Bal Harbour has sued Saks and terminated its lease. Saks’ extensive arrearages include long overdue rent that accrued pre-COVID as well as percentage rent on sales that occurred after Saks re-opened for business after the lifting of closure orders from County and Municipal governments. Yet, despite being given months to honor its past due rental obligations and despite Saks’ impressive post-COVID sales at Bal Harbour Shops, Saks steadfastly refused to make any effort to pay any part of its rent. Legal experts say that $18.5 million advance, not the back rent, may be the thing that actually spurred the eviction Bal Harbour has long been one of the country’s top-grossing malls. Opened in 1965 as the first all-star luxury fashion shopping center, the 450,000-square-foot Bal Harbour Shops is home to more than 100 global brands including Chanel, Gucci, Missoni and Chanel. Bal Harbour Shops rakes in $3,185 in sales per square foot. Read more here: https://www.miamiherald.com/news/business/article245264565.html #retailnews #retailtenants #retailleases #retailleasing #retailcre #retaillandlords #balharbour #saksfifthavenue #retaildesign #retaillife #retailproblems #retailstore #retaillease https://www.instagram.com/p/CEZKtPnJ_Za/?igshid=1dx8yhr16ub8w