Retail Datapoints of the Day – Market Movers – Felix Salmon
Prime Fifth Avenue retail rents, per square foot, in 2000: $675
Prime Fifth Avenue retail rents, per square foot, in 2007: $1,500
Prime Fifth Avenue retail rents, per square foot, in 2008: $2,500
Square footage of the Saks Fifth Avenue flagship: 350,000
How much the Saks flagship would rent out for, annually, at $2,000 per square foot: $700 million
Year-on-year change in the Saks Inc share price: -44%
Market capitalization of Saks Inc: $1.4 billion
Once upon a time there was a store in New York called Alexander’s until someone realized that the real estate was more valuable than the store.
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