketH&MSwedishNewbury StBostonSoHoNew York Michigan AveChicagoMe+EMBritishMadison AveNew York SoHoNew York BalenciagaSpanishSoHoNew York Oak St

25、ChicagoBirkenstockGermanDesign DistictMiamiNewbury StBostonIWC SchaffhausenSwissMadison AveNew York Newbury StBostonCartierFrenchSoHoNew York Oak StChicagoAdidasGermanMelroseLos AngelesRobson StVancouverJD SportsBritishWalnut StPhiladelphiaThird Street PromenadeLos AngelesEurope JONES LANG LASALLE I

26、P,INC.2024Madison Avenue innovates beyond traditional luxuryCity Retail 202511Non-traditional luxury brands opening on Madison AvenueMadison Avenue in New York continues to innovate beyond traditional concepts,cementing its status as the premier destination for luxury retail.Over the past 12 months,

27、Madison Avenue has brought in more luxury concepts than any other corridor in North America.In tune with a broadening perception of luxury,Madison Avenue has recently welcomed non-traditional luxury concepts,reflecting a consumer shift toward more subtle positioning and unique and specialized produc

28、ts.Challenging traditional notions of luxury by offering functional and stylish outerwear,Italian luxury outerwear Herno opened its second store in New York City this October,near Balenciaga.Still,established European luxury brands continue to make their marks.This fall Giorgio Armani Residences ope

29、ned on Madison,including clothing on the ground and second floors and lifestyle home furnishing(Armani/Casa)on the third.BrandCategoryDestreeApparel and accessoriesMe+EMApparel and accessoriesTotemeApparel and accessoriesHernoOuterwearSerapianApparel and accessoriesStubbs&WoottonFootwearAssoulineBoo

30、ks and lifestyle JONES LANG LASALLE IP,INC.2024City Retail 2025 12Luxury and high-end corridors on demandRetail space scarcity has backlogged store openings,especially in prime markets like NYCs luxury corridors at Fifth Avenue,SoHo,and Madison Avenue.Availability is low,often offering only function

31、al obsolescence in older buildings.Expanding retailers face challenges finding space in desirable areas,intensifying competition and further pushing up rents.In Los Angeles,this is particularly evident in areas such as the Beverly Hills Triangle,Melrose,and Third Street Promenade,as well as trendier

32、 corridors like Sunset Boulevard in Silver Lake,Ventura Boulevard in Studio City,and North Larchmont Boulevard.Luxury and high-end corridors where retail teams report challenges finding spaceCorridorMarketFifth Ave-UpperNew YorkFifth Ave-LowerNew YorkMadisonNew YorkSoHoNew YorkBeverly Hills Triangle

33、-Rodeo DriveLos AngelesBeverly Hills Triangle-North Beverly Los AngelesMelroseLos AngelesGold CoastChicagoFillmore StreetSan FranciscoNewbury StreetBostonWalnut StreetPhiladelphiaDesign DistrictMiamiCity CenterD.C.BrickellMiamiGeorgetownD.C.JONES LANG LASALLE IP,INC.202413City Retail 202513 JONES LA

34、NG LASALLE IP,INC.2024Beverly Hills Triangle mixes new concepts with traditional expansionsLuxury continues to be the largest category to open in the Beverly Hills Triangle,with many stores taking a traditional approach to retail.However,most new openings have stood out with unique store designs,mar

35、keting strategies,or overall consumer engagement.You can see this shift in new Rodeo Drive stores such as high-end Swiss watchmaker MB&F,which opened a hybrid retail space that combines elements of a boutique,concept store,and gallery emphasizing an experience-based,rather than product-focused,consu

36、mer interaction.Saks Fifth Avenue opened a new 130,000-sq space this February in the building that formerly housed Barneys New York.The womens store features boutiques for Dior,Chanel,Gucci,and Louis Vuitton,as well as 15 private salons,representing a$52 million investment.Despite the absence of Chi

37、nese tourists,formerly a major source of revenue for luxury brands,Rodeo Drive has proven remarkably resilient shifting to a strong domestic customer base and diversifying its offerings to attract a wider range of international visitors.13 JONES LANG LASALLE IP,INC.2024City Retail 2025 14Just off Ro

38、deo,Guest in Residence Gigi Hadids brand focused on high-end cashmere and knitwear has a notable social media presence,creating a more casual and approachable retail experience.Leveraging the influence of celebrity mothers-to-be and a strong e-commerce platform that ships to 127 countries,British Se

