Los Angeles

Los AngelesLos 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 more than $585 billion in overall economic activity.

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 10.1 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 nation’s second largest consumer market.

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Cushman & Wakefield Inc, Los Angeles

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Beverly Hills: 34.073620, -118.400356
West Hollywood: 34.090009, -118.361744
Santa Monica: 34.019454, -118.491191
Pasadena: 34.147785, -118.144516
Downtown L.A.: 34.043888, -118.270880
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WEST HOLLYWOOD


West Hollywood is where designers, artisans and fashion icons gather to cultivate new trends. The center of Los Angeles' fashion scene, West Hollywood comprises several unique fashion strips, most notably the Design District and Sunset Plaza. One of the fastest growing submarkets in Los Angeles, West Hollywood boasts 10 large projects currently under construction with 13 more fully entitled and set to break ground.

Few stretches in Los Angeles offer as diverse a shopping experience as the Design District. Located at the crossroads of Melrose Avenue, Beverly Boulevard and Robertson Boulevard, the Design District houses a distinctive mix of global designers, local boutiques, designer showrooms, and chic sidewalk cafes. With over two hundred visionary merchants, including flagship stores for Stella McCartney, Maxfield and Alberta Ferretti, the Design District is a true cultural destination for design-savvy retailers and sophisticated consumers.

Nestled between giant billboards, trendy restaurants, hotels and local boutiques, sits Sunset Plaza, one of the oldest shopping districts in Los Angeles. Dating back to the 1920s, Sunset Plaza's distinctive European-style sidewalk cafes and pedestrian-friendly design feature both established design houses such as BCBGMAXAZRIA and Nicole Miller as well as newcomer Wildfox.

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. As the third most productive shopping center in North America, The Grove reaped in a staggering $2,100 of sales per square foot in 2015.
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SANTA MONICA


Stretched along three miles of California coastline, Santa Monica leveraged its robust tourism business to evolve from iconic 20th century resort town to retail mecca. In 2014, Santa Monica visitor spending increased 6.9% resulting in $1.84 billion in revenue. Focused on driving foot traffic from the famed Santa Monica Pier to retailers along the Third Street Promenade and Santa Monica Place, the beachfront city made significant capital investments aimed at revitalizing its downtown core and infrastructure. Now with the soon-to-be-completed $1.5 billion Metrorail extension, Santa Monica is poised to benefit from unprecedented connections to affluent Westside communities and Downtown L.A.

Located just steps from the Santa Monica Pier, the Third Street Promenade is the centerpiece of the city's retail business. Tapping into the favorable weather and city's vibrant energy, the pedestrian-only thoroughfare features a three-block collage of international brands, local specialty stores, restaurants and street performers. Attracting more than 40,000 visitors per day, the Third Street Promenade reigns as the premier shopping and dining district on the Westside.

At the south end of The Promenade lies the newly-redesigned Santa Monica Place shopping center. The tri-level outdoor mall, anchored by Nordstrom and Bloomingdales, features a great mix of retail stores and astonishing views from the roof top deck. The spring 2016 completion of the Metro expansion will bring advantageous access to the transit's terminus as well as the new Colorado Esplanade.
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PASADENA


Home to the iconic Rose Bowl, Pasadena's charm and size make it unique among Los Angeles submarkets. Pasadena's historic residential neighborhoods and vintage architecture evoke memories of a bygone era. Visitors to Pasadena find a diverse range of world- class museums, galleries and playhouses, as well as nightclubs offering in jazz, rock and hip hop. A series of outdoor concerts, festivals and other community-focused events attract people from affluent neighboring cities including La Canada-Flintridge, Alta Dena and San Marino. Pasadena's allure, however, is about more than quaint communities, culture and accessibility. Consumers also flock to the myriad of top retailers, trendy boutiques, flanked by a diverse offering of ethnic and gourmet eateries.
Designated as an historic district, Old Town offers an authentic downtown experience. Spanning the four walkable blocks of refurbished buildings are upscale retailers, boutiques, restaurants and night clubs. South Lake Avenue is a ten-block, tree-lined space featuring over 200 businesses including top retailers, major department stores and a wide variety of dining options. The Playhouse District, located between South Lake Avenue and Old Town, is home to premier entertainment and offers a variety of retail stores, restaurants and bookstores including Pasadena's oldest bookstore, Vroman's.
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BEVERLY HILLS


Beverly Hills' 16-block Golden Triangle, the premier shopping destination in Southern California, showcases world-renowned fashion houses, boutiques and restaurants frequented by city socialites. Dominated by powerhouse luxury labels, Rodeo Drive sits at the heart of this retail paradise. One block to the east Pottery Barn and William Sonoma mix with aspirational brands such as IRO, Intermix and Theory, which line Beverly Drive. The triangle's southern border on Wilshire Boulevard, known as Department Store Row, is home to Barney's New York, Neiman Marcus and Saks Fifth Avenue.

