California Centers

JAN 2018

California Centers Magazine serves retailers, developers, shopping center owners, investment sales brokers and tenant representation firms throughout the state of California.

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14 California Centers Magazine | January/February 2018 C C T he city of swimming pools, mov- ie stars and self-improvement is taking a page out of its own cul- tural history as it enters the new era of retail. One quick look around the City of Angels, and it appears the shopping centers and concepts that inhabit them have had some work done as of late. Unlike many of its residents, however, the people behind these LA facelifts and reinventions are all too happy to cop to a little nip here, a tuck there. Because let's face it (no pun intended), even a classic needs a Hollywood re- fresh every now and then – and the in- troduction of a younger, newer, faster model in the form of ecommerce was just the motivation this city needed to reemerge ready to compete. Evolve Money is no object when it comes to looking good and operating at peak performance in a cut-throat retail mar- ket like Los Angeles. Just ask Westfield and Taubman, which have invested $1 billion and $500 million into their iconic shopping centers, respectively. Westfield Century City debuted its modernized, beautified and expanded 1.3-million-square-foot shopping des- tination in October 2017, which added 400,000 square feet and more than 200 shops and restaurants to its already thriving asset in this West Los Angeles submarket. Taubman, meanwhile, is hard un- derway on its newly revamped Bev- erly Center, which will feature a row of street-level restaurants, a new food hall by chef Michael Mina, new sky- lights, a flexible center court for re- laxing and socializing, and panoram- ic views of the Hollywood Hills and Downtown Los Angeles when it pre- mieres this upcoming holiday season. Though the shopping center is only a spritely 36 years old, Los Angeles has never been one to appreciate the effects of age, despite additional reno- vations over the years. History, on the other hand, is something Angelenos seem to have an affinity for, especial- ly if it involves their own lives, as Los Angeles Mayor Eric Garcetti points out. "The Beverly Center holds a spe- cial place in LA's imagination — it's where an entire generation of Angele- nos went on first dates, bought prom dresses and met up with friends on weekends," he says. "Reimagining it for the 21st century is a tremendous investment in making those timeless experiences possible for the next gen- eration of Angelenos. These plans cap- ture the spirit of ambition and innova- tion that is driving our city's economic resurgence." Reimagination doesn't just extend to shopping center owners and develop- ers, but to the age-old retail concepts that fill these boxes as well. Just ask Fred Segal, the lifestyle brand that got its start selling jeans in a 300-square- foot outpost in West Hollywood in the early 1960s. Fast forward 57 years, and the quintessential West Coast brand is still making waves, most recently by unveiling its new 22,000-square-foot flagship store just a mile down the road from its original Melrose Avenue location. Situated on the corner of La Westfield has invested $1 billion in the renovation of Century City, adding new retail, restaurants and entertainment features, as well as adding new seating areas and décor. LA'S RETAIL MARKET CHANGES WITH THE TIMES In an ever-evolving environment where consumers rule, L.A. is happy to undergo a makeover, emerging refreshed, renewed and ready to put the shoppers back in the shopping centers. By Nellie Day

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