It has been a horrid year for retail and nowhere is it more evident than in Los Angeles where there has been an epidemic of specialty store closings and consolidations due to the recession. Throughout the Los
Angeles area, “for lease” signs are proliferating in empty storefronts.
Mulberry, Sergio Rossi and bankrupt Lambertson Truex have shut on
exclusive Melrose Place, the shopping enclave that is home to Oscar de
La Renta, Marc Jacobs, Carolina Herrera and a recently opened Chloé
store, among others.
Lisa Kline, whose store has been a staple on Robertson
Boulevard for almost 14 years, said she might eventually consolidate
her three stores on the street (women’s men’s and children’s) or try
to renegotiate the rents. She's also trying to get
out of the lease on a fourth store on South Beverly Drive in Beverly
Nearby cities such as Santa Monica and Venice Beach are hemorrhaging retail tenants as well. Dozens of stores have closed along Santa Monica’s Montana Avenue, a
main shopping thoroughfare, including contemporary boutiques Jane
Smith, Saylor and Il Primo Passo shoes.
It's not just the small retailers affected. French Connection, which had three Los Angeles boutiques,
has shuttered its stores at the Beverly Center mall and in Pasadena,
leaving it with one local store on Santa Monica’s Third Street
Rodeo Drive, the area’s highest-profile shopping street, appears to be
withstanding the downturn better than others because most tenants are
major companies. However, there are some vacancies.
The latest developments come
a few months after painful local retail losses such as the exit of
Tracey Ross’ iconic boutique on Sunset Plaza and the shutdown of Kira
Plastinina, the teen chain that closed its U.S. stores seven months
after opening 12 units, including six in Southern California, on
Robertson Boulevard, Beverly Drive and the Third Street Promenade.
On Robertson Boulevard, high rents negotiated at the peak of the retail
real estate boom are haunting merchants and driving out tenants such as
American Apparel, as well as contemporary stores Madison and Diavolina,
which have relocated to nearby Third Street.
Read more "Down and Out: Store Closings Spread in L.A." here.
Source & Photos: WWDSee the Top Ten Summer 2016 Trends for Women Over 40
Tags: American Apparel, Diavolina, economy, french connection, Il Primo Passo, Jane Smith, Kira Plastinina, L.A., Lambertson Truex, Lisa Kline, Madison, Mulberry, retail, Saylor, Sergio Rossi, Tracey Ross