Brazilian Boom

A recent article in the Sun Sentinel focused on the Brazilian Boom happening in South Florida. Here are some of the points made in the article:

Brazilian companies are reaching into South Florida, using the area's growing Brazilian community as a stepping stone. Brazil can do this because its economy has grown to the world's seventh-largest. It attracted the 2014 World Cup and 2016 Summer Olympics.

South Florida provides the businesses with one of the largest concentrations of Brazilians in the United States, many around north Broward and south Palm Beach counties. From that core, Brazilian companies can build out to the hundreds of thousands of South Americans in the area.

Among those testing U.S. waters in South Florida are banks, restaurants and airlines. Perhaps the biggest entrant recently is Banco do Brasil, which now has five branches, including spots in Pompano Beach and Boca Raton. It plans three more.

Brazil's restaurant chain The Shrimp House opened its first outlet in Coral Springs in December and now operates five locales, including one at Boca Raton's Town Center. It's goal is to develop 30 restaurants across Florida.

Also expanding is fast-casual restaurant chain Giraffas Kitchen & Grill, which now has about a dozen stores statewide, including one in Fort Lauderdale, and upscale seafood restaurant Coco Bambu, which plans a spot in Miami Beach.

In South Florida, more than half of residents over age 5 speak a language other than English at home. Census data also shows the number of Brazilians in South Florida jumped 65 percent between 2000 and 2012, with the total in Palm Beach County up nearly fourfold.

To be sure, Brazilian companies expanding in Florida must adapt to U.S. tastes. Yet the newcomers are eager to meet the challenge, especially as Brazil's economy slows.

How can this impact your business?

 

Steve Koenig, SCORE Counselor

Visit us at: www.scoresouthflorida.net