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Brazilians Aren't Shopping in Miami Anymore, Apparently

Neiman Marcus at Village of MerrickPark in Coral Gables
Neiman Marcus at Village of MerrickPark in Coral Gables

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Although hearing Portuguese is still common at local malls like Aventura, Business of Fashion reports that "Brazilians who once flew to Miami to buy Louis Vuitton purses and Chanel dresses are spending their weakened currency at home." So then where are they spending it? High end malls owned by Iguatemi Empresa de Shopping Centers SA.

According to the article, Brazilians spent $1.41 billion abroud this year, which is a third less than they had last year, because the real lost 42 percent of its value against the dollar over the past 12 months. Although Brazil is headed into its biggest recession in 25 years, these shopping centers perform well because people have a chance to shop, eat, watch a movie, and do a number of other things while there.

With an amusement park in mall possibly on the way and a number of malls with gaming attractions and movie theaters around Miami, seems like the idea isn't all that foreign.