Luxury Retail Thrives: Odyssey Retail Advisors Previews Market Insights

New York, South Florida and Chicago have flourishing luxury retail markets.

LAS VEGAS—In anticipation of the upcoming ICSC Las Vegas conference, we caught up with Odyssey Retail Advisors to talk about the retail landscape in three primary markets that the firm is operating within–New York, South Florida, and Chicago.

New York City’s Fifth Avenue is witnessing a remarkable recovery, fueled by a surge in U.S. luxury spending, Charlie Koniver, principal, tells GlobeSt.com. This resurgence is not just revitalizing one of the world’s most iconic shopping streets but also underscores the enduring allure of luxury retail, he explains.

“Odyssey has been instrumental in reintroducing prestigious brands to this legendary locale, thereby reshaping Manhattan’s retail environment into a thriving hub for luxury shopping,” Koniver says. “They’ve handled the recent leases of Dolce & Gabbana at 691-693 Madison Avenue, Chopard and Chanel at 730 Fifth Avenue, Burberry at 693 Fifth Avenue, and Bang & Olufsen at 540 Madison Avenue.”

In South Florida, the real estate market is booming, adds principal Bruce Koniver. The luxury retail segment in particular has experienced exponential growth due to the influx of migration to the area, he says.

“Odyssey’s strategic foresight has enabled them to represent notable retailers seeking presence in sought-after neighborhoods such as Coconut Grove, the Miami Design District, Aventura, and Bal Harbour, among others,” he tells GlobeSt.com. “Additionally, Odyssey remains highly active in representing luxury brands on Palm Beach Island’s prestigious Worth Avenue, further solidifying their impact on upscale shopping destinations.”

In Chicago, the retail scene has been robust at prominent shopping destinations like The Shops at Tribune Tower and Oak Street, each offering a unique blend of luxury and charm that caters to the sophisticated shopper, explains Sharon Kahan, Senior Vice President. “The Shops at Tribune Tower, renowned for its historic architectural grandeur, is currently undergoing transformation into an elevated shopping haven, attracting a mixture of local and international brands that appeal to both tourists and city dwellers alike,” says Kahan. “Nearby, Oak Street serves as a luxurious enclave within the Gold Coast neighborhood, lined with exclusive boutiques and renowned designer stores including Cartier, Balenciaga, Montblanc and more.”

Check out related retail stories below that you might have missed and stay tuned for more trend coverage from other retail experts we spoke with as the ICSC approaches.

Industry Insiders Talk ICSC, Shifting Positions in C-Suites

How Retail Owners Can Use Data to Big Effect

Suburban Neighborhood Retail Takes Center Stage

Influencers in Retail Real Estate 2024

How E-Commerce Meshes With Brick and Mortar Retail

Online Grocery Sales to Grow 3X Faster Than In-Store

Grocery Sector Overcoming Challenges

Retailers Struggle With Mounting Losses Due to Theft

Convenience Stores Become Destination Locations

Blackstone Buying Tropical Smoothie Cafe for $2B

Is Your Retail Property a Candidate for Reuse/?

Retail CMBS Distress Continues to Improve