Taking the Fifth

"[Fifth Avenue] now has denim to diamonds," says Faith Hope Consolo, chairman of Prudential Douglas Elliman's retail group. "How many shoppers are wearing a J.Crew tee with their Armani suits? More than a few."
The transition from elite to everyman was most noticeable in 2005, when Abercrombie & Fitch moved into the corner of Fifth Avenue and 56th Street, bringing hordes of giddy teenagers willing to wait behind velvet ropes for collegiate preppy gear. Its younger sibling, Hollister, followed last year, bringing even more screaming teens to the street.
"There has always been somewhat of a mix [of stores], but when you had A&F come, that was a big change," Consolo says. "It's not just affordable, it's the youth market."