New York City’s famed 5th Avenue is no longer the most expensive street to lease a retail store According to a new report from Colliers International.

The average annual rent on Manhattan’s luxury shopping destination fell 10.7 percent from a year earlier to $1,250 a square foot as of March.

In first place now is the Avenue des Champs-Elysees in Paris with a two percent increase to $1,256 a square foot.

Five works including paintings by modern masters Henri Matisse and Pablo Picasso have been stolen from a Paris museum.

The canvases – worth a total of 100 million euros ($123m) – were discovered missing from the city-run Musee d’Art Moderne when it opened its doors.

Museum officials found a broken window and a sheared-off padlock, suggesting the heist took place overnight Wednesday.

Besides the Matisse and the Picasso, works by Georges Braque, Ferdinand Leger and Amedeo Modigliani were also stolen, the officials said.

Japanese architecture firm Sanaa, winners of the prestigious Pritzker prize, will plan the conversion of iconic Parisian department store La Samaritaine to other uses, owners LVMH said in a statement.

The firm, founded by Kazuyo Sejima and Ryue Nishizawa, is to present plans by the end of the year for converting the art deco building into a complex of shops, flats, offices and a hotel.

The store, once the biggest in Paris in terms of floor space, occupies a prime site overlooking the Seine river in central Paris.

Paris is the most expensive city to live in according to the latest survey from Economist Intelligence Unit, a sister company to The Economist.

The survey assesses the cost of living by comparing housing, food, clothing, transport and utility bills and the like in 132 cities around the world.

The study is aimed at helping companies calculate allowances for executives and their families being sent overseas.

Tokyo comes second, up from sixth place a year ago. The fall in Russia’s currency against the dollar has made Moscow cheaper than it once was.

After beauty retailer Sephora targeted the French capital’s metro system with vending machines, it is now furniture giant Ikea that has chosen the tunnels for an unusual advertising campaign.

The Swedish chain has furnished the Saint-Lazare, Champs-Elysées Clemenceau, Opéra and Concorde metro stops with lamps and sofas from its new Ektorp and Karlstad collections.

With Ikea being associated with affordable and disposable furniture, it is likely that the campaign aims at demonstrating the durability of the designs.

Karl Lagerfeld has jumped behind the camera again for Chanel’s pre spring / summer collection.

We saw a preview in July this year when Lara Stone and Baptiste Giabiconi were spotted posing with a motorbike in front of the Paris Chanel boutique.

In this short film called Vol de Jour, Lara and Baptiste run around Paris to visit each Chanel store, grabbing everything they love while spending quality time together.