The lowdown on high streets

Los Angeles /
Jan.January 30, 2017 08:30 AM

From the January issue: The high streets are flying higher than ever in the City of Angels, with top-tier retailers setting up shop in the city’s swanky shopping districts like Rodeo Drive and Abbot Kinney. 

Yet while demand from global luxury brands has been propelling rents and investment sales along the famous shopping streets, many affluent Americans say that this year, they’re planning to curtail their spending amid the uncertain economic outlook.

Americans earning at least $150,000 annually said they planned to spend around $16,000 on luxury goods in the coming year, a 20 percent decline over the previous year, according to a 2016 annual report from the Luxury Institute.

The good news for brick-and-mortar stores and for those in retail real estate is that a rising share of affluent consumers — 54 percent, up from 49 percent a year earlier — said they preferred to make major purchases in shops, the report said. [More]


Related Articles

arrow_forward_ios
California Retailers Association president Rachel Michelin (iStock)

Skeptical retail lobby wants data to justify Covid restrictions

Skeptical retail lobby wants data to justify Covid restrictions
Michael Shabani of Crown and Russell Russell Gimelstob of Ascendant, and the building (Credit: Google Maps)

Crown Equity partnership sells Rodeo Drive building for $122M

Crown Equity partnership sells Rodeo Drive building for $122M
Some businesses in Los Angeles (including Rodeo Drive, pictured here) have boarded up their storefronts as owners prepare for possible unrest on Election Day (Getty)

Election Day in LA includes boarded up stores, added police presence

Election Day in LA includes boarded up stores, added police presence
From left: A San Fernando Valley retail center and a Forever 21 near downtown LA (Credit: iStock)

Greater LA retail market struggles to recover from big box closures, bankruptcies

Greater LA retail market struggles to recover from big box closures, bankruptcies
CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh with a rendering of the project

Picture perfect: CIM Group nails down craft retailer Michaels at Mid-Wilshire complex

Picture perfect: CIM Group nails down craft retailer Michaels at Mid-Wilshire complex
Rodeo refi: Properties on iconic Beverly Hills street land $160M loan

Rodeo refi: Properties on iconic Beverly Hills street land $160M loan

Rodeo refi: Properties on iconic Beverly Hills street land $160M loan
Beverly Hills landlord sued for refusing to remove plastic surgeon’s Rodeo Drive sign

Beverly Hills landlord sued for refusing to remove plastic surgeon’s Rodeo Drive sign

Beverly Hills landlord sued for refusing to remove plastic surgeon’s Rodeo Drive sign
Here are LA County’s top 5 retail investment sales of 2018

Here are LA County’s top 5 retail investment sales of 2018

Here are LA County’s top 5 retail investment sales of 2018
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...