Let us hit you with a little bit of perspective: Other U.S. shopping centers averaged $390 in sales per square foot in 2010. Bal Harbour Shops sold $2,165.53 per square foot that same year. And according to Florida Trend, as of November 2011 the luxury mall was up to $2,283 in sales per square foot for the year. That’s a 26% increase from last year. In laymen terms: That's a whole lot of shopping.
Wait, so who are these people dropping big money at stores like Prada, Lanvin, and Yves Saint Laurent? And can they sponsor us? Bal Harbour Shops managing partner Randal Whitman tells Florida Trend, “The number of international buyers continues to increase. Many are from Latin America, Brazil, Canada and China." And there’s our answer.
As the outdoor shopping center’s numbers continue to increase, so does the likelihood of an expansion. On the company’s website, plans for developing new stores and a Cinebistro dine-in luxury theater are proposed. One more year like the last two and Bal Harbour Shops may just see its vision bear to fruition sooner than anticipated. (Florida Trend)
Photo: Via Bal Harbour Shops.
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