Luxury Shopping Center Nearing Record $2,500-Per-Square-Foot Mark
Owners Say Credit Goes to World-Class Line-Up of Tenants
BAL HARBOUR, Fla., March 29, 2012 (GLOBE NEWSWIRE) -- Average sales at Bal Harbour Shops climbed to $2,465 in February, another record for the luxury fashion center.
The figure was up 25% on a 12-month, rolling-average basis. Revenue increased nearly $100 per square foot from $2,369 per square foot for all of 2011.
"Bal Harbour Shops continues to break its own records month after month," said operating partner Matthew Whitman Lazenby and third-generation Whitman family member to be involved in the business. "We are up double-digits so far this year against the 2011 record-breaking numbers. We've got five categories that are up 20 percent or more, three that are up 30 percent or more, and one – service and personal care – that is up over 50 percent!"
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.
"We were likely the first in the country to break the $1,000 per square foot barrier back in the '90s and we are again the first shopping center to break the $2,000 per square foot ceiling in 2008."
Bal Harbour Shops continues to offer an unmatched outdoor environment for the world's most-respected brands, including Bottega Veneta, Chanel, Gucci, Graff Jewelers, Lanvin, Prada, Valentino, Van Cleef & Arpels and Yves Saint Laurent.
The shopping center recently 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 have opened newly redesigned stores. Alexander McQueen, Canali, Etro, IWC Watches and Moncler are scheduled to open prior to the fall season.
"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 anchors Neiman Marcus and Saks Fifth Avenue. 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.