Datamine

| 12/27/2011

Bal Harbour Shops sets national sales record

Bal Harbour Shops, north of Miami Beach, achieved a national record, trending at $2,283 in sales per square foot in 2011. The benchmark was hit even before sales figures were in for the recent holiday shopping month.

As of Nov. 15, sales were up 26 percent over 2010 record levels at the luxury fashion and jewelry boutiques in the shopping center.

Fashion show recently put on by Bal Harbour Shops in support of the University of Miami's Project 'New Born' (neo natal unit). [Photo: Bal Harbour Shops]

"We continue to be the number one shopping destination for luxury goods in the country," said operating partner Matthew Whitman Lazenby and third-generation Whitman family member to be involved in the business.

Bal Harbour Shops has been a leader in the retail industry since it opened in 1965. Sales per square foot have increased every year since inception except for 2001 after the 9-11 attacks and the severe economic downturn in 2009.

The fashion center features high-end brands including Bottega Veneta, Chanel, Gucci, Lanvin, Prada, Salvatore Ferragamo, Valentino and Yves Saint Laurent. As a result, average sales for Bal Harbour Shops were $2,165.53 per square foot in 2010 versus an average $390 per square foot at U.S. shopping centers, according to the International Council of Shopping Centers. The record numbers keep Bal Harbour Shops far ahead of its peers, with the gap widening since the fourth quarter of 2009.

"The number of international buyers continues to increase. Many are from Latin America, Brazil, Canada and China," said managing partner Randall Whitman, the second-generation leader of the family-owned business and Lazenby's uncle. "Like our U.S. clientele, they are seeking the highest quality and the one-of-a-kind experience for which Bal Harbour Shops has become known."