Miami leads the U.S. in growth from the luxury sector
Miami, FL, once viewed as the destination for retirees, is now at the center of Latin-American finance and a go-to for luxury retail shopping. According to Cushman & Wakefield’s December 2015 Business Briefing on Miami, a booming tourist industry, the growing Millennial population, and urban revitalization have driven the city’s rapid expansion of luxury retailers. The city now leads the U.S. in terms of growth from the luxury sector.
Once centered at South Beach, stores have expanded to Brickell, Wynwood and the Design District, all High Street neighborhoods. Wynwood, home to Warby Parker, Shinola, and emerging brand Italia Independent, is Miami's version of New York City's Meatpacking district - edgy and creative. Brickell City Centre, which broke ground in 2012, is a $1.05 billion 5.4 million square feet (MSF) mixed-use project that will include 505,000 ft² of retail space. It is anticipated that by next year, Miami-Dade County will have 2.1 ft² of retail space under construction.
The emergence of the Millennial shopper and the rapid increase of Hispanic buying power have propelled Miami’s luxury sector, and are doing the same throughout U.S. urban centers. Miami is also a popular destination for international travellers. According to Cushman & Wakefield, international tourists spend about 30% on average of their travel budgets on shopping. No wonder the city is a magnet for luxury retailers.
Cushman & Wakefield is one of the leading global real estate firms. The company has over 43,000 employees across 60+ countries, with revenue reaching $5 billion across all of its services and investment and asset management.
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