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How Miami's Luxury Retail Market Is Evolving

MIAMI—GlobeSt.com's Jennifer LeClaire caught up with Matthew Whitman Lazenby, president CEO of Whitman Family Development, to get some insights in this EXCLUSIVE interview.

By Jennifer LeClaire | jenniferleclaire | | Updated on July 19, 2016
Bal Harbour Shops has updated its $400 million Enhancement Plan to village officials to create a high-end seaside shopping center. Bal Harbour Shops has updated its $400 million Enhancement Plan to village officials to create a high-end seaside shopping center.
MIAMI—Miami’s retail sector—especially on prime streets like Lincoln Road—is hitting on all cylinders. But how is luxury retail evolving? GlobeSt.com caught up with Matthew Whitman Lazenby , president CEO of  Whitman Family Development, to get his insights in part three of this exclusive interview. You can still read parts one and two: Five Years Later, Bal Harbour Shops Still Trying to Expand and What’s Driving the Retail Shift ?. GlobeSt.com: Bal Harbour Shops has been around for more than 50 years, so you’ve seen Miami’s luxury retail market evolve. Where do you see the market now? Lazenby: Miami is a truly unique market. We certainly enjoy a dedicated local clientele, but we also have the added advantage of being situated in a national and international destination city. Every year, Miami welcomes millions of visitors from all over the world, and they’re looking for the luxury experience that we offer at Bal Harbour Shops. We’re more resistant to downturns than other markets because of the mix of local clients and visitors that we attract. So our market here has proven remarkably durable over the years, and I expect that trend to continue. If there’s a slowdown with domestic visitors, international guests tend to pick up the slack, and vice-versa. GlobeSt.com: Miami’s luxury retail sector is now more competitive than it has ever been. Do you think the market is strong enough to sustain the current growth in luxury retail development? Lazenby: I absolutely believe that our market can handle the growth it’s seeing in luxury retail now. If I didn’t believe it, we wouldn’t be pursuing the Shops Enhancement Plan, and for that matter, we wouldn’t be partnering with Swire Properties and Simon Property Group on the retail component of Brickell City Centre either. Miami is a fundamentally unique market—and a uniquely resilient one, as well.

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