Why rent when you can buy? Luxury retailers are booming and using their extra cash to buy up highly coveted retail spaces across the U.S. and Europe. 

Prada bought the building where its Fifth Avenue store is located for $425 million, while LVMH is said to be in talks to purchase the building where Bergdorf Goodman, a men’s store, is located. 

Meanwhile, Gucci and Balenciaga’s parent company, Kering, bought a property on Fifth Avenue for $963 million, expanding its real estate portfolio, which already includes landmark properties in Paris and Tokyo.

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