Global Retail City Profiles United States of America
Miami
Welcome to Miami – an international tourist and shopping destination. With broad appeal and a growing local population, Miami is a target for many luxury designers including newly opened Christian Louboutin, Yves Saint Laurent, and Van Cleef & Arpels within the Miami Design District. Drawn to the luxury retail experience, night life and food scene, Miami sees an influx of tourism both domestically and from Latin America, Europe and Canada. While known for its luxury shopping scene, the city still has room for growth for middle price point retailers. Adding to the thriving retail scene is MiamiCentral, the southern terminus of South Florida’s new higher-speed rail system, Brightline. Central Fare, one of Miami’s newest food halls, debuted at MiamiCentral in 2017 and is part of a 9-acre development that will include 3.0 million square feet of residential, office, and retail space in the heart of downtown Miami.
High street Lincoln Road is the foremost prime urban corridor in Miami boasting over 10 million visitors annually. Mass marketed retailers of all price ranges seek and maintain locations on the famed road, capturing the attention of domestic and international tourists. This tourist corridor is an ideal location for retail flagships as demonstrated by Nike which opened its three-story flagship in January 2017.
While Lincoln Road speaks to the tourist shoppers, Miami Design district is the answer for those looking for a luxury retail experience. The Design District is complete with trendy restaurants, galleries, and the hottest designers such as Isabel Marant and Gucci, both of which are new stores announced as part of the Phase II development set to include over 60 new tenants including ABC Kitchen and four concepts from Joël Robuchon.
Shopping centers Like so much of Miami, shopping centers are seeing tremendous growth, construction and redevelopment. Bal Harbor Shops, the epitome of luxury shopping centers, recently had expansion plans approved, allowing them to build on their already stellar list of tenant names, including recently entered 1.3 Phillip Lim, Pinko, and Lafayette 148. Brickell City Center opened in 2016 and continues to open stores progressively with the recently opened Italian themed food hall La Centrale and the first Cinemax Theater, CMX, in the U.S. Simon’s Sawgrass Mills outlet center follows suit, with a large floor plate of luxury outlets that draws tourists from around the world.
Shopping center Aventura Mall
Opening year Size (sqft) 1983
Town Center at Boca Raton Sawgrass Mills Dadeland Mall Dolphin Mall
Miami International Mall Brickell City Centre Bal Harbor Shops Source: JLL 2018
1980 1990 1962 2001 1982 2016 1965
2,472,000 1,953,000 1,894,000 1,470,000 1,399,000 1,074,000 505,000 500,000
Location Miami
Boca Raton Sunrise Miami Miami Doral Miami
Miami Beach
Population 6.2m
Prime rent (sqft per year)
US $300 Prime rental information for Lincoln Road
Key indicators Population (‘000s No.)
GDP per capita (US$, real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA rank (out of 140 cities)
Rental growth outlook
6,167
$50,925 2.0 2.3
22nd
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Aesop ba&sh
Blue Bottle Coffee Joe & the Juice
Key tenants
Bloomingdale’s, Nordstrom, Zara, Ted Baker, Anthropologie Nordstrom, Saks Fifth Avenue, Apple, Crate&Barrel, Coach Super Target, Nike Factory Store, Bed, Bath & Beyond, H&M Nordstrom, Saks Fifth Avenue, Sephora, Lush, Tesla, Tumi Bloomingdale’s Outlet, Bass Pro Shops, Burlington Coat Factory Macy’s, Kohl’s, Old Navy, H&M, Forever 21, Disney Store Saks Fifth Avenue, CMX Cinemas, lululemon, Cole Haan Gucci, Prada, Saks Fifth Avenue, Neiman Marcus
© Copyright 2018 Jones Lang LaSalle, IP, Inc. All rights reserved.
Time Out Market Top Golf Isabel Marant Topshop
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