Melrose Place Rebounds With New Retail
European fashion houses Isabel Marant and Bottega Veneta and Los Angeles–headquartered Equipment will open boutiques on West Hollywood, Calif.’s Melrose Place, offering votes of confidence to one of the most unique retail streets in the Los Angeles area.
The upcoming Isabel Marant boutique will be located at 8454 Melrose Place, adjacent to the street’s Temperly London boutique. The future Bottega Veneta will be located at 8445 Melrose Place, adjacent to the Carolina Herrera boutique, and Equipment will be located at 8445 Melrose Place, adjacent to the Frédéric Fekkai Salon on the secluded, tree-lined street just off of La Cienega Boulevard and behind Melrose Avenue.
The Marant boutique is scheduled to open before Christmas, and the Bottega Veneta is scheduled to take a bow in early 2013, said Jay Luchs, the CBRE executive vice president who represented both landlords and tenants in the recent deals. Equipment is scheduled to take a bow this fall.
Once a quaint street for antique shops, Melrose Place became a fashion hot spot when Marc Jacobs opened a high-profile store on the street in 2005. Since then, Melrose Place seemed to be on the verge of being one of the region’s great retail streets when fashion houses with red-carpet sizzle—and even an avant-garde edge—became neighbors on the quiet road.Boutiques for Marni, Oscar de la Renta, Monique Lhuillier and Zero + Maria Cornejo opened locations there, but the street struggled with vacancy. In October 2011, fashion star Catherine Malandrino closed her Catherine Malandrino Maison store at 563 N. La Cienega Blvd., across the street from Melrose Place. It was a low point for the neighborhood’s fortunes, and more than seven vacancies were listed on the street.
Since then, Joe’s Jeans moved a flagship to 8432 Melrose Place in July. The street’s real estate prices range from $7 to $9 per square foot, Luchs said, down from a pre-recession high of $20 per square foot in 2008. Commercial real estate prices are similar a block away on Melrose Avenue, which hosts businesses such as the Diane von Furstenberg boutique. Rents on Robertson Boulevard are double Melrose Place rents, with prices ranging from $15 to $18.However, with the street filling up with high-profile tenants, some still doubt it will become a bustling retail street filled with consumers. “It’s a nice collection of shops,” said Chuck Dembo, a partner at Dembo Realty, a Beverly Hills, Calif.–based commercial real estate group that has handled deals on Melrose Place. “But there’s not a lot of foot traffic there. Parking is a problem.”
The street has been embraced by stylists shopping for entertainers and wealthy clients, but Nicole Pollard, president of Los Angeles–based stylist company LaLaLuxe, said the street attracts luxury shoppers, too. “Fashion shoppers are definitely hitting Melrose Place because some of the biggest brands are there. It’s just not a walking street, so people tend to go for more specific pieces, such as a gown for an event, or to shop for a specific bag. However, once you get there, it is easy to spend hours,” she said.—A.A.
