LOS ANGELES Cushman & Wakefield Global Cities Retail Guide
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LOS ANGELES Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Los Angeles | 2019 0 Los Angeles, the “entertainment capital of the world,” is a globally- recognized travel destination for millions of tourists each year. The city’s influence, however, reaches far beyond the glitz and glamour of Hollywood. Fueled by the nation’s largest manufacturing and trade centers, a vibrant startup ecosystem and a robust professional services industry, Los Angeles boasts GDP over $700 billion. Firmly entrenched as the western gateway to America, L.A.’s economic diversity is matched only by the city’s unrivaled cultural diversity, with more than 150 languages spoken amongst the county’s 10.3 million residents. From Santa Monica to Pasadena, Los Angeles offers retailers an array of high-street submarkets. Massive investments in technology and transit-oriented development infrastructure present a tremendous upside to retailers seeking to expand their brands. The dynamic transformation of Downtown Los Angeles offers retailers the unique opportunity to seize market share in the LOS ANGELES nation’s second largest consumer market. OVERVIEW Cushman & Wakefield | Los Angeles | 2019 1 LOS ANGELES KEY RETAIL STREETS & AREAS WEST HOLLYWOOD SANTA MONICA West Hollywood is where designers, artisans and fashion Stretched along three miles of California coastline, Santa icons gather to cultivate new trends. The center of Los Monica leveraged its robust tourism business to evolve Angeles' fashion scene, West Hollywood comprises from iconic 20th century resort town to retail mecca. Santa several unique fashion strips, most notably the Design Monica welcomes over 8.4 million visitors a year, District and Sunset Plaza. One of the fastest growing spending over $1.9 billion annually, with an average daily submarkets in Los Angeles, West Hollywood boasts spend of $393/day for hotel visitors and $93/day for significant retail development activity with more projects daytime visitors. Focused on driving foot traffic from the fully entitled and set to break ground. famed Santa Monica Pier to retailers along the Third Street Promenade and Santa Monica Place, the Few stretches in Los Angeles offer as diverse a shopping beachfront city made significant capital investments aimed experience as the Design District. Located at the at revitalizing its downtown core and infrastructure. crossroads of Melrose Avenue, Beverly Boulevard and Robertson Boulevard, the Design District houses a Located just steps from the Santa Monica Pier, the Third distinctive mix of global designers, local boutiques, Street Promenade is the centerpiece of the city's retail designer showrooms, and chic sidewalk cafes. With over business. Tapping into the favorable weather and city's two hundred visionary merchants, including numerous vibrant energy, the pedestrian-only thoroughfare features designer flagship stores, the Design District is a true a three-block collage of international brands, local cultural destination for design-savvy retailers and specialty stores, restaurants and street performers. sophisticated consumers. Attracting more than 40,000 visitors per day, the Third Street Promenade reigns as the premier shopping and Nestled between giant billboards, trendy restaurants, dining district on the Westside. hotels and local boutiques, sits Sunset Plaza, one of the oldest shopping districts in Los Angeles. Dating back to At the south end of The Promenade lies the redesigned the 1920s, Sunset Plaza's distinctive European-style Santa Monica Place shopping center. The tri-level outdoor sidewalk cafes and pedestrian-friendly design feature both mall, anchored by Nordstrom and Bloomingdales, features design houses. a great mix of retail stores and astonishing views from the roof top deck. Located just south of West Hollywood, The Grove is one of the most successful retail centers in the country. Adjacent to L.A.'s famous Farmer's Market, the art-deco style, open-air center attracts an estimated 20 million visitors annually. In over 575,000 sf of retail space, The Grove features more than thirty apparel and specialty retailers. Cushman & Wakefield | Los Angeles | 2019 2 LOS ANGELES KEY RETAIL STREETS & AREAS PASADENA BEVERLY HILLS Home to the iconic Rose Bowl, Pasadena's charm and Beverly Hills' 16-block Golden Triangle, the premier size make it unique among Los Angeles submarkets. shopping destination in Southern California, showcases Pasadena's historic residential neighborhoods and vintage world-renowned fashion houses, boutiques and architecture evoke memories of a bygone era. Visitors to restaurants frequented by city socialites. Dominated by Pasadena find a diverse range of world- class