Foreign retailers of “cheap chic” are colonising New York’s Fifth Avenue as the shopping street that was once a symbol of luxury is transformed by the changing habits of money-conscious consumers.
Spain’s Inditex will start work in the next few weeks on a flagship Zara store in a $324m property it bought last month, while Fast Retailing of Japan is planning to open a Uniqlo outlet in the autumn after signing a 15-year lease for more than $300m.
The two companies will rub shoulders with high-end brands such as Tiffany, Bottega Veneta and Prada as the Fifth Avenue streetscape becomes a reflection of consumers’ desire to save money on basics so they can splash out on luxuries.
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