The Miami Design District is seeing strong growth in retail sales this year, according to its developer.
Dacra CEO Craig Robins told the WSJ last week that retail sales in the district grew 19.5% through the first nine months of 2019 compared to the same period in 2018. In 2018, same store retail sales there were up 29.5% over 2017.
By comparison, Brickell City Centre is also seeing fast growth. Developer Swire Properties told shareholders last month that retail sales at Brickell City Centre increased 33.7% through the first nine months of 2019 compared to the same period in 2018. Overall retail sales at Brickell City Centre in 2018 were up 153.4% over 2017 (not the same store sales metric as reported by the Design District).
Miami’s retail sector is strong in general, thanks to record tourism and population growth, the WSJ wrote.
A total of 6 million square feet of new retail space has been built in Miami-Dade since 2018, compared to 4 million square feet completed in 2016 and 2017.
Bal Harbour Shops just broke ground on a major expansion that will see retail square footage increase by over 50%. Retail sales there are near record levels.