39、raphine makes maternity wear fashionable and desirable.Traditional and non-traditional concepts opening in the Beverly Hills TriangleBrandOn/Off RodeoNationalityCategoryDistinctive approachMB&FOn RodeoSwissJewelryHybrid boutique/concept store/galleryLa Maison ValmontOn RodeoSwissCosmetic/beautyWest

40、Coast debut of luxury cosmeticsMichael Kors CollectionOn RodeoAmericanApparel&accessoriesNew store concept debutGivenchyOn RodeoFrenchApparel&accessoriesHistoric building occupationLoro PianaOn RodeoItalianApparel&accessoriesFlagship store expansionGuest in ResidenceOff RodeoAmericanApparel&accessor

41、iesCelebrity-founded,cashmere focusReformationOff RodeoAmericanApparel&accessoriesSustainable clothing focusSeraphineOff RodeoBritishApparel&accessoriesFashionable maternity wearAesopOff RodeoAustralianCosmetic/beautyLuxury beauty brand expansionSaks Fifth AvenueOff RodeoAmericanDepartment storeTrad

42、itional luxury retail expansion JONES LANG LASALLE IP,INC.2024City Retail 2025 15Miamis Design District has welcomed more new luxury lite concepts than any other corridor in North America.Emphasizing creativity,accessibility,and craftsmanship,luxury lite concepts dont seek to compete with traditiona

43、l luxury but rather tocomplement it,often appealing to a younger and more aspirational clientele at an accessible price point.The recent opening of CNCPTS and Alexander Wang in the corridor point to an emphasis on higher-end streetwear concepts.Miamis Design District champions aspirational luxuryLux

44、ury lite concepts opening in the Design DistrictBrandCategoryPositioningDistinctive approachCult GaiaApparel&accessoriesHigh-end contemporaryInstagram-friendly designs,statement piecesPatBoApparel&accessoriesContemporary luxuryVibrant prints,Brazilian flairJames PerseApparel&accessoriesCasual luxury

45、Elevated basics,minimalist aestheticDion LeeApparel&accessoriesDesigner contemporaryArchitectural designs,modern edgeCNCPTS(Concepts)FootwearPremium streetwearCurated sneaker and streetwear collectionsIsa GrutmanJewelryAccessible luxuryInfluencer-founded,modern designs JONES LANG LASALLE IP,INC.2024

46、16Experiential tenants target local corridors02City Retail 202516 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024M Street is a top corridor for tenant activity,bringing diversity and lifestyleCity Retail 202517Washington D.C.s M Street is one of the most active retail corridors in Nort

47、h America,with dozens of new openings this past year.The mix of openings includes upscale fashion,home goods,and lifestyle brands,wellness-oriented businesses,F&B,and niche retailers.The return of Barnes&Noble exemplifies the strength of this domestic corridor.The new 30,000-sq,three-story location

48、is intended as a community hub,capitalizing on Gen Zs renewed interest in physical books.While not a luxury destination,M Streets historic buildings,charm,high foot traffic,and proximity to universities make it an attractive hub for a variety of retailers.While rents have stabilized recently,landlor

49、ds are investing in property upgrades to attract more high-profile tenants.JONES LANG LASALLE IP,INC.2024Philadelphias Walnut Street sees an influx of high-end,fitness,and experienceCity Retail 202518Philadelphias Walnut Street is evolving into a premier retail destination,with high-end athleisure b

50、rands opening alongside upscale restaurants and wellness facilities,including a 37,000-s.f Equinox.The prime stretch from Broad Street to 18th Street is experiencing increased demand,with retail expansion pushing eastward as space near Rittenhouse Square becomes limited.The streets character,defined

51、 by mansions converted or renovated into boutiques and smaller flagship stores,creates a unique shopping experience that blends high-end retail with community-oriented services in a historic setting.A strong trend toward high-end athleisure and apparel brands is evident in names such as Alo Yoga,Vuo

52、ri,Reformation,and M.M.LaFleur.The upcoming Nike Michael Jordan World of Flight store and a potential Aritzia location further reinforce this trend.A new Flight Club Darts location will also add a social entertainment option to the mix.High-trafficked Chestnut is an alternative to high-end WalnutChe

