Miami’s Design District to become leading luxury shopping destination in Florida
Louis Vuitton and Hermes were the first to announce plans last year to close stores at the Bal Harbour Shops and open in the Miami Design District. Miami’s Design District recentlly confirmed other brands Fendi, Zegna and Bulgari.
The developer of Design District in Miami, Craig Robins confirmed the long-anticipated deal with French luxury giant LVMHto bring another 11 brands from the group, including Christian Dior, Fendi, Bulgari, Pucci, De Beers, Celine and Marc by Marc Jacobs.
Robins also officially announced the opening of Cartier, which will be one of 10 Richemont brands opening in the Design District.Other new tenants that he said have committed to the Design District: Tom Ford, Zegna and Burberry.
Already last year, Louis Vuitton, Cartier and Dior have closed their stores at Bal Harbour. Louis Vuitton has opened at Aventura Mall. Most of the LVMH brands are expected to leave Bal Harbour and relocate to the Design District, while some will also open second locations in Aventura.
But the departures didn’t seem to hurt Bal Harbour, which had its best year in 2011 ringing up annual sales of more than $600 million and average sales per square foot of $2,369 per square foot, tops in the industry. New tenants recently opened or on the way include Alexander McQueen, Canali, Panerai, Balenciaga, Stella McCartney and La Perla.
Bal Harbour is considering waiving its radius restriction clause for tenants who open in the Design District, if they are willing to go to the second floor at Bal Harbour or move to a future expansion wing, Lazenby said.
Louis Vuitton, Christian Dior, Hermes, Celine, Pucci and Cartier are all expected to open at least temporary locations in the Design District by the end of this year. By 2014 Robins expects to have between 40 and 50 luxury retail brands, representing nearly 400,000-square-feet of shopping space spread throughout the neighborhood, creating Miami’s version of New York’s SoHo or Meat Packing District.
Miami’s luxury retail market caters not only to US consumers from all over America who vacation in Florida but wealthy foreign travellers as well, especially from South American countries such as Colombia, Chile, Argentina and Uruguay.
adapted from The Miami Herald and research from CPP