The Heat Is On For Retail Developers In Miami
AUGUST 25, 2017
BY JENNIFER LECLAIRE
FATcity’s retail component will breathe new life into Andrews Avenue.
MIAMI—Yes, the heat is on—but maybe not for the reasons you think. While retailers in many parts of the country are struggling, Miami has a different challenge.
GlobeSt.com caught up with Sabrina Stimming, senior vice president and director of leasing at CREC, to discuss this issue in light of the 2017 ICSC conference in Orlando. You can still read part one: Why South Florida Is Bucking E-Commerce Erosion Trends.
GlobeSt.com: What sources or forces are driving South Florida retail traffic?
Stimming: Now more than ever, retailers need a reason to drive consumers to brick and mortar stores. The Internet’s growing effect on retail and e-commerce has given consumers the ability to purchase almost anything online.
In addition, Millennial tastes are strongly influencing retail traffic in South Florida. While Millennials generally lack brand loyalty and happily engage in e-commerce, they appreciate great dining and entertainment. And, they are very mindful of health and wellness.
As a result, restaurants and fitness tenants are high on the list for landlords seeking to drive foot traffic. Hybrid entertainment and retail concepts, such as CMX Cinemas that recently opened in Brickell City Centre, Bowlero at Dolphin Mall, and Top Golf slated to open in Miami Gardens are also gaining popularity.
Globest.com: What “hot” South Florida developments gain interest from retailers?
Stimming: New developments continue to emerge in South Florida. Recent and proposed projects that are catching the eye of retailers include: Cityplace Doral (a 300,000-square-foot lifestyle project that recently opened anchored by Fresh Market and Cinebisto); Shops at Beacon Lakes in Doral (a 430,00-square-foot power center development that CREC is joint leasing, which will be anchored by a 65,000-square-foot Top Golf); and Aventura Mall (both Turnberry’s 315,000-square-foot expansion of the mall, which will have Florida’s first Topshop and Topman, and Seritage’s 315,000-square-foot redevelopment of Sears).
The “heat” is on in prime development spots. These include Wynwood, particularly for restaurants, and Downtown Dadeland, across from the Dadeland Mall, spurred by the addition of several, award-winning and chef-driven restaurants such as Barley, Ghee’s Indian Kitchen, Pubbelly Sushi and Harry’s Pizzeria.