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 .

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 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 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 to retailers along the and , 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, 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 . The tri-level outdoor sidewalk cafes and pedestrian-friendly design feature both mall, anchored by 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 , 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, 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 . The people from affluent neighboring cities including La triangle's southern border on , 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, Gap, Cotton On, Fresh, Intelligentsia Café, Joie, New York, Lucky Brand, Miniso, Mohawk Lululemon, Lush, MAC, Restoration Hardware, General Store, Neo Old Town Pasadena Locals, Tourists $79-$96 All Sizes Splendid, Sur La Table, Tesla, Tiffany & Co., Urban Pasadena, OSKA, Outfitters, Vans, Vince, Zara, Foot Locker, J Crew, Pressed Juicery, Madewell, Origins, Nike Running, Scotch & Soda, Sugarfina Sephora, Container Store

Adidas, ALLSAINTS, Helmut Lang, John Varvatos, Bldwn, Indochino Marc Jacobs, Mogul, Paul Smith, Theory, Vivienne Lululemon, Bandier, West Hollywood Affluent locals, Robertson: $72-$120 Westwood, Restoration Hardware, Intermix, Ted Glossier, Re-Bag, (Robertson/Melrose/ Tourists, Melrose: $120-$240 1,000-11,000 Baker, Michael Aram, Christian Louboutin, Rag & Acne Studios, Linda Beverly/La Brea) Celebrities Beverly: $96-$120 Bone, Moschino, Fendi Casa, Stella McCartney, Marc Farrow, Nike by Jacobs, Balmain, Alice & Olivia, Mansur Gavriel Melrose, Revolve

Cushman & Wakefield | Los Angeles | 2019 5 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)

Bloomingdale's, Nordstrom, Patagonia, REI, Coach, Louis Vuitton, Michael Kors, Pottery Barn, H&M, Innisfree, MUJI, Alo Lululemon, Zara, Oakley, Apple, Nike, MAC, Yoga, Athleta, Drybar, Anthropologie, Urban Outfitters, Champs, Pink/Victoria Orangetheory Third Street Promenade/ Secret, Arclight Cinema, , Guess, Tesla, Locals, Tourists Fitness, Carlo’s Bake $120-$2400 1,000-20,000 Santa Monica Place White House Black Market, Disney, Swarovski, Shop, Ippudo , ALLSAINTS, DVF, Free People, HUGO BOSS, Cayton Children’s L’Occitane, Ted Baker , Tiffany & Co., Uniqlo, Museum, STRFSH Tumi,, Sur La Table, Billabong, Coach, Dr. Martens, New Balance, Old Navy, Rolex

Badgley Mischka, Balani Custom Clothiers, Blushington, Calleen Cordero, Chin, Drybar, F.P. Upscale locals, Journe, Fiore Home Accessories, H&M, Hot Pilates, Warby Parker, Leon Sunset Plaza $60-$120 300-30,000 Tourists Hugo Boss, Nicole, Ole Henriksen Spa, Oliver Max, AR Peoples, Philip Press, Wildfox, Zadig & Voltaire, Fred Segal, Alchemy 43, Wahlburgers

Paul Smith, Jordan A.P.C., BNKR, Shiekh Shoes, Target, Brigade, Brooks Urban, Trendy, Brand, Apple, West Brothers, L’Occitane, MAC, Macy’s, Urban Outfitters, High-Income Elm, A.L.C, Incase, Victoria’s Secret, Virgo, Vlado Footwear, Tanner Residents, Shopify, Vans, Downtown L.A. Goods, GROW, Reformation, Shinola, H&M, Whole $36-$85 1,000-100,000 Tourists, Young Theory, Uniqulo, Foods, Zara, Warby Parker, Nordstrom Rack, Professionals, Nordstrom Local, Orangetheory Fitness, 3.1 Phillip Lim, SweetGreen, CBD employees Dover Street Market, , Nordstrom Rack COS