Retailers benefit not only from the extraordinary median-income levels of local residents, but also the city's thriving tourism industry. In the third year of an aggressive five-year plan to engage previously untapped domestic and international markets, Beverly Hills' domestic visitor traffic increased 60% and international visitors increased by 30%. The grand opening of the Waldorf Astoria in 2017, coupled with a continued emphasis on cultivating clientele in India, Brazil, and the Pacific Rim, secures Beverly Hills' ability to drive tourism dollars to local retailers.
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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 over 59,000 residents, 500,000+ employees and 10 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 100 major projects in development with 21,600 residential units, 2,700 hotel rooms and 1.8 million square feet of retail space. 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.

MARKET OVERVIEW
KEY AREAS / STREETS/SHOPPING CENTERSCONSUMER PROFILEMAJOR RETAILERS PRESENTNEW ENTRANTSTYPICAL RENT FOR UNIT OF 2,000SQFTRANGE OF UNIT SIZES (SQ FT)
Golden Triangle (Rodeo/Beverly Drive/Canon Drive) Affluent locals, Tourists, Celebrities Louis Vuitton, Cartier, Chanel, Celine, Gucci, Moncler, MAC, Sephora, Intermix, Sandro & Maje, Theory, Alice and Olivia, All Saints, Neiman Marcus, Saks Fifth Avenue, Ferragamo, Tiffany & Co., TOD'S, Tom Ford, Tory Burch, Van Cleef & Arpels, Versace, Yves Saint Laurent, Agent Provocateur, Bottega Veneta, Coach, Dior, Dolce & Gabbana, Jimmy ChooHermes $500 / $96-$144 / $120-$165All Sizes
The Grove Locals, Tourists American Girl Place, Anthropologie, Apple, Athleta, Banana Republic, Barnes & Noble, Barney’s New York, Coach, Crate & Barrel, Fresh, Gap, Janie & Jack, Johnny Was, Kiehl’s, Lucy Zahran & Co., MAC, Marciano, Michael Kors, Nordstrom, Theodore, Tommy Bahama, Topshop TopmanSephora $250-$300 1,000-50,000
Old Town Pasadena Locals, Tourists Abercrombie & Fitch, Anthropologie, Apple, Banana Republic, Burke Williams, Crate & Barrel, Diesel, Eileen Fisher, Gap, Heavenly Couture, H & M, Juicy Couture, Kate Spade New York, Lucky Brand, lululemon athletica, Lush, MAC, Restoration Hardware, Sur La Table, Tesla, Tiffany & Co., Urban Outfitters, Vans, Vince, Zara, Tesla, SplendidIntelligensia Cafe $90 All Sizes
West Hollywood (Robertson/Melrose/ La Brea) Affluent locals, Tourists, Celebrities rag & bone, Theory, MAC, Cutler and Gross Helmut Lang, Ted Baker, Chanel, The Kooples, All Saints, Water Works Isabel Marant, Balenciaga, Resurrection, John Varvatos, A.P.C., Stella McCartney, Moschino, H. Lorenzo, Kitson, Fed Segal, Kelly Wearstler, Maxfield, Alberta FerrettiAlice and Olivia, Michael Kors, Rebecca Taylor, Monika Chiang, JLM Couture, Monique L'Huiller$ varied 1,000-11,000
Third Street Promenade/ Santa Monica Place Locals, Tourists Bloomingdale's, Nordstrom, BCBG, Burberry, Patagonia, REI, Coach, Emporio Armani, Louis Vuitton, Michael Kors, Pottery Barn, H&M, lululemon, Zara, Oakley, Apple, Converse, Nike, CB2, MAC, Anthropologie, Urban Outfitters, Nasty Gal, Champs, Pink/Victoria Secret, Arclight Cinema, Forever 21, Guess, Tesla, White House Black Market, True Religion, Disney, Swarovski$160-$200 / $48-$60 1,000-20,000
Sunset Plaza Upscale locals, Tourists Anil Arjandas, Armani A/X, BCBGMAXAZRIA, Between Us, Blushington, Calypso St. Barth, Chin, F.P. Journe, Fiore Home Accessories, Gallerie Sparta, Hugo Boss, Max Azria Group, Nicole Miller, Oliver Peoples, Philip Press, Zadig & VoltaireLenceria Boutique, Westime, Soul Cycle $72-$100 300-30,000
Downtown L.A. Urban, Trendy, High-Income Residents, Tourists, Young Professionals, CBD employeesA.P.C., BNKR, Shiekh Shoes, Naida Geller Designs Market, Target, American Apparel, Angelo: Home, Barney’s New York, Beautiful FüL, Bliss, Brigade, Brooks Brothers, L’Occitane, MAC, Macy’s, Urban Outfitters, Victoria’s Secret, Virgo, Vlado Footwear, Tanner Goods, OAK, Malin + Goetz, GROW, Club Monaco, Reformation, ShinolaH&M, Kinfolk Studios, Walmart, Whole Foods, Zara $24-$601,000- 100,000

