Photo: Bal Harbour Shops
Bal Harbour Shops, an open-air luxury shopping centre in an upscale part of Miami, is the most lucrative shopping mall in the world based on sales-per-square-foot.The mall currently sees sales of $2,555 per square foot, and is likely to approach $3,000 per square foot by year-end, an annual survey by the International Council of Shopping Centres showed.
That stat puts Bal Harbour’s sales at nearly seven times the ICSC-estimated $451-per-square-foot industry average.
Sales per square foot in Bal Harbour have increased every year since its opening in 1965, with the exception of 2001, because of the 9/11 terror attacks, and 2009, because of the economic downturn.
Some of the malls keys to success include:
- A large collection of luxury shops, including Bottega Veneta, Chanel, Gucci, Lanvin, Prada, Salvatore Ferragamo, and Valentino.
- Bal Harbour is family owned, giving its business more room to adapt quickly when the market changes.
- The mall’s location in the Miami area gives it a steady flow of tourists as shoppers.
- The inside of the mall is rich with fountains, tropical plants, and other aesthetically pleasing fixtures to help make the shopping experience even more enjoyable.
Bal Harbour beat Simon Property Group’s Forum Shops at Caesars Palace in Las Vegas and the Westfield Groups’ Westfield Stratford in London, the second and third most lucrative malls in the world. They earned $1,750-per-square-foot and $1,600-per-square-foot, respectively.
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