Fifth Avenue Association
Information
The Fifth Avenue Association, a not-for-profit business improvement district, seeks a new President to lead the organization. The changes underway in the retail industry are forever changing how people shop and how they choose to spend their time. Fifth Avenue is facing new competition both domestically and internationally. These competitive shopping venues have the potential to impact the future status of Fifth Avenue as the best shopping street in the world. In order to retain Avenue’s status and prominence the Association has proposed a $250 million renovation of Fifth Avenue and is working with the City of New York to implement a physical renovation of the Avenue.
The Fifth Avenue Association was founded in 1907 based on a belief that commercial progress and the growth of land values are the direct consequences of organized communal effort. The Association’s original vision was to safeguard the Avenue and elevate the design standards and beauty of the Avenue. The Association was the first community organization in New York City that made changes to improve a street and the surrounding neighborhood. The Association’s initial work included widening sections of the Avenue, clearing sidewalks of obstructions, removing projecting signs, increasing police protection, and barring peddlers and loiterers. The problem of traffic regulation received scientific study. Another fundamental principal of the Association was that art and industry go hand-in-hand. The Association promoted architectural harmony and presented yearly prizes for the best new buildings and the best renovated buildings.
Today the Association’s goal is to ensure Fifth Avenue is the most beautiful, welcoming, dynamic, and engaging street in the world. The Association believes Fifth Avenue must first and foremost welcome all New Yorkers and be a place where locals choose to spend their time. The Association is presently working with the City of New York to implement a $250 million renovation of the street, sidewalks, and public spaces. This renovation will focus on place making by prioritizing people over vehicles. Tree-lined streets with gardens and cafe seating will encourage all people to come to the Avenue, stay on the Avenue and enjoy the public spaces.
The Fifth Avenue Association boundaries extend from 46th Street to 60th Street and along 57th Street between Madison Avenue and Sixth Avenue. In 1993, the Association officially became a Business Improvement District, BID with an annual budget of $4 MM. Today the Association’s annual budget is $8 MM. The Association has a stellar reputation for providing supplemental security and sanitation service. The consistency and dependability of these services has allowed Fifth Avenue to maintain its status as one of the best shopping streets in the world. Over 300,000 people visit the Avenue each day.
Today, over 100 years since its beginnings, the Fifth Avenue Association faces new challenges. These challenges are as important as the original issues the Association was formed to address. Technology, work from home and demographic changes are producing seismic shifts in the retail industry, with important implications for commercial and residential real estate. Successful retail brands are reinventing their business strategies specifically to focus on customer engagement, customer acquisition and customer retention. It’s simply not enough to open a store. Social media strategies are equally important as real estate strategies. Additionally, Fifth Avenue is facing new competition locally and globally. In the past there was one high street to shop in New York. Today customers have choices including Soho, the Meatpacking District, Hudson Yards, and the Financial District. Each of these neighborhoods offer unique experiences and luxury shopping. In a global world, Fifth Avenue is competing for customers who can choose Paris, London, or Milan over New York.
The Board is seeking a President who can identify, develop and implement strategies to protect and enhance the power of the Fifth Avenue brand. The objective is to ensure the district retains its special character for shoppers, office workers, and residents. The Avenue must welcome all and be a public space that inspires people around the world to visit. The new President of the Fifth Avenue Association will first maintain the existing services of the BID at the highest level, while simultaneously developing and enacting marketing and place making changes.
Ultimately, Fifth Avenue must retain its status as the most recognized high street in the world. The Avenue has been an inspiration and an aspiration for cities around the world. The Association must work to ensure Fifth Avenue remains the best example of global high street in the world. Fifth Avenue must continue to define New York City to the world. A dynamic Fifth Avenue serves all New Yorkers including office workers, retailers, tourists, and locals.