“We felt the influx of new people coming into Palm Beach but were lucky enough to have clients who shopped with us who do not live in Palm Beach. Everything sold at DEA is imported from Italy, which made 2020 a challenging year because of supply-chain issues, but that has eased somewhat he said. It was a small business that had not been developed very much.”īarbatelli bought the business five years ago and has seen growth every year. It is partly because the business, even before all the people came down, had lots of room to grow. Stephanie Barbatelli, owner of DEA Fine Linens, 341 Worth Ave., said, “We have been having a good year. That will be the future customer in the next 10 to 20 years.” “New generations are comfortable being here. You see young people having graduation pictures taken on Worth Avenue,” Klecinsky said. There are so many young teenagers here with their families. “It isn’t like years ago when people were intimidated to cross the bridge. Some have accessed Palm Beach for the first time, and it’s not uncommon to see three generations of families from tweens to grandparents enjoying Worth Avenue, he said. It has just been good for the street,” Klecinsky said. Affluent customers moving here on a permanent basis made retailers confident to be long-term tenants. “Because of people moving here for tax reasons and weather, affluent people worldwide found out about Palm Beach, and they decided to stay. What sets Worth Avenue is apart is the unmatched service and attention to detail customers receive, Klecinsky said. Many shops carry exclusive merchandise not found elsewhere. Service and attention to detail exclusive merchandise It was a big deal,” Klecinsky said, as it gave store owners a lot of confidence when signing a long-term lease. “That gave agreement and confirmation that Worth Avenue was the place to be for retailers looking to enter the South Florida market. Le Bilboquet brought affluent, sophisticated New York customers to Worth Avenue where they could experience “super fine” dining. We filled those vacancies with pop-ups, and several of those tenants have become long-term tenants,” Klecinsky said. “At the time we had several vacancies on Worth Avenue. The restaurant began in Manhattan in 1986. Last year, Klecinsky handled the Le Bilboquet lease for the French restaurant, which opened in February 2021 at 245 Worth Ave. Parking in Palm Beach: Palm Beach OKs more 30-minute parking spaces for some spots on Worth AvenueĪ few Worth Avenue spots are changing hands in the next few months, but are already leased, as are leases coming up in 2023, Klecinsky said. “The seasons are longer, and the stores are packed,” said Klecinsky who has worked in commercial real estate in Palm Beach since 1989. Robert Klecinsky, director of retail services at Cushman & Wakefield’s Palm Beach office, said the island's retail market is the busiest and best with the fewest vacancies he has seen in 25 years, and business is still booming this spring. Many of the tenants are from the Northeast but have decided to open a second location in Palm Beach, Jones said. Office buildings that O’Connor manages at 230 and 240 Royal Palm Way are fully leased. A new tenant for the Esplanade space has not been announced yet. The luxury brand known for its leather goods, handbags, shoes, watches, jewelry and accessories has a store at The Gardens mall in Palm Beach Gardens. The Esplanade, 150 Worth Ave., is fully leased, but Louis Vuitton, occupying a 2,200-square-foot space since 2000, is closing at the end of May. Jones described business this season as the new norm and attributed the growth to both longer-term residents and visitors. Luxury retailer says goodbye: After 40 years in Palm Beach, Louis Vuitton will close Worth Avenue store on island 'There is a buzz': Suddenly, Palm Beach is cool for young people and their familiesĮXCLUSIVE: 1920s-era apartment-and-retail building fetches $17M in Palm Beach, seller says “When we look back several years to compare, it was exceptional all around, including the foot traffic to the center,” Jones said, adding that sales are exceeding pre-pandemic levels. It’s terrific for our tenants and for Worth Avenue,” said Yvonne Jones, director of property management for O’Connor Capital Partners of Palm Beach. We have been most impressed by the strong resurgence in luxury retail this past year. “We are very pleased to note the significant increase in tenants’ sales at the Esplanade. Palm Beach’s booming real estate market and an influx of new residents and visitors have boosted business at its retail venues from Worth Avenue to County Road and The Royal Poinciana Plaza, giving merchants a strong season that has not let up yet.
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