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...practically zero a decade before. Demand is so voracious that housing prices have doubled in three years in parts of central Shanghai. Dusty villas in the fashionable French Concession are selling for millions of dollars, even if they have rotting floorboards and cracking foundations. In December a 1,110-sq-m penthouse complete with an indoor pool and a 21-inch LCD TV in the bathroom made headlines when it sold for a record $4.3 million. Just the right to tour the lavish apartment in Shimao Riviera Garden cost $600 per VIP ticket...
...KENDALL SQ...
...risks faced by these new stores have never been greater. Pressure is coming from the economy: rents on Manhattan's Fifth Avenue are hitting $1,200 per sq. ft. (your local supermarket probably pays about a hundredth of that). Moreover, such design-conscious chains as Target and Topshop have proved that they can deliver style smarts at a lower price. Indeed, luxury shoppers are now as likely to be found in Costco or Tesco as they are in Chanel. Those shoppers who traded up to luxury brands in the booming '90s fell away when the market...
That may be why in Japan, which seems to be in a permanent recession, Herzog and De Meuron are completing a store for Prada that will be the company's second "epicenter." Herzog says the much anticipated 30,000-sq.-ft. faceted-glass building will combine the "material with the immaterial." "It's very experimental," he says. "Traditional luxury needs to be beautiful and shiny and nicely framed. That always plays a role. At the same time, there's the luxury of newness and innovation." On the immaterial side, the pair is using technology to create an interactive shopping experience...
...three-century-old Royal Bank of Scotland on Savile Row, into a soaring yet soft retail space for Jil Sander. In the same vein, he created a modern shop in a 19th century building on 57th Street in New York City. In Milan he developed a 100,000-sq.-ft. emporium for Giorgio Armani, draped in soft blue hues, that complements the muted elegance that is the designer's trademark. "We're designing luxury retail spaces that don't feel commercial," he says. "They're being thought of as grand, modern homes...