Retailers trade Fifth Ave. for Worth Ave. as Palm Beach scene thrives with Americans heading South

CNBC ^ | 02/16/2021 | Lauren Thomas

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WEST PALM BEACH, Fla. — Retailers, restaurants and other business owners want to be where the people are. And people are moving to South Florida in droves.

Some are taking a temporary retreat during the Covid pandemic, away from the cold weather up North. Others are making a longer-term change, and businesses are following by committing to decadeslong leases.

At Rosemary Square, an outdoor shopping mall situated close to downtown West Palm Beach, a West Elm furniture store and Urban Outfitters are slated to open in the coming months. They'll be joined by a slew of new eateries, including a recently opened, local fast-casual taco shop, health-driven chain True Food Kitchen and the hip plant-based restaurant Planta.

Lucid Motors, an electric car company known as a Tesla competitor, opened its second South Florida location last month at Rosemary Square, which is operated by New York-based developer Related Cos. It joined Lululemon, Anthropologie, Yeti, Tommy Bahama, Sur la Table, RH and more than a dozen other retailers that, on most weekends, are filled with visitors. After shopping some grab a smoothie from Pura Vida, another recent addition to the complex, and listen to live music on a central grass lawn.

Across the water, on Palm Beach Island, the activity around Worth Avenue is similarly bustling.

SoulCycle is running an outdoor pop-up. Its spin classes book up on the weekends and are frequented by out-of-towners, who are often overheard discussing their plans to go back to New York or Washington, D.C. — eventually.

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ROSEMARY SQUARE

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Key Points

• Retailers, restaurants, and other business owners are opening up around Palm Beach, Florida, eyeing tax and lifestyle perks, as more people look to call South Florida home during the Covid pandemic and beyond.
• Retail rents are rising in the Palm Beach area, a sign that demand for space is picking up, and supply is more constrained than in places like New York City.
• New York-based developer Related Cos. has played a key role in helping to develop the retail scene in downtown West Palm, with its Rosemary Square project.

[madison10]

That is too bad...

[Dr. Sivana]

I’m usually happy if I can get away with trading Pacific Avenue for St. Charles Place and States Ave.

[Tennessee Nana]

I own all the railroads so you’ll be owing me...