Lincoln Road is getting a major new store. Think food hall, but with retail and art
Showfields, the retail chain that bridges the gap between brick-and-mortar stores and online vendors, is opening its second U.S. location on Lincoln Road in May.
The two-story, 14,300-square-foot venue, located at 530 Lincoln Road, will feature a curated selection of 40 to 50 pop-up shops, name-brand spaces and art installations. The venue will also include an indoor/outdoor restaurant, a speakeasy bar, a theater for live performances, tattoo parlors and body piercing stations.
The Swedish watchmaker Daniel Wellington and the natural beauty product brand Each & Every will be among the tenants.
The terms of the lease were not disclosed, but Lincoln Road currently fetches an average of $300 per square foot.
Showfields opened its first U.S. location last year at 11 Bond Street in New York’s Noho district. That 14,000-square-foot store drew more than 250,000 visitors in 2019 and currently showcases more than 100 brands.
“We believe that Miami sits on the intersection of art and retail,” said Amir Zwickel, chief real estate officer and co-founder of Showfields. “We are excited by the crossover of both our existing NYC customers and an international audience that may not have the exposure to the brands that we currently showcase. Miami is a city on the rise and ranked as one of the largest growing cities in the U.S. ripe with art, culture and more. We are thrilled to be part of this incredible ecosystem.”
Showfields joins a recent wave of new tenants that have joined the historic shopping district, including the Chinese-based Yoyoso, which sells clothing, accessories and food, as well as BoneFly, a high-end dog collar boutique.
The newcomers have replaced iconic Lincoln Road eateries such as Sushisamba, which closed in December after 20 years of business.
A different kind of shopping
The Showfields concept, which can be described as a food hall for retail, embraces the growing trend of experiential shopping that has transformed the retail industry, emphasizing social and recreational aspects to lure people away from online vendors.
Miami, with its flood of tourists and out-of-town visitors, remains one of the hottest retail markets in the U.S., with an overall retail vacancy rate of 6.4%, according to Moody Analytics REIS Research Group. The national vacancy rate is over 10%.
Lyle Stern, vice president of the Lincoln Road Business Improvement District, said the sheer number of visitors Lincoln Road attracts each year — approximately 10 million in 2019 — was a perfect fit for Showfields’ unique retail concept.
“Over a year after opening our first location, we have had the privilege of learning many things,” Zwickel said. One of those things is the importance of becoming a home for the local community of entrepreneurs and artists and not only being a destination for shopping and discovery.
“We will open our doors in May, the end of peak tourism season, as one of the things we pride ourselves on is our ability to create engaging experiences no matter the season. The future of retail in Miami is not just about holiday and Art Basel, but about creating a vibrant space that lends itself to the amazing city that is Miami and the incredible things that are being built there.”
The agents associated with the deal include Brandon Singer and Michael Cody of Cushman & Wakefield, Sara Wolfe of Koniver Stern Group, and Aaron Butler and Daniel Cardenas of Avenue Real Estate Partners.
This story was originally published February 13, 2020 at 8:13 AM.
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