May 22, 2022 Breaking News, Latest News, and Videos

Downtown Santa Monica Navigates the Recession:

Downtown Santa Monica has felt the recession but not as much as the city’s other commercial districts.

Kathleen Rawson, the Executive Director of the Bayside District Corporation, who manages the city’s downtown, explained that Santa Monica’s downtown area has certain attributes that make it more able to withstand a recession than other areas. These characteristics include “a strong brand identity,” being near the Pacific Ocean, being close to hotel properties, having a location near people with disposable income, and having a better infrastructure than other commercial destinations. She also noted that Santa Monica’s downtown is dynamic and always changing so it encourages people to come back. An example of this is the continual change of street performers.

Another sign of the downtown’s vitality is the stability of its businesses. Rawson stressed that “many tenants have renegotiated their leases” and property owners are willing “to make a deal with existing tenants.” The Third Street Promenade has the highest occupancy rate of downtown as a whole but there is also renewed interest in second and fourth streets. In addition, the re-opening of Santa Monica Place in August helped generate a lot more pedestrian traffic on the Promenade and this trend has continued. Also contributing to the downtown area’s continued success has been the Buy Local Campaign.

John Warfel who is a member of the Bayside Corporation’s board of directors and the president of Metropolitan Pacific Capital Incorporated said that the downtown real estate market for both office space and retail has stabilized but is “still soft.” It’s “still a different leasing market” than it was before the downturn and the leasing of spaces on streets other than the Promenade is taking longer. Downtown projects that already had their financing in place are moving forward but those seeking financing are confronting a more conservative market. He also noted that “we’re now working harder for the same business activity” than before. “The recession has made everyone realize how fragile retail districts can be.”

The president of Jewels by Kurt, Michael Kurt, noticed the downturn has made his customers “more selective, more cautious about what they are buying, and looking for quality that suits them.” He has not lowered his prices because he believes they have always been reasonable. His family has been in the jewelry business in Santa Monica for 48 years.

Shannon Leonard who owns Beadniks opened her franchise at the start of the recession and has “seen an increase in business every month.” She attributes her business growth to the use of focused marketing and word of mouth. She also noticed that people are bringing a lot of beaded items in for repair in her classes, which are being taken by people who want to supplement their income by selling their creations on crafting websites or at their office.

Hi De Ho Comics owner, Saleen Aaron, found that his business has “definitely been slower this year” but tourists have helped replace some of his lost sales. His regular customers are comic enthusiasts and when they become the mainstay of his business he knows the economy is slowing. He opened a second store in Laguna Beach this summer. In his view a down economy is a good time to expand because it’s “easier to find specialized employees who are focused on our type of product.” He thinks his business will continue to do well over the next two years because Hollywood will be releasing a number of films that will cause an “upswing in comic reading.” His business has been in Santa Monica since 1977.

in News
Related Posts

Los Angeles Metro Sees 15.9 Percent Increase in Median Rent

May 20, 2022

May 20, 2022

Median rent of $2,258, according to recent report By Dolores Quintana The ongoing pandemic has exacerbated the issues of housing...

New Renderings for Frank Gehry Hotel Development in Santa Monica

May 20, 2022

May 20, 2022

Project would include hotel, apartments, retail and a museum By Dolores Quintana Slowly but surely, plans for a  Frank Gehry-designed...

Shared Mobility Plummets in Santa Monica

May 20, 2022

May 20, 2022

Recent report also shows that nearly half of riders make over $100,000 By Sam Catanzaro Shared mobility use in Santa...

Christopher Dishlip Selected as Santa Monica’s New Assistant Director of Public Works

May 20, 2022

May 20, 2022

Public Works Director Rick Valte announced the selection of Christopher Dishlip as Santa Monica’s new Assistant Director of Public Works....

Letter to Editor: Response to Himmelrich’s “We Walk the Talk” Column

May 20, 2022

May 20, 2022

By Beau Marks As a Santa Monica resident, I am dismayed by Sue Himmelrich’s response (“We Walk the Talk,” Santa...

Motional And UberEats Launch Autonomous Deliveries In Santa Monica

May 18, 2022

May 18, 2022

There Are Plans For Expansion Into The Rest Of Los Angeles Motional, a global driverless technology leader, and Uber Technologies...

Winston Pies Opening Third Location In Santa Monica

May 18, 2022

May 18, 2022

The restaurant used to be known as ButterCrust Pies Winston Pies is staying in Santa Monica when opening their third...

Only 10 Vaquita Porpoises Survive, But The Species May Not Be Doomed

May 17, 2022

May 17, 2022

Hope remains for the porpoise species not only survive but thrive with human help. By Stuart Wolpert The vaquita porpoise,...

The American Cinematheque Brings “Bleak Week” To Santa Monica’s Aero Theatre And The Los Feliz Three Theatre

May 17, 2022

May 17, 2022

33 Films From 18 Countries In One Week. By Dolores Quintana Sometimes when things are tough and you’re feeling down,...

Man Who Murdered His Family Members Pleads Guilty To Five Other Killings

May 16, 2022

May 16, 2022

Escobar injured an additional seven other people as well.  By Dolores Quintana A man, Ramon Escobar, has pleaded guilty to...

The price of gasoline in Los Angeles County Has Experienced The Largest Increase Since February

May 16, 2022

May 16, 2022

Gasoline prices in Orange County Have Also Increased By Dolores Quintana Regular self-serve gasoline in the county of Los Angeles...

Santa Monica Travel Summit Of 2022 Returns To Take On Tomorrow

May 16, 2022

May 16, 2022

The Event Was Held At The Jonathan Club On Santa Monica Beach By Staff Writer The 2022 Santa Monica Tourism...

City Council Extends Santa Monica’s Parklet Program: Santa Monica Beat – May 16th, 2022

May 16, 2022

May 16, 2022

Local news and culture in under 5 minutes.* City Council Extends Santa Monica’s Parklet Program * Santa Monica High School Students...

1221 Ocean Avenue Complex Sold For Record Price

May 16, 2022

May 16, 2022

Sold for a record price of $330 million. By Dolores Quintana The Irvine Company has sold 1221 Ocean Avenue to...

Office Construction Is Starting To Rise In Los Angeles

May 15, 2022

May 15, 2022

Property vacancies are still affecting growth.  By Dolores Quintana In March, the Los Angeles Metropolitan area had 3.2 million square...