Luxury spending has been directly impacted by global instability and lower consumer confidence hindering sales, according to Bain & Company. Despite these reports, Bal Harbour Village – an ultra-high net-worth enclave at the northern tip of Miami Beach – has emerged into one of the country’s most lucrative communities announcing an increase in sales across hotels, restaurants, retail and residential.
Tied to this news, would you be interested in a story on the Village’s economic success despite the current state of the luxury market?
Hotels: The Village’s hotels reported a 20.5 percent increase in RevPAR in January. In fact, RevPAR for Bal Harbour is higher than any other neighborhood in Miami inclusive of Miami Beach.
Retail: Experiencing the largest sales increase, Bal Harbour Shops reported a 23% rise in January 2018. One of the top producing shopping centers in the nation, Bal Harbour Shops is also moving into a $400 million enhancement plan including the first flagship Barneys New York in Florida. The National Retail Federation released its 2018 economic forecast, projecting that retail industry sales will grow between 3.8 and 4.4 percent and Bal Harbour Shops is projecting to exceed with this year’s forecasts.
Real Estate: Oceana Bal Harbour, an ultra-luxury residential development with units priced between $3-30 million, has sold more units in the last three months than in the previous six months.
Dining: Bal Harbour Shops also made the list of Top 100 Independent Restaurants, with Carpaccio and Makoto as reported by Restaurant Business. The RB’s Top 100 includes the highest-grossing independent restaurants.
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