Data as of May 2016

Culver City has been reinvented as a trendy hangout as obsolete industrial buildings have been converted to fashionable restaurants and shops.

West Hollywood offers a broad cross section of dining options, from world-class, signature restaurants to funky 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.

Downtown L.A.’s restaurant scene has exploded in recent years. L.A. Live boasts 20 restaurants to choose from before or after a game, concert, or event at the Nokia Theater or the adjacent Staples Center. Along 7th Street is a vibrant Restaurant Row with Top 10 list-topping restaurants. The Arts District is home to world-class eateries.

Hollywood’s main attraction is tourists and there are plenty of California-style restaurants to choose from along the Walk of Fame although it has its share of regional draw locations and clubs as well.

As Los Angeles continues to develop, new eating pockets are emerging, particularly on the East Side. Areas such as Silver Lake, Echo Park, Eagle Rock, and Korea Town are quickly becoming new trendy dining sites offering diverse ranges of cuisine.

MARKET OVERVIEW
KEY AREASCONSUMER PROFILEFOOD & BEVERAGE OPERATORS INCLUDINGRENT FOR 3,500 SQFT UNIT
West Hollywood Trendy, locals AGO, BOA Steakhouse, Bossa Nova, Boxwood Café at the London, Café D'Etoile, Carneys Express, Cecconi's, Eveleigh, Gracias Madre, Hedley's, Hugo's, Il Piccolino Trattoria, Katana, Koi, Lucques, Night + Market, Saddle Ranch, Salt's Cure, Tender Greens, The Palm, The Pizza Joint, Dan Tana's, Ink, Fresh Brothers, Koi, Javan$ varied
Santa Monica Locals, tourists Blue Plate Santa Monica, Blue Stove at Nordstroms, Bubba Gump Shrimp Co.,The Cheesecake Factory, California Pizza Kitchen, Casa Martin, Chinois on Main, Fritto Misto, Hillstone, la Vecchia Cucina, Mercado, P.F. Chang's, Pacific Dining Car, Santa Monica Seafood, Sugarfish, The Lobster, The Misfit Restaurant and Bar, The Op Café, True Food Kitchen, Tender Greens, Cassia$ varied
Beverly Hills Golden Triangle Affluent locals, tourists, celebrities Bouchon, Crustacean Restaurant, CUT by Wolfgang Puck at The Beverly Wilshire, Da Pasquale Restaurant, Fogo de Chao, Il Cielo, Il Pastaio, Lawry's The Prime Rib, Mastro's Steakhouse, Matsuhisa, Nate 'n Al Delicatessen, Piccolo Paradiso, Ruth's Chris Steak House, Spice Affair, Scarpetta at Montage Beverly Hills, Sfixio, Spago, The Belvedere, The Polo Lounge, Spago, The Palm Restaurant, E Baldi, Scarpetta, Bouchon, Ocean Prime, Nozawa Bar$ varied
The Grove Locals, tourists American Girl Café, Bar Verde at Nordstrom, La Piazza Ristorante Italiano, Maggiano's, Mixology 101, Morels French Steakhouse, The Cheesecake Factory, The Whisper Restaurant, Umami Burger$ varied
Downtown L.A. Urban, hip, trendy, high-income residents, tourists, young professionals, studentsBestia, Big Man Bakes Bottega Louie, Chaya Downtown , Church & State, Clifton’s Cafeteria, Cucina Rustica, Engine Co. No. 28, Fleming's Prime Steakhouse & Wine Bar, Katsuya, Lawry's Carvery, Mendocino Farms, Morton’s Steakhouse, Pacific Dining Car, Perch, Tom's Urban, Water Grill, WP24 by Wolfgang Puck, Yard House, Yang Chow, Broken Spanish, BS Taqueria, Simbal, The Original Pantry Café, Wokano, Little Jewel of New Orleans, Little Easy, 800 Degrees, Flemmings, Yard House$ varied

Data as of May 2016