BEVERLY HILLS, CA-They’re coming to Beverly Hills. Retailers, that is. And they’re helping to create a mini retail-boomlet in this city, which is on the rebound after some tough recessionary times.
Such high-end clothing retailers as Theory and Alice + Olivia have recently opened in Beverly Hills, joining fellow clothiers Scoop NYC, Intermix and AllSaints. Also opening are Fleming’s Steakhouse and Wine Bar, while Nespresso has opened a new outlet. They are nestled in the famed “Golden Triangle” shopping district, a tourist Mecca and the subject of numerous television and film examinations.
Just this week, 450 N. Camden Drive, a 5,500 square foot retail property occupied by the Gagosian Gallery, sold for a record $2,000 per square foot for $11,050,000.
What’s causing the boom? Beyond the end of the recession, “I think retailers want to be in proven retail locations in terms of their expansion,” says Greg Schott, managing principal of L3 Capital, which owns properties in the North Beverly Drive area of Beverly Hills. “They are foregoing those secondary and tertiary markets and going where, historically, there’s been strong retail shopping.”