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Pop up is part of the (landlords) business plan

 

Several Los Angeles shopping centres have pop up retail in their sights – setting aside dedicated pop-up spaces.

Culver City is perhaps best known as home to movie and television production houses, but also as a newly-chic neighbourhood of Los Angeles. It lies midway between downtown LA and the beach, once thriving with ‘stars from the MGM studios but more recently just a mix of unloved industrial space and eclectic architectural projects. The renaissance of Culver City started around 3 decades ago – as developers moved in to reclaim and re-invigorate the area. On the edge of the city’s Hayden Tract precinct sits the new up-scale shopping centre PLATFORM – offering “fashion, art and culinary talent in the most dynamic neighbourhood in Los Angeles”*

When the PLATFORM centre opened last year, they nominated 4 stores which would only service pop up – ie. short-term – retailers. David Fishbein, a principal at (developer) Runyon Group, says allocating permanent space to pop up was part of their strategy from the very start. “With the retail industry evolving faster, landlords have to more quickly adapt to changing consumer tastes. We want experiment and test different ideas… if you have everything leased to tenants for 5 to 10 years, you don’t have a lot of opportunities as a landlord to create change” he said. At PLATFORM that can mean offering spaces for just a few days or up to a year (and the landlords only take a percentage of sales – instead of charging rent)

Elsewhere in Los Angeles, other ‘malls have also incorporated pop up in their leasing strategies, as “shopping centres have realised that pop-up stores are a way to gin up excitement among shoppers by making under-the-radar brands accessible and bringing in start-ups linked to celebrities” said the Los Angeles Times#. An LA Times article published on November 24th 2016 said the Hollywood & Highland shopping centre had “kicked off its first ever pop-up competition” (to win a retail space). The Westfield Century City mall “will be devoting space to pop-ups as part of an extensive overhaul underway” (with phased openings, starting in 2017) – and The Grove had launched a glass store on the edge of their lawn, especially for pop ups. Since February 2016 the glass box had hosted several short-term retailers… some for a few months, others for shorter periods. And another “8 companies have already signed up for pop-ups” (in 2017)#

Mitchell Hernadez, senior associate at CBRE, was quoted as saying “the mantra a few years ago was having 100% occupancy….(now some think) a better idea is to have 90% occupancy and have 10% devoted to rotating pop-up shops”#

 

* source:         www.platformla.com

# source :        www.latimes.com / pop-up shops were once a sign of desperation

 

 

PLATFORM SC Los Angeles

Hollywood & Highland SC Los Angeles

Westfield Century City Los Angeles

The Grove SC Los Angeles

For Lease pop up shop FI

 

images :      PLATFORM, Hollywood & Highland, Westfield Century City, The Grove – Los Angeles

 

 

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