Miami takes 1st Place in the world for Luxury Brands
The study by Luxury Chamber of Commerce takes into consideration reported results from the top 100 luxury & fashion brands worldwide and the success of those brands in certain markets including penetration per capita, availability of retail space, convenience of shipping, level of local demand and number of millionaires residing within a 30 mile square radius. Some brands headquartered in the area include: Elizabeth Arden, Invicta Watches, Perry Ellis International, Carnival Cruise Lines, Royal Caribbean Cruises, Benihana, Candy Woolley, Lisu Vega, Gustavo Cadile, Electrolux, Bacardi, Embraer Aircraft, Cigarette Boats and Catera Performance Boats. The local area is now a financial powerhouse based on the success of hard working Cuban immigrants and an influx of international money from places like Venezuela and Turkey. Miami is a city which is not dependent on tourism and the following suburbs are known for pairing affluence with retail brands: Miami Beach, Coral Gables, Pinecrest, Doral, Key Biscayne, Bal Harbour and Brickell Downtown Luxury Development Area. Luxury brands involved in manufacturing also appreciate the ease of shipping and global perspective of the region. Multilingual employees are easy to access and one of the largest and most efficient ports in the world is available for product distribution to Latin-American and other countries overseas. Many cities such as Dubai and San Francisco are priced out of the market even for some luxury brands while retail space in Miami runs an average of only $40. per square foot as of January 2017 yet varies greatly by neighborhood. The weather is also a major factor as potential clients are out and about spending money 12 months out of the year.
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