Top brands fleeing Fifth Avenue
Online shopping, slowing tourism are making it harder for retailers to justify the sky-high rents along shopping strip
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New York
BERGDORF Goodman. Tiffany & Co. Louis Vuitton. Fifth Avenue in Manhattan is to shopping what Broadway is to theatre, defined by the marquee names that for decades have occupied some of New York City's most prized real estate.
But lately, the avenue's glittery window displays have been changing more quickly, as retailers have streamed in and out. Tourism has slowed while online shopping has sped up, making it harder for companies to justify the cavernous spaces and sky-high rents along the shopping strip.
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