Hollywood Needs More Retail Amenities

Hollywood needs more retail amenities. While office and multifamily development are dominant in Hollywood, residents are leaving the market to shop and dine, according to new research on demographics from the Hollywood Chamber of Commerce. Many residents are shopping outside of Hollywood, but 77% in the survey said that they would shop in the submarket if options were available.

“The survey points this out in that many respondents, while committing a fair amount of their food/beverage “spend” inside Hollywood, their other retail “spend” largely took place outside of Hollywood, and 77% indicated that they would shop closer to home if the retail was available,” Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, tells GlobeSt.com. “Among the top retailers named that they would like to have in Hollywood were Apple, Target and Whole Foods. So, we see that as an opportunity for potential retail investors.”

Currently, Hollywood has focused on food and entertainment retail options, allowing for residents to stay within the market to play. “What is available and thriving are the restaurant and entertainment options here with 60% of Hollywood residents spending on dining followed closely by entertainment, for example 43% are spending on movies, 32% concerts and 32% on plays and live performances,” explains Gubler. “While malls are trying to create dining and entertainment experiences Hollywood already has a vibrant collection of restaurants and clubs; live theatre – both large venues that draw Broadway shows and small theatres with an eclectic array of new productions; concerts and movies.”