Cushman & Wakefield | Los Angeles | 2019 6 LOS ANGELES SHOPPING CENTERS

WESTFIELD MALL Westfield’s Century City mall completed a $1 billion Beverly Center completed a $500 million renovation in late renovation, adding 400,000 sf of retail space to the 1.3 2018, transforming the 1980s shopping center into a million-sf campus. Some improvements include a more modern day gathering place with all components of the diverse tenant mix, ranging from an upgraded 15-screen new type of mall. Upgrades to the vast shopping center movie theater, renovated grocery chain, luxury gym, include multiple skylights and outdoor space, full of natural outdoor upscale dining area, and myriad of new fashion light with no clear distinction of where indoor space ends retailers. The strategic addition of a health clinic and and outdoor space begins. New retailers have joined the outdoor event space for live entertainment has existing luxury-based tenants, such as Prada, Burberry transformed what was once a traditional mall. The most and Louis Vuitton. In an effort to increase foot traffic, the anticipated addition covering 67,000 sf was Eataly, the main focus of the renovations have been on new dining Italian marketplace with a hub of restaurants. The options as a way to attract consumers to the stores. There experienced-based eatery allows you to dine in and buy will be a mix of high-end full service sit down restaurants, the exact products to replicate the meal at home or take cafes and quicker grab & go options including a gourmet cooking classes in store. food hall, The Street by Chef Michael Mina located on the top floor. THE BLOC The Bloc, a $250 million dollar redevelopment of office and retail space, opened in the second half of 2016. The re-opening showcased its new open-air shopping space covering a block on between Flower Street and Hope Street. The Macy’s anchored center now includes outdoor space for restaurants, shops, and has a direct connection to the Metro Center station. The BLOC selected a diverse tenant mix to include brick and mortar first timers to create an unique in-person experience. Urban Oven, the popular artisanal pizza truck, opened its first ever storefront in 2017. Handcrafted LA transitioned from online only to opening their first flagship store. Additional significant additions include Nordstrom Local, Uniqlo and Joey DTLA. The highly anticipated opening of Alamo Drafthouse Cinema, inked in 2017, will also add value to the shopping center as a retail destination.

Cushman & Wakefield | Los Angeles | 2019 7 THE GRAND

Total Size 950,000 sf

- Retail GLA 200,000 sf

- Luxury Residences 429

- Equinox Hotel 309 Rooms

Planned Opening Date 2021

Consumer Profile Mass-market to upper- range residents, tourists, and employees

ABOUT THE DEVELOPMENT

Located at the epicentre of Grand Avenue’s cultural corridor, The Grand is poised to be Downtown Los Angeles’ newest dynamic destination for up-scale shopping, dining and entertainment, Designed by renowned architect , the project is highlighted by two towers, the tallest toping out at 39 stories and featuring 439 mixed-income residences and a 20-story, 309-room Equinox Hotel complete with 12,000 square feet of meeting rooms and facilities, ballrooms and restaurants, lounges and outdoor amenities. The towers will rise above a three-story open-air retail terrace and vibrant public plaza with more than 176,000 square feet of retail anchored by chef-driven restaurants, a collection of luxury shops and LOS ANGELES movie theatre complex. Situated adjacent to the Disney Concert Hall, The Grand’s unique design will complement and connect with the nearby arts and NEW DEVELOPMENT cultural institutions on Bunker Hill. WATCH

Cushman & Wakefield | Los Angeles | 2019 8 OCEANWIDE PLAZA

Total Size 1,488,101 sf

- Retail GLA 153,192 sf

- Luxury Condos 504

- Park Hyatt Hotel 184 Rooms

Planned Opening Date 2020

Consumer Profile Mass-market to upper- range residents, tourists, and employees

ABOUT THE DEVELOPMENT

Situated across the street from the Staples Center, Oceanwide Plaza aims to offer modern and up-scale retail, living, and hospitality options for the city’s visitors, residents and local employees. The project includes three high rise towers with the tallest tower topping off at 53 stories. A large LED screen wraps around the entirety of the side of the project giving Downtown Los Angeles a Times Square feel. Once completed, the mixed-use development will offer housing in the form of high-end condos, a 5-star Park Hyatt hotel, and various retail and restaurant options adding great value to the area. Oceanwide Plaza will help establish a community in Downtown Los Angeles by creating an exciting gathering place within walking LOS ANGELES distance of several frequently visited venues, such as the Staples Center, Convention Center, and recently completed Wilshire Grand Center. NEW DEVELOPMENT WATCH

Cushman & Wakefield | Los Angeles | 2019 9 LOS ANGELES FOOD & BEVERAGE

Los Angeles provides an endless Downtown L.A.’s restaurant scene has exploded in recent years. L.A. Live boasts 20 restaurants to choose from assortment of cultural cuisines from before or after a game, concert, or event at the Nokia street tacos to a five course dinner at Theater or the adjacent Staples Center. Along 7th Street an upscale restaurant. Innovative is a vibrant Restaurant Row with Top 10 list-topping restaurants. The Arts District is home to world-class chefs, fresh produce, and unique eateries. dining experiences have established Hollywood’s main attraction is tourists and there are plenty Los Angeles as a city with world of California-style restaurants to choose from along the class restaurants. Walk of Fame although it has its share of regional draw locations and clubs as well. Culver City has been reinvented as a trendy hangout as obsolete industrial buildings have been converted to As Los Angeles continues to develop, new eating pockets fashionable restaurants and shops. are emerging, particularly on the East Side. Areas such as Silver Lake, Echo Park, Eagle Rock, and Korea Town are West Hollywood offers a broad cross section of dining quickly becoming new trendy dining sites offering diverse options, from world-class, signature restaurants to funky ranges of cuisine. cafes. Santa Monica, with its various niche markets, has a wide variety of restaurants from upscale eateries and national chains to small cafes and themed establishments. The Beverly Golden Triangle dining includes a wide range of uber-chic restaurants, chef-driven concepts and finer national chain eateries. The Grove and the Farmers Market host local operators and national/regional food chains in an outdoor setting. Old Town Pasadena offers a wide array of cuisines from novelty fast food and ice cream to upscale restaurants, tea shops and wine bars.

