Global Retail City Profiles 2017 Americas
Los Angeles
Known for its perfect weather, palm trees, and as the entertainment capital of the world, Los Angeles has all of the ingredients for a top notch retail market. Tourists from around the world are drawn to the city for its excellent shopping options at multiple prime urban corridors and top tier malls, its natural beauty, and of course the chance to spot a celebrity. Los Angeles is also undergoing significant change as millions are spent on capital improvements to expand the subway and light rail network across the county. This commitment to public transportation will provide residents and visitors with greater mobility options in a city known for its traffic jams. With the recent announcement that Los Angeles will host the 2028 Olympics, LA is poised to see increased development and continued investment as it prepares for the global spotlight.
Prime urban retail In terms of luxury shopping, second only to Upper Fifth Avenue in New York is LA’s Rodeo Drive, which commands some of the highest rents in the nation. A Rodeo address has long been key to luxury brands’ marketing strategies with retailers like Chanel, Louis Vuitton, and David Yurman as longtime residents. Nearby retail corridor Melrose Avenue has benefitted from luxury lite retailers’ migration into the corridor like AllSaints, Reformation, Ted Baker and Lululemon. Heading west towards the coast is Santa Monica’s Third Street Promenade which tailors to tourist traffic along the pedestrian paseo with national brands like Nike and Apple, but fitness brands like SoulCycle and Orangetheory are found on the periphery and primarily serve local residents.
Shopping centers Los Angeles has the largest supply of shopping center space of any city in the country while managing to maintain low vacancies. Los Angeles malls for the most part have remained successful by embracing the outdoor lifestyle center like Caruso’s The Grove and The Americana, or renovating properties to improve tenant mixes and add experiential retail. Most notably, the Westfield Century City finished a $1 billion renovation in the fall of 2017 that includes the first West Coast Eataly, notable new retailers Cole Haan and Bonobos, an Equinox, and entertainment vendors including a luxury AMC Theater. The Beverly Center is in the process of getting a $500 million makeover which will include a new food hall, The Street, slated to open in 2018.
Shopping center
Del Amo Fashion Center Glendale Galleria Westfield Topanga
Westfield Century City Beverly Center
Santa Monica Place
The Americana at Brand The Grove
Source: JLL 2018
Opening year 1961 1976 1964 1964 1982 1980 2008 2002
Size(sqft) Location 3,063,843 Torrance 1,590,603 Glendale 1,565,805 Canoga Park 1,300,000 Los Angeles 880,000 Los Angeles 740,811 Santa Monica 650,629 Glendale 506,000 Los Angeles
Population 13.4 m
Prime rent (sqft per year)
US $850 Prime rental information for Beverly Hills Triangle. Key indicators Population (‘000s No.)
GDP per capita (US$, real, PPP) GDP Forecast 2017-2021 (% pa)
Retail Sales Forecast 2017-2021 (% pa) Global CBRA rank (out of 140 cities)
13,378.1 $67,600 1.9% 1.8% 16th
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Rental growth outlook
Key retail entrants
Amazon Books Le Box Blanc Eataly
Key tenants
lululemon, Brooks Brothers, Crate&Barrel, Kate Spade Target, Bloomingdale’s, L'Occitane, Lush, Uniqlo, Pirch Macy's, Neiman Marcus, Nordstrom, H&M, Lucky Brand Nordstrom, Eataly, Bloomingdale's, AMC Theaters Bloomingdale’s, Dolce and Gabbana, Macy's, Tiffany & Co. Bloomingdale's, Nordstrom, Nike, Louis Vuitton Apple, Tesla, Barneys New York, Nordstrom, Tumi Nordstrom, Shinola, Topshop, Vince, Apple, Nike
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