53、stnut Street,a sister corridor two blocks north of Walnut Street,is experiencing a spillover effect as Walnut becomes increasingly tight.Chestnut also benefits from more spacious floor plates.Earlier this year,Puttshack opened a 26,000-sq location in The Shops at Liberty Place.JONES LANG LASALLE IP,

54、INC.202419The Seaport District has emerged as a vibrant shopping destination that blends residential,office,retail,and cultural spaces.It attracts luxury brands,casual restaurants,major entertainment venues and concept stores.This includes F1 Arcade,the Museum of Ice Cream,and the Alamo Drafthouse.N

55、ewbury Street and the Seaport District Bostons prime retail corridors have seen a strong recovery,with numerous new store openings over the past year.Limited supply,diverse consumer demand and the citys geographic density have pushed up retail rents.Bostons compact market,with prime locations nearin

56、g full occupancy,leaves little room for expansion.Newbury Street continues to attract luxury and premium brands such as IWC Schaffhausen,Panerai,La Ligne,and Anine Bing.This includes international names like Ganni(Denmark),Biologique Recherche(France),and Norrona(Norway).Bostons Seaport District att

57、racts experientialCity Retail 2025 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024City Retail 202520Notable experiential concepts opening in prime corridorsNameCorridorMarketSize s.f.Opening DateWhat Makes It UniqueF1 ArcadeSeaport DistrictBoston16,000Early 2024First U.S.location of pr

58、emium F1 entertainment experience,combining racing simulators with food and beverageMuseum of Ice CreamSeaport DistrictBoston12,300Dec 2024Experiential,Instagram-friendly museum centered around ice creamNintendo San FranciscoUnion SquareSan Francisco11,0002025Second U.S.Nintendo store,bringing gamin

59、g brand into physical retail spacePuttshackChestnut Street Philadelphia26,000Jan 2024High-tech mini golf combined with food and beverageHarry Potter StoreMichigan AvenueChicago12,300Spring 2025Second U.S.Harry Potter store,offering immersive retail experienceHersheys Super Sweet AdventureMichigan Av

60、enueChicago27,200Oct 2024Interactive candy-themed experienceCORE:New YorkFifth AvenueNew York66,000Full opening in 2024Ultra-luxurious private gym with memberships up to$100,000PutteryMeatpacking DistrictNew York24,000Early 2024Immersive mini golf JONES LANG LASALLE IP,INC.202421From tried-and-true

61、dining to novel and unique03City Retail 202521 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024D.C.and Philadelphia lead in new F&B locationsCity Retail 202522D.C.and Philadelphia lead the way in new food and beverage openings this year,with a trend toward diverse local concepts and exp

62、ansions.Openings include specialty dessert shops,fast-casual concepts,and unique bar experiences.While D.C.s 14th Street and Phillys Market East and Walnut Street are seeing more bars,taverns,and quick service,D.C.s M Street hosts more fine and casual dining.Recent openings of bakeries,cookie shops,

63、and ice cream parlors indicate a strong demand for artisanal baked goods and premium dessert options.Levain Bakery a New York City bakery known for its oversized,gooey cookies made its way to Philadelphias Rittenhouse Square this October.Van Leeuwen Ice Cream,also from New York City,recently landed

64、in Logan Circle.Unique bar concepts also promise to attract foot traffic.At 6,000 square feet,Dog Daze Social Club is the first dog bar in D.C.s Logan Circle,offering a niche concept that combines a dog park with a restaurant and bar.Barcade in Philadelphias Market East corridor recently opened an 8

65、,000-sq space that combines retro arcade games and craft beer,which attracts a broad audience and potentially draws people who would not normally visit the area.JONES LANG LASALLE IP,INC.2024City Retail 202523Familiar favorites expandRetailer NameCategoryLocationOpening DateAdditional NotesLevain Ba

66、keryBakeryLos Angeles-Abbot KinneyEarly 2025Expanding bakery chainLevain BakeryBakeryBoston-SeaportNov-24Expanding bakery chainLevain BakeryBakeryPhiladelphia-Walnut StOct-243200 s.f.,15th locationVan LeeuwenQSRBoston-SeaportSep-24Ice cream shopVan LeeuwenQSRD.C.-Logan CircleAug-24Ice cream shop,6th

67、 location in D.C.areaSweetgreenFast CasualChicago-SouthportJun-24Fast casual chain known for salads and bowlsCAVAFast CasualChicago-Wicker ParkApr-24Mediterranean fast casual,first Chicago restaurantTatte Bakery&CafCoffee Shop/CafD.C.-GeorgetownJun-24First Georgetown location23 JONES LANG LASALLE IP

