December 17, 2012; NYC, New York
Contact: New York Foreign Press Center
Telephone: 646-282-2830; email: nyfpc@state.gov
On December 17, 24 journalists from 12 countries met with the Director of the Madison Avenue Business District who detailed the development of the area and its place in the national retail marketplace. In the last 12 months, 37 new stores have opened and as an indication of the vibrancy of the area, asking rents have increased by 28%. Madison Avenue is unique in that it is the only luxury shopping district in the U.S. where their primary customer lives within a few blocks of the avenue. From Madison Avenue journalists then met with the Executive Vice President for Stores at Barneys New York who talked about retail trends and customer patterns.
