Aventura Mall’s collection of upscale boutiques already includes Louis Vuitton, Cartier, Tiffany & Co., Fendi, Burberry, Bally, Emilio Pucci, Omega and Brooks Brothers, as well as Bloomingdale’s, Nordstrom and Macy’s among the department store anchors.
“The additions of Givenchy and Gucci will enhance the shopping experience for our local and international visitors and further establish Aventura Mall as one of the country’s top fashion destinations,” said Jackie Soffer, co-chairman and chief executive officer of Turnberry Associates, owner and manager of Aventura Mall.
Givenchy is scheduled to open in summer 2016 and Gucci in fall 2016. Both boutiques will be located in the Nordstrom Court. Aventura recently added St. John and 120 percent Lino, an Italian brand specializing in linen, to its upscale lineup.
In recent years, the Miami retail market has been a magnet for luxury and upscale brands with many opting to open multiple locations and increasing the level of competition.
The market has been hit by a decline in tourist spending due to the strong U.S. dollar and economic difficulties faced by Brazil and Russia. Many retailers, including Neiman Marcus, Saks Fifth Avenue, Macy’s and Bloomingdale’s have been impacted.
Still, retail space continues to be added, with several major projects in the works, including Brickell City Centre in downtown Miami will feature 5.4 million square feet of office, residential, hotel, retail and entertainment space. Miami Worldcenter is one of the largest private master-planned projects in the United States, will have 1 million square feet for a shopping center, hotel, convention center and luxury residences. And the Miami Design District, formerly a bastion of abandoned warehouses, has been reborn with an influx of luxury stores including Hermes, Louis Vuitton, Poltrona Frau, Hermès, Cartier and Tom Ford.
Bal Harbor Shops, considered among the most productive shopping centers in the world, has been seeking approvals on a plan to nearly double the size of the center from approximately 450,000 square to 850,000 square feet.