Get to Know the Bal Harbor Shops: A Profile

Bal Harbour Shops is a world-renowned shopping center located in Bal Harbour, Florida, an affluent suburb of Miami Beach. This open-air shopping mall is a tropical version of New York’s Madison Avenue, dotted with over 100 haute designer boutiques. Bal Harbour Shops is a luxury retail icon and among the highest-grossing retail centers in the world, with sales of $3,400 per square foot in 2022.

The shopping center has a rich history spanning over 55 years and is currently undergoing a $550-million enhancement plan. The expansion will add nearly 250,000 square feet to the open-air shopping center, nearly doubling Bal Harbour Shops’ current retail space to accommodate the lengthy waiting lists of luxury retailers seeking to open their doors in this exclusive shopping destination. Bal Harbour Shops’ expansion will solidify the center’s position as a global luxury retail icon for decades to come.

History of Bal Harbour Shops

Stanley Whitman

Bal Harbour Shops was founded by Stanley Whitman, who was born in 1917 in Miami Beach, Florida. Whitman was a visionary entrepreneur who had a passion for retail and a desire to create a shopping destination that would attract the world’s most discerning shoppers. In the 1950s, he traveled around the United States studying shopping centers and their designs.

In 1957, Whitman acquired the site for Bal Harbour Shops for $2 per square foot, which was then a record price for retail property. He envisioned an open-air shopping center that would be a luxurious oasis for shoppers. Whitman’s attention to detail and commitment to quality were evident in every aspect of the shopping center, from the architecture to the landscaping.

The Whitman Family

The Whitman family has been instrumental in the success of Bal Harbour Shops. After Stanley Whitman’s death in 2002, his son, Randy Whitman, took over as president of the shopping center. Under Randy’s leadership, Bal Harbour Shops has continued to thrive and expand.

Today, the shopping center is still owned and operated by the Whitman family. The family’s commitment to excellence and their passion for retail have made Bal Harbour Shops one of the world’s most prestigious shopping destinations.

Bal Harbour Shops has a rich history that spans over half a century. From its humble beginnings as a record-breaking retail property to its current status as a global luxury retail icon, the shopping center has always been dedicated to providing shoppers with an unparalleled experience. The Whitman family’s commitment to quality and innovation has ensured that Bal Harbour Shops will remain a world-class shopping destination for years to come.

The Bal Harbour Shops Today

The Bal Harbour Shops is one of the most luxurious shopping destinations in the world. Located in Miami, Florida, this open-air shopping center features a lush tropical landscape and an exquisite collection of designer boutiques, department stores, and restaurants.

Anchor Stores and Tenants

The Bal Harbour Shops is anchored by two of the most prestigious department stores in the world, Neiman Marcus and Saks Fifth Avenue. These stores offer a wide range of luxury products, including clothing, accessories, and home decor. In addition to these anchor stores, the shopping center is home to over 100 boutiques and specialty stores, including Gucci, Chanel, and Prada.

Fashion and Jewelry Brands

The Bal Harbour Shops is known for its impressive collection of high-end fashion and jewelry brands. Visitors can find everything from designer clothing and handbags to fine jewelry and watches. Some of the most popular fashion and jewelry brands at the shopping center include Louis Vuitton, Hermes, and Cartier.

Department Stores

In addition to Neiman Marcus and Saks Fifth Avenue, the Bal Harbour Shops features a number of other department stores. These stores offer a variety of products, including beauty products, home goods, and electronics. Some of the most popular department stores at the shopping center include Tory Burch, Michael Kors, and Apple.

Restaurants

The Bal Harbour Shops is also home to a number of high-end restaurants and cafes. Visitors can enjoy everything from casual dining to fine dining experiences. Some of the most popular restaurants at the shopping center include Makoto, Le Zoo, and Carpaccio.

Overall, the Bal Harbour Shops is a must-visit destination for anyone who loves luxury shopping. With its impressive collection of anchor stores, boutiques, and restaurants, the shopping center offers something for everyone.

Expansion and Revenue

Sales per Square Foot

Bal Harbour Shops is a luxury open-air shopping mall located in Bal Harbour, Florida. The mall has been undergoing a $550 million renovation that includes a nearly 250,000 square feet expansion. With sales of $3,400 per square foot in 2022, it is among the highest-grossing retail centers in the world.

Demand

The expansion of Bal Harbour Shops was approved in 2017, and it is expected to add nearly 340,387 square feet of retail space to accommodate 40 more stores and a third parking garage. The expansion will nearly double the current retail space of Bal Harbour Shops, making it a global luxury retail icon for decades to come. The expansion is expected to meet the growing demand for luxury retail in the area.

Investment

Whitman Family Development has secured a $550 million loan for the expansion of Bal Harbour Shops. The loan is a testament to the confidence of investors in the project and the potential for high returns. In addition, Bal Harbour Shops launched its own member rewards app, called ACCESS, in 2022. The app is expected to increase customer engagement and drive sales for the mall.

In conclusion, the expansion of Bal Harbour Shops is a strategic move to meet the growing demand for luxury retail in the area. The high sales per square foot and the significant investment in the expansion demonstrate the potential for high returns on investment.

The Village of Bal Harbour

Bal Harbour Shops is located in the Village of Bal Harbour, a small and affluent community in Miami-Dade County, Florida. The village is known for its luxury shopping, high-end restaurants, and beautiful beaches.

Infrastructure

The Village of Bal Harbour has a well-developed infrastructure that caters to its residents and visitors. The village has a modern transportation system that includes buses, taxis, and ride-sharing services. The Bal Harbour Shops also offers valet parking for its customers.

The village has a state-of-the-art community center that hosts various events and activities throughout the year. The center has a fitness center, a library, and a multipurpose room that can be used for meetings and events.

Development

The Village of Bal Harbour has undergone significant development in recent years, with the Bal Harbour Shops being a major contributor to the village’s growth. The shopping center has been undergoing a $550-million enhancement plan, which includes the addition of new retail and dining spaces, as well as a significant expansion of the current retail space.

The village has also seen an increase in residential development, with new luxury condominiums being built to cater to the growing demand for high-end living spaces. The average residential sale in Bal Harbour is $450,000 – $600,000 higher than in neighboring communities, making it a sought-after location for those looking for luxury living.

Overall, the Village of Bal Harbour is a well-developed and affluent community that offers its residents and visitors a high standard of living. With the ongoing development of the Bal Harbour Shops and the increasing demand for luxury living spaces, the village is set to continue its growth and development in the coming years.