Page 54 - #182 June 2023

Los Angeles

Los Angeles Milan
Los Angeles, the “entertainment capital of the world,” is a globally- A highly-regarded reference point when it comes to European
recognised travel destination for millions of tourists each year. The culture, Milan has long been considered Italy’s most modern city – a
city’s influence, however, reaches far beyond the glitz and glamour place that combines the best of the country’s renowned culture with
of Hollywood. According to the ‘Q4 2022 Retail Market Outlet – Los a thriving business and finance centre and a distinctive cosmopolitan
Angeles’ by NAI Capital, LA Country’s retail market post-pandemic edge. This is highlighted in Knight Frank’s Europa Cities Guide 2022
recovery moved slowly in Q4 2022. Vacancy, sublease space and slack – Milan. It continues by saying that despite being smaller than many
demand for retail space confronted landlords contending with a changing other major European cities, Milan, in recent years, has managed
economy. While vacated space that was hastily put on the market during to redevelop large urban areas and has become one of the most
the pandemic shutdown is getting occupied as retailers pivot back to brick- prominent cities in Europe from a real estate and retail perspective.
and-mortar. A magazine by DCBID entitled ‘DTLA Retail Report: A Guide Milan offers a high quality of life for its residents, with internationally
to the Future of Retail in Downtown Los Angeles’ explains that the retail recognised flagship events and exhibitions held throughout the year.
industry has been evolving over the last decade – and so has Downtown Tourism underpins the city’s economy, while the student dynamic of
Los Angeles. During the pandemic, retail’s shifts accelerated dramatically. the city remains core to the residential sector. In 2026, Milan will host
With the inexorable rise of e-commerce, the role of physical stores is the Winter Olympic Games, an event that boosts its international
increasingly about branding, experience, convenience and personal appeal further. Cushman & Wakefield’s ‘Italian Market: Focus on
service. Downtown has 743 retail businesses per square mile – and 157 Retail 2022’ report highlights that Milan is a leading global city, with
food and beverage businesses, making it one of the most dynamic and strengths in the arts, commerce, design, education, entertainment,
exciting urban centres in the US. The city is home to signature locations, fashion, finance, healthcare, media, services, research and tourism.
boutiques, local flair, new retail, fine-dining and local-dining experiences Although the city centre has a long-established tradition of retailing,
and familiar favourites. The CBRE report ‘Los Angeles Retail Figures Q3 in recent years the city has undergone an important reshaping thanks
2022’ explains that freestanding sites continued to drive capital markers to the redevelopment of areas such as Porta Nuova and CityLife,
activity, closely followed by storefront locations. Sites with higher parking becoming new shopping realities attracting dynamic brands. Milan
ratios and excess land were targeted and included auto-dealerships, is also the province with the largest out-of-town retail offer of
supermarkets, health clubs and fast-food restaurants. The report also the region of Lombardy, with 1.2 million square metres across 49
states that, although port activity has de-congested relative to H1 2022, schemes and over 2,500 shops. The retail density stands at almost
retail development remains constrained and has grown increasingly more 390sq m per 1,000 inhabitants, above the national average (about
complex with the rise in interest rates and construction costs. 270sq m per 1,000 inhabitants).

Milan