Miami-Dade Retail Market Report
Improving Economy a Tailwind to Retail Sector;
Near-Term Supply Wave Poses Challenges
Pent-up consumer demand to support retail’s recovery. Miami’s retail sector has been particularly hard hit by the imposed lockdowns and mandated store closures that were enacted last year, with some closures turning permanent for more challenged retailers. The steep reduction in tourism spending was also felt by many shops and restaurants, contributing to a wave of layoffs as the metro relies heavily on visitor spending. The market has been quicker to reopen than many others, though, which is supporting a stable recovery as pent up demand to shop, dine out and be entertained is being unleashed by consumers. Miami’s retail sector will still take some time to fully return to metrics seen prior to the pandemic as changing consumer preferences lead some retailers to reconsider expansion plans and development continues to be robust.