Miami's open-air Bal Harbour Shops has long reigned as the city's luxury retail mecca, but an upstart developer is fueling a shift to the Miami Design District with plans to invest $1 billion to transform the less-refined neighborhood into a high-end retail hub. More than a dozen luxury brands including Louis Vuitton, Hermès and Cartier have announced plans to move their Bal Harbour stores to the new district, which is about 10 miles away.

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