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How LVMH Transformed a Miami Warehouse District into a Luxury Hotspot Miami's Design District has become a global hub for luxury shopping, boasting brands like Louis Vuitton , Loewe , Hermès ès, and CHANEL . But just 14 years ago, this area was filled with gritty warehouses and empty lots. So how did this transformation happen? A Shared Vision The key players were Miami developer Craig Robins and #LVMH #CEO @Bernard Arnault. Robins envisioned the Design District as a SoHo of the South, while Arnault saw the potential for luxury brands. Despite initial skepticism, they joined forces to create Miami Design District Associates. The Secret Sauce The success of the Design District goes beyond just luxury stores. Here's what makes it special: Art and Culture: The neighborhood seamlessly blends high-end retail with outdoor sculptures, murals, and museums. Flagship stores resemble art galleries, creating a unique experience. A Curated Experience: Robins is actively involved in curating the vibe of the district. He donated land for a museum and helped attract Michelin-starred restaurants and exclusive private clubs. The Results The gamble paid off. Today, the Design District enjoys: Soaring Rents: Asking rents have skyrocketed by 200% since 2019, the highest increase in North America. Increased Foot Traffic: Foot traffic has jumped 47% over the past four years, while other luxury shopping areas have seen declines. A New Miami: Miami is now seen as a cultural capital, attracting financiers, tech entrepreneurs, and the business elite. Craig Robins' Vision Robins' commitment to art, culture, and community has been instrumental in the Design District's success. He has helped create a vibrant destination that goes beyond just shopping. What do you think about LVMH's investment in the Miami Design District? #Miami #DesignDistrict #LuxuryRetail #RealEstate #UrbanDevelopment #Dubai #London #Paris https://lnkd.in/dKpTAR8M

Good News For Luxury Retail‼️ 560 Fifth Ave (corner of W46th St) a 13,580sf boutique building with 24,500sf of air rights & 125’ of frontage on 5th Ave, was just sold by the #RieseOrg to the Japanese Coffee Company #Geshary for $38M (listed for $45M) This sale marks the first change in ownership in 50 years and the priciest for an entire 5th Ave retail since the start of the pandemic. It has been leased to #Oakley Sunglasses, for the past 10 years & that lease expires in March of 2024. This sale, further signals that luxury storefronts are in the spotlight, Geshary joins other brands on the Avenue like #Rolex, #LouisVuitton & #TiffanyCo who have been undergoing extensive renovations to their storefronts & others, like #Chanel whose flagship, previously on 57th St, is opening soon directly on 5th for the first time! https://lnkd.in/egrGbZna #douglasellimanrealestate #retailnews #luxuryretail

Steen & Strøm, the world's oldest continuously running department store, celebrated its strongest ever quarter, with record sales and footfall. Promenaden Management, an asset management platform specialising in luxury offices and retail wholly owned by MARK, has invested significantly in improving the store's design, layout and offering, which has made Steen & Strøm a destination for both local and overseas consumers. Commenting on the Q1 trading figures, David Wilkinson, Executive Director at Promenaden Management, said: “An influx of wealthy tourists from across the world, combined with Norway’s increasing ease with conspicuous consumption, is driving a local luxury boom. Steen & Strøm, still the world’s oldest running department store, has been a prime beneficiary, as evident in our latest trading figures.  “However, this has not simply been a case of rising tides raising all boats – we have invested significantly in improving our offering and continue to do so, with new tech and fashion-based offerings due to open later this year.”  Read more in Retail & Leisure International:

Exciting Future Unfolding at Southdale Center! America's first mall is undergoing a revolutionary transformation. As reported in the Wall Street Journal over the weekend, Simon is turning Southdale Center in suburban Minneapolis into the epitome of the “mall of the future”. Over the last decade, Simon has been reshaping Southdale, introducing a diverse array of amenities beyond traditional shopping. Luxury apartments, a hotel, a Life Time resort-style fitness club and modern co-working space and RH Gallery & Restaurant are just the beginning. Building on the progressive, upscale transformation, the first group of luxury retailers was revealed and includes four high-profile newcomers to the Minneapolis/St. Paul market – Gucci, one of the world’s leading luxury brands; Moncler, a brand focused on new luxury with its origins in sports clothing; Max Mara, the forerunner of modern ready-to-wear women’s clothing; and globally renowned watchmaker Breitling. Also announced were British luxury icon Burberry, luxury watch stalwart Watches of Switzerland/Rolex, Coach, kate spade new york, and Tory Burch, joining Kowalski’s Market and upscale mini-golf concept, Puttshack, who are slated to open later this year. Read the full story here: https://on.wsj.com/4abMYah #Simon #RetailNews #Retail #Future #Realestate

Coast To Coast

In coveted neighborhoods like Fifth Avenue in New York or Beverly Hills in Los Angeles, high-end brands such as LVMH (Louis Vuitton’s owner), CHANEL, Prada Group and Kering (Gucci) are spending hundreds of millions of dollars on properties that house their flagship stores or could in the future. For my latest story at Modern Retail, I featured real estate leaders including CBRE global chief economist Richard Barkham (at #NAREE2024), Barrie Scardina of Cushman & Wakefield and Andrew Goldberg with CBRE to speak to the implications of these transactions on these neighborhoods as well as Gartner analyst Brad Jashinsky on why these companies have the cash and are doing this now. What kinds of buying or leasing decisions are you seeing retailers make in your market? Which brands are you seeing more of? Let me know here or at [email protected] #retail #CRE #luxury #newyork #losangeles #sanfrancisco

Final touch to the product design and brand image repositioning achieved in the last years!

Taking advantage of lower rents at this time, high-end brands like Prada and LVMH are spending billions on prime retail properties to secure flagship locations, control renovations, and limit competition. This trend is concentrated in top retail districts with scarce availability. #luxury #retail https://hubs.li/Q02FTQsk0

Discover retail therapy at its finest in Fitzroy, where vintage treasures and contemporary designs await! Indulge in a shopping spree through quirky boutiques, vintage stores, and eclectic markets that cater to every style and preference. Explore the vibrant tapestry of retail wonders that make Fitzroy a shopaholic’s paradise. #FitzroyFinds #MelbourneShopping #OutdoorAds #OutdoorAdvertising #DigitalSignage #AdvertisingIndustry #MarketingStrategy #BrandPromotion #BusinessPromotion #AustralianMarketing #CorporateAdvertising #B2BMarketing

Milan : On Via Montenapoleone, the average receipt in the luxury street rises to 2,379 euros (but rents are also increasing). For a year of rent, you also spend 34 million euros. Even rents have reached record figures. According to data from the "Main Streets Across the World" report, curated by the American real estate company Cushman & Wakefield, the average cost is €18,000 per square meter. This means that to rent a space of 1,800 square meters – like the one Gucci reopened a few months ago at number 7 - you need around 34 million euros per year. The amount of money involved makes it practically impossible for emerging brands with a small turnover to access these spaces. The same goes for independent retailers without a major group backing them. Confirmation comes from the recent announcement of the imminent closure of "Vetrerie di Empoli," a historic glassware store located at number 22.