SOURCE: Bal Harbour Shops

August 30, 2012 08:00 ET

ICSC: Bal Harbour Shops Named "World's Most Productive" as Ranked by Sales per Square Foot

The Bal Harbour Experience Is Akin to Some of the Finest Luxury Streets in New York, Milan and Paris

BAL HARBOUR, FL--(Marketwire - Aug 30, 2012) - When it comes to trophy properties, Bal Harbour Shops ranks No. 1, not only in the U.S., but worldwide, according to the International Council of Shopping Center's Shopping Centers Today.

The open-air luxury center, with its $2,555-per-square-foot in sales, is nearly seven times the ICSC-estimated $451-per-square-foot industry average, notes the September cover story.

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. (See the full list below.)

Shopping Centers Today based its list on information gleaned from Green Street Advisors; KPMG; Thomas Consulting/Shopping Centre News, the REITs and owners of the shopping centers; and some extrapolations and estimates.

Sales at Bal Harbour have 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.

"We continue to be the number one shopping destination for luxury goods not only in the country, but also worldwide," said operating partner Matthew Whitman Lazenby, a third-generation Whitman family member 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."

The article notes that the most successful shopping destinations have common characteristics: Typically, they are located in areas popular with tourists, have high-end retailers, affluent regional demographics and tend to get refreshed and renovated regularly.

Bal Harbour Shops, with its location at the northern tip of Miami Beach, is a huge draw for tourists who are beckoned by the allure of South Beach and who come from both inside and outside of the U.S. -- primarily from Latin America and Russia.

The Village of Bal Harbour is among the most affluent in the region. And, as noted in the article, Bal Harbour Shops' neighbor, The Church by the Sea, recently voted in favor of relocating the church from its current location, adjacent to Bal Harbour Shops, allowing the fashion center to add another 200,000 square feet and approximately 50 new tenants.

ABOUT BAL HARBOUR SHOPS
Bal Harbour Shops is home to more than 100 luxury retailers including Brunello Cucinelli, Chanel, Dolce & Gabbana, Gucci, Lanvin, Neiman Marcus, Prada, Roger Vivier, Saks Fifth Avenue and Valentino. The venue at 9700 Collins Avenue in Bal Harbour is across from the ocean and the new St. Regis Bal Harbour Resort.

Top 15 shopping centers by sales per square foot

             
Rank   Center   Location   Sales psf
1   Bal Harbour Shops   Bal Harbour   $2,555
2   Forum Shops at Caesars   Las Vegas   $1,750
3   Westfield Stratford   London   $1,600+
4   Westfield London   London   $1,600+
5   Shops at Columbus Circle   N.Y. City   $1,600
6   Westfield Sydney   Sydney, Australia   $1,500
7   Mall of the Emirates   Dubai, U.A.E.   $1,423
8   The Grove   Los Angeles   $1,400
9   Pacific Centre   Vancouver, B.C.   $1,255
10   The Mall at Millenia   Orlando, Fla.   $1,250
11   Ala Moana Center   Honolulu   $1,200
12   Yorkdale   Toronto   $1,194
13   Chadstone   Melbourne, Australia   $1,157
14   The Mall at Short Hills   Short Hills, N.J.   $1,110
15   Americana at Brand   Glendale, Calif.   $1,100
    Brent Cross   London   $1,100
  Aventura Mall   Aventura, Fla.   $1,100
             

Contact Information

  • Media Inquiries:

    Susan R. Miller
    Boardroom Communications Inc.
    954-370-8999 (office)
    954- 294-4973 (cell)
    Email Contact

    Cheryl Stephenson
    Director of Marketing
    Bal Harbour Shops
    305-866-1816 (office)
    Email Contact