Globalization is attracting many European retailers in US and once they are in, the demographics, location and economy of the city will make it an extremely attractive destination for the expansion. The globalization is prevalent in the world and major investment will continue to grow in evolving market of US. On the other hand, stagnant European markets will also encourage retailers to shift their focus from European cities to US cities like Miami.
On the other hand, many domestic retailers of Miami have observed their growth reaching all time high and now trying to expand in countries such as South America, Europe as well as Asia to increase their brand recognition. Lyle Stern, the principal of Koniver Stern Group said Parisian and Italian investors are aggressively opening businesses in the Miami. Though it is extremely tough for retail brands of Europe to operate in the city, Miami is attractive destination for business people who already have their presence in US and are planning to expand.
Custo Barcelona and Zana, the fashion retailers of Spain said that business people are aggressive to invest in high density locations such as Brickell. Stern stated that expanding in regions such as South Florida is lucrative strategy as it is not restricted to specific industry and purchasing power of consumers is extremely strong. Since January 2012, around 5 new European retailers have started their businesses in Miami; Swiss watchmaker IWC Schaffhausen, French clothing manufacturer Moncler, Italian menswear Canali and British fashion designers Alexander McQueen and Stella McCartney. Besides this, the north end Miami Beach destination of Bal Harbour has attracted many reputed European brands as well.
The recent research done by Koniver Stern Group has revealed that shopping and climate are the prime factors considered by consumers when they decide to travel. The beaches of Miami act as most preferred international leisure destination and epicenter for leisure consumers. Currently, most of the luxury or premium brands are looking for several opportunities to capture markets of Miami and South Florida aggressively.
In coming time, Miami will turn into an investment destination very similar to Hong Kong. It acts as an important gateway between South and North America, which is very similar to role played by Hong Kong with China and rest part of the world.