SOURCE: Bal Harbour Shops
BAL HARBOUR, FL--(Marketwire - Nov 30, 2012) - Despite the surge in the number of online purchases being made nationwide, record-breaking sales at Bal Harbour Shops prove that customers still appreciate the intimacy and tranquility of their in-person buying experience.
To that end, Bal Harbour Shops continued to break its own sales records in October, producing $2,638-per-square-foot in sales, up 14 percent from the same period a year ago.
"At this pace, Bal Harbour Shops is trending to end 2012 with sales at $2,700-per-square-foot," said Matthew Whitman Lazenby, operating partner and a third-generation family member involved in the business. "Demand from residents and tourists alike are pushing sales off the charts."
Earlier this year, the International Council of Shopping Center's Shopping Centers Today magazine ranked Bal Harbour Shops as the world's top-producing shopping center, with sales that are nearly seven times the industry average.
In fact, revenue at Bal Harbour has increased every year since its opening in 1965, with just two exceptions: 2001, in the wake of the 9/11 attacks, and in 2009, following the nationwide economic crisis.
While many other shopping centers have suffered during the past few years, demand for space has only continued to increase at Bal Harbour Shops. Several retailers, including Dolce & Gabbana, Chanel, Tory Burch and Prada, are expanding their presence. In December, Yves St. Laurent is scheduled to open its first rebranded St. Laurent Paris in the United States at Bal Harbour Shops.
That increased demand is behind the Whitman family's plans to expand the property. In September, Bal Harbour Shops signed an option agreement with nearby Church by the Sea to acquire the land on which the church sits, build a new 50,000-square-foot eco-friendly church, and use the church land to add 200,000-square-feet of retail space.
"Stanley Whitman, my 94-year-old grandfather and the patriarch behind Bal Harbour Shops, has always envisioned great things for this place. Nearly 50 years later, my uncle, managing partner Randy Whitman, and I are privileged to help make them happen," said Lazenby.