Cushman & Wakefield | Los Angeles | 2019 10 LOS ANGELES FOOD & BEVERAGE MARKET OVERVIEW

KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR PROFILE INCLUDING 3,500 SQFT UNIT Cecconi's, Eveleigh, Gracias Madre, Zinque, Urth Café, Craig’s, Catch LA, Viale dei Romani, Joan’s on Third, Jaffa, Bacari W .3rd, Robata Jinya, Toca Madea, Jon & Vinny’s, Animal, Fig & Olive, Gusto, Mozza, Chi Spacca, Crossroads, Ysabel, Hedley's, Hugo's, Katana, Koi, Lucques, Night + Market, Saddle Ranch, Salt's Cure, Tender Greens, Blue West Hollywood Trendy, locals $80-$240 Palms, AGO, BOA Steakhouse, Bossa Nova, Boxwood Café at the London, Carneys Express, Dan Tana's, Fresh Brothers, Guisados, Sushi Park, The Izaka-Ya by Katsuya, E.P. & L.P, Rosaline, Connie and Ted’s, Roku, Jones Hollywood, Irv’s Burgers, Farmhouse, Matsuhisa, The Bazaar by José Andrés

Hillstone, Mercado, North Italia, Uovo, Herringbone, Sonoma Wine Garden, Flower Child, Wexler’s Deli, Forma, Cassia, True Food Kitchen, Tender Greens, Elephante, Blue Plate Santa Monica, Blue Stove at , Bubba Gump Shrimp Co.,The Santa Monica Locals, tourists Cheesecake Factory, , $60-$260 Casa Martin, Chinois on Main, Fritto Misto, Hillstone, la Vecchia Cucina,, Santa Monica Seafood, Sugarfish, The Lobster, The Misfit Restaurant + Bar, The Op Café, Seaside on the Pier, Native

Il Pastaio, Mastro's Steakhouse, Crustacean Restaurant, CUT by at The Beverly Wilshire, Ocean Prime, Gratitude Kitchen & Bar, Ladurée, Wally’s Wine Bar, Avra Estiatorio, Da Beverly Hills Affluent locals, Pasquale Restaurant, Il Cielo, Nate 'n Al $80-$700 Golden Triangle tourists, celebrities Delicatessen, Sfixio, , The Palm Beverly Hills, E Baldi Ristorante, Ocean Prime, Nozawa Bar, Café Modigliani, Ferrarini Café, Via Alloro, Bedford & Burns, Jean-Georges, Villa Blanca, Mr. Cushman & Wakefield | Los Angeles | 2019 Chow, Il Fornaio, Sugarfish by Sushi Nozawa 11 LOS ANGELES FOOD & BEVERAGE MARKET OVERVIEW

KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR PROFILE INCLUDING 3,500 SQFT UNIT Umami Burger, Dominique Ansel Bakery, Groundwork Coffee, Ladurée, , Wood Ranch BBQ & Grill, Blue The Grove Locals, tourists Ribbon Sushi, Halo Top, The Cheesecake $300-$400 Factory, American Girl Café, Bar Verde at Nordstrom, La Piazza Ristorante Italiano, Maggiano's, The Whisper Restaurant

Bestia, Broken Spanish, Bottega Louie, Church & State, The Factory Kitchen, Faith & Flower, Fundamental, Tocaya Organica, The Exchange Restaurant, Cento Pasta Bar, Rossoblu, , , Dunkin Donuts, Sweetgreen, Urban, hip, trendy, Pitchoun, The Manufactory, Baco Mercat, high-income Factory Kitchen, Urth Café, Zinc Café & Market, residents, tourists, Officine Brera, Terroni, Verve Coffee Roasters, Downtown L.A. $30-$78 young Cucina Rustica, Engine Co. No. 28, Fleming's professionals, Prime Steakhouse & Wine Bar, Katsuya, JOEY students DTLA, Mendocino Farms, Morton’s Steakhouse, , Perch, Tom's Urban, Water Grill, WP24 by Wolfgang Puck, Yard House, Yang Chow, The Halal Guys, The Original Pantry Café, Wokcano, Yard House, SweetGreen, Stumptown, Blue Bottle

Cushman & Wakefield | Los Angeles | 2019 12 ERIKA SCHANKE Managing Director Americas Retail Services 1290 Avenue of the Americas New York, NY 10104, USA Tel: +1 212 841 5024 Mob: +1 404 680 4363 [email protected]

No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield. All rights reserved.