South Florida Retail Report

REVITALIZED RETAIL

EXCITEMENT GROWS IN SOUTH FLORIDA The retail landscape experienced significant changes and innovation as Covid-19 reshaped how consumers live, work and shop. South Florida was hit hard by the pandemic as shops, restaurants, gyms, as well as other retail facilities were closed for several months and retail

As the seventh largest Metropolitan Statistical Area (MSA) in the United States, the three counties in South Florida (Miami-Dade, Broward and Palm Beach) are expected to add more residents in the future than most other large metros, including positive migration. South Florida is also one of the most diverse metros in the country and an ideal environment for the confluence of wealth and consumer spending. The region benefits from a unique population that includes people from more than 100 countries with nearly half of the college graduates multilingual. These dynamics provide retailers with a broad base of customers to pull into experiential retail concepts as well as experimenting with how retail reaches its audience.

vacancies hit all-time highs. While retail in South Florida was not immune to the challenges the sector faced post-pandemic, the region has several factors playing in its favor that help with revitalizing retail’s outlook sooner than in many other parts of the U.S. South Florida consistently ranks as one of the top-performing tourism and hotel markets. With international tourism expected to return in November, the retail market was expected to recover at a quicker pace as international travelers are drawn to South Florida’s beaches, art, culture and vast array of shopping and dining options.

South Florida has seen an influx of high- net-worth individuals and become a magnet for affluent executives and professionals across all industries including financial services and technology.

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