68、,INC.2024 JONES LANG LASALLE IP,INC.2024City Retail 202524International dining enters prime corridorsRetailer NameCategoryNationalityLocationOpening DateAdditional NotesSaluhallCasual DiningSwedishSan Francisco-Union SquareApr-2423,000 s.f.plant-forward food hall by IKEA sister companyMoxiesRestaura

69、ntCanadianChicago-Gold CoastSpring 202613,600 s.f.,Vancouver-based expansionHotel ChocolatCoffee Shop/CafBritishChicago-SouthportComing soonUK-based chocolatier,first US storesHeyteaQSRChineseBoston-Newbury StFall 2024Chinese retailer,fruit and milk teasNovikovFine DiningBritishLos Angeles-Beverly H

70、illsSummer 2024London-based,Mediterranean inspiredAllAntico VinaioFast CasualItalianLos Angeles-Abbot KinneyNov-23Popular Florence sandwich shopIm donut?QSRJapaneseNew York City-Times SquareLate 2024First US location of Tokyo donut shopBeards PapaBakeryJapaneseBoston-Newbury StFeb-24Japanese bakery,

71、first New England location24 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024City Retail 202525Unique experiential dining concepts open new locations Retailer NameCategoryLocationOpening DateAdditional NotesDog Daze Social ClubCasual DiningD.C.-Logan CircleRecentD.C.s first dog bar,6,00

72、0 s.f.dog gardenBarcadeBar/TavernPhiladelphia-Market EastDec-23Bar-meets-retro-arcade concept,8,000 s.f.Shaver HallFood hallNew York City Lower Fifth202535,000 s.f.concept in former Lord&TaylorOroFine DiningMiami-Lincoln RoadFall 202415,000 s.f.luxury rooftop restaurantEnigmaBar/TavernD.C.-Logan Cir

73、cle2024Experiential lounge,3,370 s.f.Another CountryBar/TavernNew York City-Union SquareFeb-24Nostalgic record bar,2,100 s.f.BeityCasual DiningChicago-Fulton MarketAug-2416 course Lebanese restaurant,3,700 s.f.The Legendary MilkshakeCoffee Shop/CafMiami-Lincoln RoadMar-24Milkshake concept25 JONES LA

74、NG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.202426Core urban corridors see new redevelopment04City Retail 202526 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.202427Cities work to make corridors more pedestrian-friendly Prime urban retail corridors are taking non-traditional approach

75、es to prioritize the pedestrian experience and reimagine traditionally car-dominated retail spaces.Montral took the lead in pedestrianizing Sainte-Catherine Street with a comprehensive project that began in 2018,followed recently by New York City with plans for a stretch of Fifth Avenue.Both project

76、s include widening sidewalks,reducing traffic lanes,and adding green space.Another infrastructure project that will impact on the street experience is construction of the Ontario Line on Torontos Queen Street West.Unlike the other two projects,it focuses on transit improvements rather than pedestria

77、nization.Once completed,the project will improve connectivity to the Queen-Spadina and Queen(and Yonge)subway stations.While promising,both the Sainte-Catherine Street and Queen Street West projects have faced construction disruptions,negative impacts on local businesses,increased congestion in surr

78、ounding areas,and some public opposition.However,these plans are also supported by many stakeholders who believe that these plans will ultimately make the streets more attractive to shoppers and boost the local economy.City Retail 202527 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.20242

79、8City Retail 202528 JONES LANG LASALLE IP,INC.2024Philadelphia 76ers plan arena to revitalize Market EastThe Philadelphia 76ers plan to move from South Philadelphia to a new downtown arena marks a transformative development for Market East.Half of the Fashion District Mall on the current site will b

80、e retained by shopping centre investment trust Macerich,and the other half will become the teams new home.Recently approved by the City Council and requiring no public funding,the arena is expected to revitalize the area with new entertainment and dining options.28 JONES LANG LASALLE IP,INC.2024Grow

81、ing foot traffic from office workers and visitorsCity Retail 202529The resurgence of international tourism,particularly from Asia,will boost core urban corridors in major North American cities like New York City,Los Angeles,Toronto,and Vancouver.Although the strengthening U.S.dollar has made travel

82、more expensive for Asian tourists,overall travel has increased even as consumers tighten spending in other areas.With a quicker return to office than other markets,New York City should see more retail foot traffic in lagging corridors such as Times Square,Herald Square,and Union Square.Additionally,

