New York City retailers surge forward in 2008

Shoppers are taking to the streets en masse, armed with purchasing power. With the success of Valentine's Day just behind us, profits are particularly noteworthy in the high-end sector. Not even the blustery winter elements can keep true designer divas off the luxury-laden shopping corridors. From Japan to Switzerland to Canada, shoppers will be able to go on a trip around the world without buying a plane ticket. The entry of foreign retailers to the N.Y. scene is reaching an all-time high, with a few hundred foreign-owned shops in Manhattan. Companies making a foray onto the island tend to favor Soho and the Meatpacking District, while Fifth and Madison Aves. are also appealing. New York leads the list of most expensive retail streets, with Fifth Ave. holding the top position, Madison Ave. in the third spot, and East 57th St. taking number five. In between these iconic Manhattan thoroughfares is Hong Kong's Causeway Bay (number two) and the Champs Elysées in Paris is number four. London's famed corridor for jewels, New Bond St. is next, followed by Ginza, Tokyo and Zurich's Bahnhofstrasse. Rounding out the list are the Rue du Rhône in Geneva and Dublin's Grafton St. Top luxury executives have joined me in forecasting a year of growth for high-end services. Saks Fifth Ave. alone has dedicated $150 million to renovations of existing stores and plans to expand the distribution of its top-tier labels including Gucci, Chanel and Loro Piana. Coach plans to bring a larger collection of handbags at higher price points to market within the year. According to NYC & Co., the number of international visitors to Manhattan increased by 5% in 2007, totaling 46 million tourists. Among the international customers, shopping was at the top of their "to do" list, spending nearly $2.9 billion. Luxury retailers have recognized the potential for this untapped demographic and are creating new advertising campaigns specially targeted at European tourists. Whether couples celebrated by frequenting a chic restaurant or gifting a sparkling jewel, Manhattan was certainly abuzz with lovebirds, all pouring money into the city's economy. Predictions quoted that more than $17 billion in revenues would be yielded, as the average consumer was expected to spend over $120 on Valentine's Day. Fifth Ave. gave its faithful shoppers a grand Valentine's Day present - the highly anticipated unveiling of Gucci's Fifth Ave. flagship. The Trump Tower at 725 Fifth Ave. was unwrapped to reveal an immense emporium, more lavish than anything else on the block. Gucci has also announced the ideal gift for a steadfastly New York Valentine: a special line of products, to be available only at the Fifth Ave. store, complete with a label inside indicating the products' exclusivity. Part of this line will be a "Gucci loves New York" logo back, paying homage to the fashion capital of the world. All of the proceeds from this limited edition bag will go to the Playground Partners of the Central Park Conservancy. Happy Shopping! Faith Hope Consolo is the chairman of Prudential Douglas Elliman's Retail Leasing and Sales Division, New York, N.Y.