August 30, 2012 / 12:05 PM / 7 years ago

ICSC: Bal Harbour Shops Named "World's Most Productive" as Ranked by Sales per Square Foot

  BAL HARBOUR, FL, Aug 30 (Marketwire) -- 
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.

    The Village of Bal Harbour is among the most affluent in the region. And,
as noted in the article, Bal Harbour Shops' neighbor, The Church by the
Sea, recently voted in favor of relocating the church from its current
location, adjacent to Bal Harbour Shops, allowing the fashion center to
add another 200,000 square feet and approximately 50 new tenants.

 Bal Harbour Shops is home to more than 100
luxury retailers including Brunello Cucinelli, Chanel, Dolce & Gabbana,
Gucci, Lanvin, Neiman Marcus, Prada, Roger Vivier, Saks Fifth Avenue and
Valentino. The venue at 9700 Collins Avenue in Bal Harbour is across from
the ocean and the new St. Regis Bal Harbour Resort.

    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


Media Inquiries:

Susan R. Miller
Boardroom Communications Inc.
954-370-8999 (office)
954- 294-4973 (cell)

Cheryl Stephenson
Director of Marketing
Bal Harbour Shops
305-866-1816 (office) 

Copyright 2012, Marketwire, All rights reserved.

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