museums, powerhouse luxury labels, Rodeo Drive sits at the heart of galleries and playhouses, as well as nightclubs offering in this retail paradise. One block to the east Pottery Barn jazz, rock and hip hop. A series of outdoor concerts, and William Sonoma mix with aspirational brands such as festivals and other community-focused events attract COS, Intermix and Theory, which line Beverly Drive. The people from affluent neighboring cities including La triangle's southern border on Wilshire Boulevard, known Canada-Flintridge, Alta Dena and San Marino. as Department Store Row, is home to Barney's New York, Pasadena's allure, however, is about more than quaint Neiman Marcus and Saks Fifth Avenue. communities, culture and accessibility. Consumers also Retailers benefit not only from the extraordinary median- flock to the myriad of top retailers, trendy boutiques, income levels of local residents, but also the city's thriving flanked by a diverse offering of ethnic and gourmet tourism industry. Beverly Hills visitor volume rose to more eateries. than 7.5 million in 2018 from 6 million in 2014, an 25% Designated as an historic district, Old Town offers an increase. In 2018, strong tourism activity and resident authentic downtown experience. Spanning the four spending contributed to more than $2.8 billion in economic walkable blocks of refurbished buildings are upscale revenue. retailers, boutiques, restaurants and night clubs. South The grand opening of the chic Waldorf Astoria in 2017, Lake Avenue is a ten-block, tree-lined space featuring coupled with a continued emphasis on cultivating clientele over 200 businesses including top retailers, major in China, Brazil, and the Pacific Rim, secures Beverly department stores and a wide variety of dining options. Hills' ability to drive tourism dollars to local retailers. One The Playhouse District, located between South Lake Beverly Hills, the $1.2 billion development, anticipates to Avenue and Old Town, is home to premier entertainment become a premier place for visitors and local residents. and offers a variety of retail stores, restaurants and The mixed-use project currently underway will include 134 bookstores including Pasadena's oldest bookstore, stylish hotel rooms, 193 luxury condominiums, and Vroman's. multiple restaurants. Cushman & Wakefield | Los Angeles | 2019 3 LOS ANGELES KEY RETAIL STREETS & AREAS DOWNTOWN L.A. Following the Staples Center’s 1999 arrival, billions in investment dollars have ignited an unrivaled renaissance in Downtown Los Angeles. The emergence of L.A. Live and the JW Marriot/Ritz Carlton have cemented downtown as a viable player for entertainment and tourist dollars. New residents drawn by the allure of urban living and an influx of bars, restaurants and music venues tailored to service them have solidified Downtown’s revitalization and growth. With 70,000+ residents, 500,000+ employees and 22 million visitors per year, savvy retailers are joining the 3,000+ retailers already present in one of the nine distinct downtown districts. From the Arts District to City West, there are currently 1,839 condos, 2,070 hotel rooms, and 1.3 million sf of retail space under construction. While development spans across downtown, South Park far surpasses the other districts, with nearly half of the residential units and a quarter of the retail space currently under construction within this district. Cushman & Wakefield | Los Angeles | 2019 4 LOS ANGELES MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR RANGE OF STREETS/SHOPPING PROFILE UNIT OF 2,000 SQFT UNIT SIZES CENTERS (PSF/YR) (SF) Louis Vuitton, Cartier, Chanel, Celine, Gucci, Moncler, MCM, Alexander MAC, Sephora, Intermix, Sandro, Maje, Theory, Alice McQueen, Goyard & Olivia, ALLSAINTS, Neiman Marcus, Saks Fifth Paris, Pomellato, Avenue, Ferragamo, Tiffany & Co., TOD'S, Tom Ford, Golden Triangle Affluent locals, Brooks Brothers, Rodeo : $650-$895 Tory Burch, Van Cleef & Arpels, Versace, Yves Saint (Rodeo/Beverly Tourists, Balenciaga, St. North Beverly: $144-$240 All Sizes Laurent, Agent Provocateur, Bottega Veneta, Coach, Drive/Canon Drive) Celebrities Supery Estate Tasting Canon: $90-$108 Dior, Dolce & Gabbana, Jimmy Choo, Hermes, Salon, Gratitude Alexander McQueen, Alo Yoga, Crate & Barrel, Kitchen & Bar, Harry Lululemon, Club Monaco, Guess, Hugo Boss, Miu Winston Miu, Pottery Barn, Prada, Ralph Lauren, James Perse American Girl Place, Apple, Athleta, Banana Republic, Charlotte Tilbury, Barnes & Noble, Crate & Barrel, Gap, Janie & Jack, APL, Ray-Ban, Alo The Grove Locals, Tourists Lucy Zahran & Co., MAC, Michael Kors, Nordstrom, $300-$400 1,000-50,000 Yoga, Cariuma, Sephora, Vince, Pottery Barn Kids, Swarovski, UGG, Madewell, Nike Zara, Laduree Apple, Athleta, Banana Republic, Crate & Barrel, Design Within Reach, Eileen Fisher,