Developers intend to maximize the retail industry in South Florida

Developers and mall operators are planning to renovate and develop open-air shopping centers all over South Florida. Although the timing appears to be strange, due to the economic crisis in China, Europe and Latin America, experts believe that Miami’s market is strong and will be able to withstand the fears of oversaturation when the projects are completed. Although the luxury condo market has cooled down the opposite is happening to the retail market. The retail market remains strong, retail vacancy is only 3.5% and the sales have increased by 4.5% even though dollar is stronger than other currencies.

Fort Myers property management says that the Miami Worldcenter project in downtown Miami will be undergoing major redesign. Meanwhile, the city government is funding a large sum of money to renovate the Miami-Dade’s shopping hubs such as Miracle Mile in Coral Gables, the shopping district on Lincoln Road in Miami Beach and Flagler St. In Broward County, Plantation’s Fashion mall will be replaced by an open air shopping center.

Chris Weilminster, the executive vice president of Federal Realty Investment Trust believe that the Miami has a strong market and the large number of tourists visiting make the retail industry highly profitable. According to the International Council of Shopping Centers, Miami surpassed high profile shopping destination such as New York and LA.

Source: www.miamiherald.com