BAL HARBOUR, Fla., May 1, 2012 (GLOBE NEWSWIRE) -- Average sales at Bal Harbour Shops held steady in March at $2,462 per square foot, extending a record-breaking streak at the luxury fashion and jewelry boutiques center.
The sales figure was up 25% from March 2011 on a 12-month, rolling-average basis and little changed from $2,465 in February of this year.
"Bal Harbour Shops continues to draw clientele regardless of economic conditions," said operating partner Matthew Whitman Lazenby and third-generation Whitman family member to be involved in the business. "The experience here brings them back, placing our sales well above those at other retail centers in Florida and across the nation."
Bal Harbour Shops has been a leader in the retail industry since it opened in 1965. Sales per square foot have increased every year since inception except for 2001 after the 9-11 attacks and the severe economic downturn in 2009.
"There are no indications that the current trend is likely to change," Lazenby said. "While the season for vacationers from the Northeast is winding down, we expect a strong influx of South American buyers in coming months."
Bal Harbour Shops continues to offer an unmatched outdoor environment for the world's most-respected brands, including Bottega Veneta, Chanel, Gucci, Lanvin, Prada, Salvatore Ferragamo, Valentino and Yves Saint Laurent.
The shopping center added Balenciaga, Stella McCartney, CH Carolina Herrera, Breguet and Panerai to the mix of world-class retailers.
In addition, Bottega Venetta, Ralph Lauren, Jimmy Choo, Cesare Paciotti, Oxygene, and Thomas Pink are expanding. Yves St. Laurent and Dolce & Gabbana will be opening newly redesigned, larger stores. Moncler, Canali, Etro, IWC and Alexander McQueen are opening this year.
"The credit belongs entirely to our world-class line-up on tenants who, if they keep this up, will be approaching $3,000 per square foot in average sales, almost unfathomable in an industry where the average center does less than $400 per square foot," Lazenby said.
ABOUT BAL HARBOUR SHOPS
Bal Harbour Shops is home to more than 100 luxury retailers including Bottega Veneta, Carolina Herrera, Chanel, Gucci, Lanvin, Neiman Marcus, Prada, Saks Fifth Avenue, Valentino, and Yves Saint Laurent,. The venue at 9700 Collins Avenue in Bal Harbour is across from the ocean and the new St. Regis Bal Harbour Resort.
Luxury retail visionary Stanley Whitman founded Bal Harbour Shops in 1965. The company has remained in the family for three generations and stays true to its heritage of pleasing the most discerning customers from all over the world.
Bal Harbour Shops features boutiques and cafes lined with palm trees and fountains. The center regularly hosts designer trunk shows, product launches, book signings, and cultural and philanthropic festivities.