MOVE OVER NEW YORK

Shoppers from China wait for their guide in front of a Christmas installation outside Times Square shopping mall at Causeway Bay, Hong Kong, yesterday. New York’s Fifth Avenue ended its 11-year run as the world’s most expensive retail area, dethroned by Hong Kong’s Causeway Bay, according to a survey by real-estate services company Cushman & Wakefield. Luxury retailers are competing for the most coveted shopping destinations, pushing up rents, despite recent slower sales growth, Cushman & Wakefield said.Nov 16, 2012

Photo: Reuters

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