83、Vornados redevelopment of Penn Station fuels optimism about 34th Street.While tourism in NYC now almost matches pre-pandemic levels,high-spending foreign visitors are still missing.Broadway attendance is returning,and the reopening of The Vessel at Hudson Yards a few blocks from Times Square should

84、have a positive impact.In turn,Vancouvers cruise ship season is breaking traveller records even without the full return of international tourists.Popular Robson Street has seen a complete recovery,with high demand for prime blocks.The athleisure trend continues to dominate,evidenced by new openings

85、including Adidas,Arcteryx,JD Sports,and Peloton.San Franciscos Union Square is welcoming more luxury retail,with brands such as Max Mara,St.John,and A.Lange&Shne clustering on Geary and Post streets.Source:placer.ai65%64%61%89%82%71%54%65%72%BostonChicagoLAMiamiNYCPhillySFDCNationwideOffice Attendan

86、ce Oct 24 JONES LANG LASALLE IP,INC.2024City Retail 202530International visitors to the U.S.7919225166480102030405060708090201920202021202220232024 YTD*MillionsInternational Visitors8.94.43.63.52.32.11.61.41.31.20246810New YorkMiamiLos AngelesOrlandoSan FranciscoLas VegasWashington DCChicagoHonolulu

87、BostonMetros with more than a million international visitors in 2023*YTD 2024 data is from Jan-24 to Aug-24Source:International Trade Administration JONES LANG LASALLE IP,INC.2024City Retail 202531Source:JLL Research,ITA;Notes:Data as of month-end October 2024.Top gateway markets include New York,Wa

88、shington,D.C.,Chicago,San Francisco,Los Angeles,Miami,Philadelphia,and Boston.Foreign arrivals exclude flags of U.S.territories and those marked as unknown.During the first ten months of 2024,the leading U.S.gateway markets saw 29.6 million international visitors,just 1.8%fewer than the same period

89、in 2019.As visa restrictions relax alongside reduced airfares and increased flight connections,international travel to the U.S.is expected to keep growing.This trend is particularly driven by the return of travelers from China,traditionally a major source of international visitors,with numbers proje

90、cted to meet 2019 levels and achieve full recovery by the end of the following year.Look for the recovery of international travelers in the top U.S.gateway markets to be a positive signal for retail performance and investment demand over the long-term.Recovery of international visits to U.S.top-gate

91、way markets53%32%20%1%-1%-2%-5%-15%-20%-23%-30%-20%-10%0%10%20%30%40%50%60%024681012CanadaCentral AmericaMideastAfricaMexicoCaribbeanSouth AmericaEuropeOceaniaAsia%change from 2019YTD October 2019YTD October 2024%change from 2019Total foreign arrivals(millions)JONES LANG LASALLE IP,INC.2024City Reta

92、il 202532Prime corridor foot traffic change since 2020-120%-100%-80%-60%-40%-20%0%20%40%60%Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24BostonChicagoLAMiamiNYCPhillySFDC-1

93、9.1%-15.4%-14.3%-6.0%-5.1%7.6%10.1%19.2%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%Oct-24 foot traffic compared with 2019BostonChicagoMiamiDCNYCLAPhillySFSource:placer.ai%Change in foot traffic from 2019 JONES LANG LASALLE IP,INC.2024Luxury appeal amplified by mega-developmentsCity Retail 202533Miamis Bri

94、ckell area is emerging as a world-class destination for luxury living,business and entertainment,driving high retail demand amid low availability.Developers have overcome terrain challenges to plan super-tall structures such as One Brickell City Centre,scheduled for completion in 2027.Characterized

95、by mixed-use developments and a robust residential presence,Miamis retail market has shown resilience during and after the pandemic.Torontos Bloor Street maintains its position as a prime luxury retail destination,with continued interest from luxury retailers.The areas appeal is enhanced by the anno

96、uncement of several high-rise megaprojects,signaling continued development and future growth in the area.At the intersection of Bloor and Yonge,The One will be Canadas tallest building at 91 storeys when completed next year.JONES LANG LASALLE IP,INC.2024City Retail 202534Prime corridor asking rentsM

97、arketCorridorClassification24 asking prime rent23 asking prime rent24 v 23 changeBostonNewbury StreetPrime$250$15067%BostonSeaport DistrictPrime$200$11082%ChicagoOak Street(Gold Coast)Prime$400$4000%ChicagoMichigan AvenuePrime$375$3507%ChicagoFulton MarketPrime$88$110-20%ChicagoSouthportEmerging$83n

