Why Miami Is Considered The Strongest Market For Retail With America’s Most Productive Malls

Here’s why Miami is said to be  the strongest market in the country for retail, according to a presentation made to retailers by Brickell City Centre (it appears to have been prepared before the mall was opened, but is still being distributed).

Of the top 50 most productive malls in the country, seven are in Miami, the presentation states. No other market has as many top 50 malls, the presentation shows.

Los Angeles, which is double the CBSA population, ranks second with 5 malls. Miami ranks eighth by CBSA population but is still first for top 50 malls.

According to the presentation, the two most productive malls in the country are in Miami, as are 4 of the top 15 most productive malls, 7 of the top 50, and 10 of the top 100. Miami is also home to five malls that perform at over $1,000 per square foot in sales, and two malls that do over $1 Billion in total sales.

Last Month, Swire Properties told investors that retail sales at Brickell City Centre increased 153.4% in 2018, compared to the prior year.

 

 

Aventura Mall:

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Anonymous

Because of tourists, specially from Latin America

Anonymous

And Europe and Asia

Anonymous

Still waiting for the reason…

Anonymous

Air conditioning?

Anonymous

Two reasons:
1-Prices in the US are still super attractive to Latin American and Caribbean Tourists.
2-South Florida’s Shopping addition suburban Mentality

Anonymous

Well the reason wasn’t given but I will give the reasons and one is tourism, second alot of people shop for their relatives here and ship it to them. And the final reason is alot of residents of south Florida love to shop compared to other places.

Anonymous

The malls that are dying are the ones anchored with stores like Sears and JC Penny, malls that cater to lower/middle class. Those people’s purchasing power has decreased over the last few decades. Malls that cater to the upper middle class and above are doing great and even expanding. And then there are the foreign tourists.

Anonymous

Westland in Hialeah still going strong with Sears and JC penny as anchors. Have you seen that place during Christmas time holidays ? Can’t park anywhere any time and any day.

Anonymous

This is the equivalent of “my uncle smoked cigarettes until he was 100, therefore cigarettes aren’t harmful”.

Anonymous

Yes but I don’t think Westland is part of the equations they mention in the article.

Anonymous

How so ? The article mentions 7 malls in Miami and yet it does not list those malls ? In fact, the article is speaking in vague terms about malls in the Miami area.
The above poster is also correct with the info about Westland disputing the original poster about malls with anchors by stores like Sears and JC penny with a ridiculous notion that the lower middle class don’t have any purchasing power and yet, they are still shopping regardless of the kind of stores they go to.

Anonymous

Um, purchasing power is stronger than ever. It’s just the higher end demographic that went to Sears and Penney’s now shops online and category killers, and the lower end goes to Target and Walmart.

Anonymous

I’ve worked in commercial real estate, and I can tell you Hialeah is one of the strongest retail market. Empty storefronts don’t last long.

Anonymous

South Florida is tops for discretionary income + Tourism

Anonymous

Latin Americans always spend money like they’ve drank too much Cerveza. Also the Latins that vacation in Miami don’t use Internet shopping in their home countries.

¯\_(ツ)_/¯

Also, the Latins that come here tend to be well off. Those Brazilians looooovvveeee Apple.

Anonymous

Not true.
They do shop online in their respective countries but they cone here for fun, sun and shopping.

Anonymous

Would be cool to put a link to the report so we can see it…

ILoveMiami

Why is it soooooooooo hard for some of you to accept that people with money to shop (a lot) are baby boomers and older Gen Xers who don’t care for open air shopping areas in hot and humid Miami or quirky trendy little shops. Check them out at Dadeland, The Falls, Merrick Park (covered walkways), Bal Harbor. The exception here is the Design District and shoppers there take cover in shaded walkways. The stores there are also close together. It’s the HEAT.

Anonymous

I thought old farts came down here because it’s hot. Same with Arizona, with Scottsdale and Biltmore.

Anonymous

Where’s the ‘why’ portion of the story?

Anonymous

that’s a miami tradition

Anonymous

the new recession starts already, and is going to continue, the economy of countries like Argentina, Brazil and Mexico is going down too, just wait…

https://moneywise.com/a/retailers-closing-stores-in-2019

Anonymous

Great information, thanks.

Anonymous

Miami is #1 in the country for selling luggage. The tourists have to get their purchases home and worn clothes take up more room on the way home than they did getting here so more suitcases are needed for that too!!

Anonymous

Would be nice if you said which malls

Anonymous

Maybe because one of the highest poverty rates in country? The people blow all their money on pointless consumption?

https://www.miaminewtimes.com/news/miami-ranks-second-worst-in-country-for-income-and-poverty-level-census-survey-says-9689540

Anonymous

What a novelty, people in poverty have money to blow.

A Miami Resident

There are 2 versions of Miami in my opinion. And one of the 2 versions is exactly what you are describing. Miami in my opinion is the best place to live in the US. That said, my opinion does not fit everyone who lives here, I know that there are many here who like to live day by day and make little effort to show the discipline to save and break out of the box ? in their day to day routine. Going to a mall and maxing out your credits cards is no different than having a drinking problem or a drug problem, or in today’s World an unhealthy addiction to your not so smart phone, they are all lack of discipline. In Miami I see two Worlds,
1. a lot of people buy a $4,000 TV and a $400 pair of shoes while they live in a $200,000 house.

2. The rich buy a $1,100 TV and a $50 pair of shoes but live in $5 Million Home. It is clear that retail stores live off the 1st group, while the second group thrives in the long run.