- Posted May 19, 2014 by
Bal Harbour, Florida
Profits are Up for Bal Harbour Shops
The retail stores at Bal Harbour Shops had a great year in 2013. Average sales rose 7.4 percent over 2012, and South Florida Business Journal has reported that shops averaged $2,800 per square foot of profits.
Matthew Whitman Lazenby, operating partner at Bal Harbour Shops, has said that the specialty department stores in the shopping center – Saks Fifth Avenue and Neiman Marcus – showed increased profit percentages in the double digits, and so did Bal Harbour Shops’ restaurants. All of this improvement is nothing but good news for the area around Bal Harbour and, in fact, for all of Miami.
Economic Recovery in Action
For several years, after the housing bubble burst and the economy went spiraling into recession in 2008, no one was seeing growth. Profits were down. Businesses were closing left and right. As of 2012, things have completely turned around, which is a major indicator that the economy has stabilized and consumer confidence is on the rise.
For the past six years, developers have been stalling or getting involved in new projects. Consumers have been saving and hording, rather than spending. Bal Harbour Homes for sale are gaining better and better prices, and condo flippers have returned to Miami once again to reap profits from housing investments.
Now, though, after two record-breaking years and bright outlooks for the next year, too, it’s time to start thinking about space and more of it for the shops and restaurants in Bal Harbour Shops.
Growing Businesses and Growing Storefronts
To learn more about growing businesses and growing storefronts, as well as how this impacts Bal Harbour real estate, READ MORE at the Sunny Isles Miami Real Estate Blog.