LOS ANGELES—A new retail development on Melrose between La Cienega and San Vicente has transformed into a retail destination. Melrose, of course, has long been an internationally recognized retail hotspot stretching from La Brea through Beverly Hills, and the transformation of this stretch in West Hollywood will ensure that the street will continue to be a retail destination for years to come.
“The stretch of Melrose between La Cienega and San Vicente has primarily been home furnishings,” Carine Mamann, a broker in Cushman & Wakefield's retail services group, tells GlobeSt.com. “In the past few years, retailers have begun to move in. Balenciaga and Alberta Ferretti were the first clothing retailers to join the street. Then, Alice & Olivia, MAC Cosmetics, Alfred Coffee and then Restoration Hardware opened its flagship. That really changed the street.”
Mamann and her colleague Kazuko Morgan just signed retailers AllSaints, Zadig & Voltaire and UNTUCKit, a total of 6,200 square feet, to the new retail development on the street. The value of the lease deals was not disclosed, however, Mamann says that rental rates are rising in the market and she saw plenty of competition from retailers for these spaces. “It has been really competitive. We were preleasing the block according to the owner's vision, and now we barely have any vacancy,” she says. “As a result, the team was very selective with the retailers they chose to sign.
The developer and owner behind the new retail project is responsible for the transformation, according to Mamann. “One owner, who we represent, had the vision to see the street get into fashion. It is a pedestrian-friendly street,” she explains. “We are putting valet stands on the street, and there are plenty of crosswalks. It is easier to shop here as opposed to the other parts of Melrose. This stretch feels more high street, and you have parking as well.”
In addition to walkability, the stretch of Melrose is also ideally located and accessible from many parts of the city, making it a prime candidate for new development. “The street is in the heart of West Hollywood, so you are getting everyone from Beverly Hills to Hollywood to come here,” adds Mamann. “It is the center of L.A. That is why people come here.”
LOS ANGELES—A new retail development on Melrose between La Cienega and San Vicente has transformed into a retail destination. Melrose, of course, has long been an internationally recognized retail hotspot stretching from La Brea through Beverly Hills, and the transformation of this stretch in West Hollywood will ensure that the street will continue to be a retail destination for years to come.
“The stretch of Melrose between La Cienega and San Vicente has primarily been home furnishings,” Carine Mamann, a broker in Cushman & Wakefield's retail services group, tells GlobeSt.com. “In the past few years, retailers have begun to move in. Balenciaga and Alberta Ferretti were the first clothing retailers to join the street. Then, Alice & Olivia, MAC Cosmetics, Alfred Coffee and then Restoration Hardware opened its flagship. That really changed the street.”
Mamann and her colleague Kazuko Morgan just signed retailers AllSaints, Zadig & Voltaire and UNTUCKit, a total of 6,200 square feet, to the new retail development on the street. The value of the lease deals was not disclosed, however, Mamann says that rental rates are rising in the market and she saw plenty of competition from retailers for these spaces. “It has been really competitive. We were preleasing the block according to the owner's vision, and now we barely have any vacancy,” she says. “As a result, the team was very selective with the retailers they chose to sign.
The developer and owner behind the new retail project is responsible for the transformation, according to Mamann. “One owner, who we represent, had the vision to see the street get into fashion. It is a pedestrian-friendly street,” she explains. “We are putting valet stands on the street, and there are plenty of crosswalks. It is easier to shop here as opposed to the other parts of Melrose. This stretch feels more high street, and you have parking as well.”
In addition to walkability, the stretch of Melrose is also ideally located and accessible from many parts of the city, making it a prime candidate for new development. “The street is in the heart of West Hollywood, so you are getting everyone from Beverly Hills to Hollywood to come here,” adds Mamann. “It is the center of L.A. That is why people come here.”
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