Prada and Gucci Are Done Paying Monthly Rent, But You Still Have To Pay [Yahoo! Finance]
KERING SA UNSP/ADR (PPRUY)
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Source: Yahoo! Finance
While it's world-renowned as the place to shop, it's also known for sky-high rents, and brands have had enough of price gouging to stay in their well-known address. Retailers are done paying rent, and a few have come up with their solution — buy out their landlord. Check Out: 6 Reasons the Poor Stay Poor and Middle Class Doesn't Become Wealthy Read Next: 5 Genius Things All Wealthy People Do With Their Money According to the Wall Street Journal , rent on upper Fifth Avenue averaged $2,000 a square foot,-13% higher than the Via Montenapoleone in Milan, the world's next-most expensive shopping destination. Prada, one of the brands tired of paying skyrocketing rent prices, is shelling out big bucks to buy the building that houses its Fifth Avenue store in addition to the building next door for more than $800 million. And Gucci is also following the trend. According to the WSJ, its parent company, Kering, is paying almost $1 billion for a 115,000-square-foot retail space located a
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