98、anaD.C.M Street(Georgetown)Prime$240$2400%D.C.14th StreetPrime$115$1150%Los AngelesBeverly Hills Triangle-Rodeo DrivePrime$1,000$90011%Los AngelesBeverly Hills Triangle-North BeverlyPrime$240$18033%Los AngelesMelrosePrime$240$20020%Los AngelesAbbot KinneyPrime$240$2400%Los AngelesThird Street Promen

99、adePrime$180$15615%Los AngelesLarchmontEmerging$150$13015%Los AngelesSilver LakeEmerging$120$10020%MiamiDesign DistrictPrime$600$6000%MiamiLincoln RoadPrime$225$17529%MiamiBrickellEmerging$225nanaMiamiCoconut GroveEmerging$150nanaMontralSainte-Catherine StreetPrimeC$140C$1400%JONES LANG LASALLE IP,I

100、NC.2024City Retail 202535Prime corridor asking rents(contd)MarketCorridorClassification24 asking prime rent23 asking prime rent24 v 23 changeNew YorkFifth Avenue-UpperPrime$2,257$2,0809%New YorkTimes SquarePrime$1,653$1,34223%New YorkMadisonPrime$757$870-13%New YorkFifth Avenue-LowerPrime$622$761-18

101、%New YorkSoHoPrime$301$2923%New YorkMeatpacking DistrictPrime$293$307-5%New YorkUnion SquarePrime$242$252-4%New YorkWilliamsburgEmerging$238$286-17%PhiladelphiaWalnut StreetPrime$150nanaPhiladelphiaFishtownEmerging$65nanaPhiladelphiaChestnut StreetEmerging$60nanaPhiladelphiaMarket EastPrime$50nanaSa

102、n FranciscoUnion SquarePrime$475$30058%San FranciscoChestnut Street(The Marina)Prime$145$12516%San FranciscoFillmore StreetPrime$125$1204%San FranciscoUnion Street(Cow Hollow)Emerging$88nanaTorontoBloor StreetPrimeC$225C$2250%TorontoQueen Street WestPrimeC$93C$930%VancouverRobson StreetPrimeC$225C$1

103、7529%VancouverWest 4th StreetPrimeC$125C$1204%JONES LANG LASALLE IP,INC.202436Urban retail investment surges05City Retail 202536 JONES LANG LASALLE IP,INC.2024 JONES LANG LASALLE IP,INC.2024Driven by strong consumer demand trends such as the increased return to office,near full recovery of internati

104、onal travel to major U.S.urban markets,and healthy retailer performance,the U.S.retail investment landscape is witnessing activity from investors not previously active in the space who are focused on controlling prime urban corridors while“the window is still open”.These include luxury retail brands

105、 looking to hold over the long term as well as more opportunistic capital including family offices,HNWIs,private capital,and some institutions.This has led to a post-pandemic surge in urban retail investment,notably 717 Fifth and 680 Madison Avenue.In fact,urban retail single-asset transaction volum

106、e,excluding single-tenants,closed at approximately$2.4 billion.Its share of total multi-tenant,single-asset transaction volume reached a five-year high of 14%for the year-to-date period in Q3 2024.Look for continued momentum in investment activity as companies are willing to pay substantial premium

107、for locations in the most coveted corridors.Urban retail is the rising star of post-pandemic real estate investmentCity Retail 202537 JONES LANG LASALLE IP,INC.2024City Retail 202538Source:JLL Research,Real Capital Analytics(RCA).Notes:Data pertains to single-asset,multi-tenant,urban retail deals on

108、ly,$5m+.Excludes entity-level deals and portfolios.U.S.urban retail single-asset transaction volume0%2%4%6%8%10%12%14%16%18%$0$5$10$15$20$25$30$35$40$45$50YTD Q315YTD Q316YTD Q317YTD Q318YTD Q319YTD Q320YTD Q321YTD Q322YTD Q323YTD Q324Total transaction volumePercentage of total retail transaction vo

109、lumeTransaction volume(billions USD)Percentage of total transaction volume JONES LANG LASALLE IP,INC.2025 JONES LANG LASALLE IP,INC.2024City Retail 202539Recent prime retail corridor sales compsDateProperty NameCity/StateCorridorPriceBuyerQ4 20244-Property SoHo Retail PortfolioNew York,NYSoHo$198,00

