Property management of a 130,000 square-foot, luxury outdoor shopping center
Two Rodeo Drive lies at the heart of an internationally known luxury retail destination and is home to more than 30 boutiques, from Jimmy Choo to Versace, Porsche Design to Stefano Ricci. Inspired by timeless Italian design, the stores and restaurants are tucked along a village-like, cobblestone-lined walkway called Via Rodeo that features a piazza overlooking a fountain—all at the corner of one of the world’s most sought after retail addresses— Rodeo Drive and Wilshire Boulevard in Beverly Hills, California.
The economic downturn, which started in 2007/2008 created unprecedented challenges. Store sales subsequently plummeted, a number of retailers closed their doors and other tenants sought concessions. The previous owner had often rented to retailers who paid a premium for temporary space while remodeling their flagship stores nearby, diluting the shopping center’s branding and prestige.
Instead of focusing solely on the highest rents, CBRE collaborated with the owners to establish a new strategy, looking to attract long-established, financially stable luxury brands while maintaining the maximum occupancy possible. The strategic shift had an immediate effect, diversifying the tenant mix from mostly luxury jewelers to a broader variety of men’s and women’s luxury fashion and accessories retailers, an art gallery and elegant home goods. This helped revive the center as a true destination, where, for example, a bride could shop for her ring, wedding dress, shoes, trousseau and gifts for her bridal party, all in one location.
CBRE also evaluated under-utilized parts of the shopping center—from corridors to storage areas —and transformed them into 3,000 square feet of new leasable space. CBRE also worked with the client to reimagine the overall retail experience, investing in additional customer service training and distinctive uniforms for staff to ensure an unparalleled experience for visitors. The property has since enjoyed record-breaking performance.
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Dreamside es una empresa que realiza servicios y proyectos tecnológicos, nuestro equipo de trabajo está compuesto principalmente por profesionales informáticos y electrónicos. Ejecutamos nuestros servicios en faenas mineras, en puertos y en variadas industrias de Chile.