MIAMI—Miami retail is reinventing itself. That's the subject of a new white paper from Cushman & Wakefield, authored by vice president of Retail Research for the Americas to scope out Miami's rise as a retail behemoth on the international scene.

"No single market in the United States has seen as much growth from the upscale and luxury retail sector over the past year as Miami," Brown tells GlobeSt.com. "Though tourism and Miami's longstanding role as a hub of Latin American finance and commerce are factors, demographic shifts are the real drivers."

According to the report, Miami's demographics reveal a local population that is young, diverse, highly-educated, affluent and growing. Of course, intense development in the city's urban core has stoked Miami's growth. And Miami's "shadow market" of international residents, primarily from Latin America, remains one of the primary driving forces behind the region's strong retail sales growth and sharp uptick in retailer expansion.