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A Bet on Miami Signals Luxury Retail's Urban Shift

2014-10-29 01:28:32| Jewelry - Topix.net

General Growth Properties Inc. and Ashkenazy Acquisition Corp. are paying $280 million for a 20% stake in the company that owns much of this city's Design District, betting on the emerging luxury-retail neighborhood as some 50 brands prepare to open new stores. The deal with Miami Design District Associates, announced Tuesday, comes at a time when malls are growing slowly and luxury shops on busy urban streets like Fifth Avenue in Manhattan or Michigan Avenue in Chicago-sometimes called "high street" retail-remain bright spots in the retail industry.

Tags: urban shift miami luxury

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