110、0,000BlackstoneQ3 2024666 Fifth Ave(52%stake)New York,NYFifth Ave$350,000,000UniqloQ3 2024Wilshire Rodeo PlazaBeverly Hills,LABeverly Hills Triangle$211,000,000Justin Mateen&Tyler MateenQ3 2024655 Madison AveNew York,NYMadison$159,433,334ExtellQ3 2024Shops at Midtown MiamiMiami,FLMiami Design Distri

111、ct$83,750,000Benderson DevelopmentQ3 2024722 Madison St&21 E 66th StNew York,NYMadison$40,600,000Akris/Swiss Luxury Fashion HouseQ3 20244th&5th DelrayDelray Beach,FLDowntown District$37,500,000Samuel&Associates Q3 2024Beverly&RoberstonWest Hollywood,CABeverly Hills Triangle$24,965,000US Property Tru

112、stQ3 2024100 Lincoln Rd(The Decoplage)Miami Beach,FLLincoln Rd$17,300,000Alo YogaQ3 2024318 Lincoln RdMiami Beach,FLLincoln Rd$13,600,000Tricera Capital&Scott Robins CosQ3 2024130 Greene StNew York,NYSoHo$9,700,000Caudalie,French Skin Care CompanyQ2 2024680 Madison Ave(leasehold)New York,NYFifth Ave

113、$180,000,000TZ CapitalQ2 2024719 Seventh AvenueNew York,NYFifth Ave$32,459,333Boich Investment GroupQ2 2024730 Fifth Ave(Crown Building)New York,NYFifth Ave$12,605,000PradaQ2 2024910 Lincoln RdMiami Beach,FLLincoln Rd$10,400,000ToroseQ1 2024715-717 Fifth Ave New York,NYFifth Ave$963,000,000KeringQ1

114、2024707 N Michigan AveChicago,ILMichigan Ave$23,100,000Namdar Realty Group&Mason Asset MgtQ4 2023724 Fifth AveNew York,NYFifth Ave$425,000,000PradaQ4 2023720 Fifth AveNew York,NYFifth Ave$405,000,000Prada JONES LANG LASALLE IP,INC.2024Research authorsTo find out more about JLL services,contact:Resea

115、rch at JLLJLLs research team delivers intelligence,analysis and insight through market leading reports and services that illuminate todays commercial real estate dynamics and identify tomorrows challenges and opportunities.Our more than 550 global research professionals track and analyze economic an

116、d property trends and forecast future conditions in over 60 countries,producing unrivalled local and global perspectives.Our research and expertise,fueled by real-time information and innovative thinking around the world,creates a competitive advantage for our clients and drives successful strategie

117、s and optimal real estate decisions.Keisha Virtue Senior Analyst of Research,Retail JLLJames CookAmericas Director of Research,Retail JLLOphelia Makis(contributor)Senior Analyst of Research,Retail JLLAbout JLLFor over 200 years,JLL(NYSE:JLL),a leading global commercial real estate and investment man

118、agement company,has helped clients buy,build,occupy,manage and invest in a variety of commercial,industrial,hotel,residential and retail properties.A Fortune 500 company with annual revenue of$20.8 billion and operations in over 80 countries around the world,our more than 108,000 employees bring the

119、 power of a global platform combined with local expertise.Driven by our purpose to shape the future of real estate for a better world,we help our clients,people and communities SEE A BRIGHTER WAYSM.JLL is the brand name,and a registered trademark,of Jones Lang LaSalle Incorporated.For further inform

120、ation,visit .COPYRIGHT JONES LANG LASALLE IP,INC.2024This report has been prepared solely for information purposes and does not necessarily purport to be a complete analysis of the topics discussed,which are inherently unpredictable.It has been based on sources we believe to be reliable,but we have

121、not independently verified those sources and we do not guarantee that the information in the report is accurate or complete.Any views expressed in the report reflect our judgment at this date and are subject to change without notice.Statements that are forward-looking involve known and unknown risks

122、 and uncertainties that may cause future realities to be materially different from those implied by such forward-looking statements.Advice we give to clients in particular situations may differ from the views expressed in this report.No investment or other business decisions should be made based solely on the views expressed in this report.Saul Lua(contributor)Analyst of Research,Retail JLLHeli Brecailo(author)Manager of Research,Retail JLL