The Bal Harbour Shops’ $2,555 per-square-foot sales rank it first internationally, the retail center said, citing a ranking in the International Council of Shopping Center’s Shopping Centers Today.
The figure is nearly seven times the ICSC-estimated $451 per-square-foot industry average, the September cover story in the publication notes.
“Our South American tourist season kicks into high gear, they are here in a big way in the summer. You might go to Worth Avenue in the summer and see a lot of closed doors, but that doesn’t happen here,” said operating partner Matthew Whitman Lazenby, who is the third-generation of the Whitman family involved in the business. “The setting, the stores, the history and the attachment that shoppers feel to the center is what makes Bal Harbour Shops the world’s premier luxury retail center,” Lazenby said in a press release.
Worldwide, Bal Harbour Shops topped sales at such renowned locations as Westfield London and Westfield Stratford in the United Kingdom; Westfield Sydney in Australia; the Mall of the Emirates in Dubai and Ala Moana Center in Honolulu. Click here for the full list.
Ostensibly, the open-air shopping center is facing increased competition from projects in Miami’s Design District. More than 20 retailers, including Hermès and Louis Vuitton, announced they were relocating there from Bal Harbour
Bal Harbour Shops ownership appears undeterred since it is planning space for 50 new tenants. The neighboring Church by the Sea recently voted in favor of relocating the church to allow room for the expansion.
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