Tuesday, September 11, 2012

Shopping Centers Today Ranks Bal Harbour Shops #1 Worldwide

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Link to article:
Bal Harbour Shops Named "World's Most Productive" 

An August worldwide ranking lists Florida's Bal Harbour Shops as the most productive shopping center per square foot, topping glittering competition in such locations as Las Vegas, Dubai, and London. Other American centers ranking in the top 15 include Forum Shops at Caesars, New York's Shops at Columbus Circle, Ala Moana Center in Honolulu, and two Los Angeles centers, The Grove and Americana at Brand. An interesting fact is that Bal Harbour and Ala Moana are considered to be rather old shopping centers, and still are among the world's top in generating income per square foot.

Excerpt: "When it comes to trophy properties, Bal Harbour Shops ranks No. 1, not only in the U.S., but worldwide, according to the International Council of Shopping Center's Shopping Centers Today.

The open-air luxury center, with its $2,555-per-square-foot in sales, is nearly seven times the ICSC-estimated $451-per-square-foot industry average, notes the September cover story.
Worldwide, Bal Harbour Shops topped sales at such renowned locations as Westfield London and Westfield Stratford in the United Kingdom; Westfield Sydney in Australia; the Mall of the Emirates in Dubai; and Ala Moana Center in Honolulu. (See the full list below.)
Shopping Centers Today based its list on information gleaned from Green Street Advisors; KPMG; Thomas Consulting/Shopping Centre News, the REITs and owners of the shopping centers; and some extrapolations and estimates.

Sales at Bal Harbour have increased every year since its opening in 1965, with just two exceptions: 2001, in the wake of the 9/11 attacks, and in 2009, following the nationwide economic crisis.

"We continue to be the number one shopping destination for luxury goods not only in the country, but also worldwide," said operating partner Matthew Whitman Lazenby, a third-generation Whitman family member involved in the business. "The setting, the stores, the history and the attachment that shoppers feel to the center is what makes Bal Harbour Shops the world's premier luxury retail center."

The article notes that the most successful shopping destinations have common characteristics: Typically, they are located in areas popular with tourists, have high-end retailers, affluent regional demographics and tend to get refreshed and renovated regularly.
Bal Harbour Shops, with its location at the northern tip of Miami Beach, is a huge draw for tourists who are beckoned by the allure of South Beach and who come from both inside and outside of the U.S. -- primarily from Latin America and Russia."

Top 15 shopping centers by sales per square foot
Rank Center Location Sales psf
1 Bal Harbour Shops Bal Harbour $2,555
2 Forum Shops at Caesars Las Vegas $1,750
3 Westfield Stratford London $1,600+
4 Westfield London London $1,600+
5 Shops at Columbus Circle N.Y. City $1,600
6 Westfield Sydney Sydney, Australia $1,500
7 Mall of the Emirates Dubai, U.A.E. $1,423
8 The Grove Los Angeles $1,400
9 Pacific Centre Vancouver, B.C. $1,255
10 The Mall at Millenia Orlando, Fla. $1,250
11 Ala Moana Center Honolulu $1,200
12 Yorkdale Toronto $1,194
13 Chadstone Melbourne, Australia $1,157
14 The Mall at Short Hills Short Hills, N.J. $1,110
15 Americana at Brand Glendale, Calif. $1,100
Brent Cross London $1,100
Aventura Mall Aventura, Fla. $1,100

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