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Small spaces are the big idea for reviving the Promenade

02/25/2020 8:44 AM | Margaret Fulton (Administrator)

With the recent closure of several stores and a vacancy rate topping 15%, Santa Monica’s Third Street Promenade is not immune from the nationwide shift away from brick-and-mortar retail.

While the Promenade’s total sales are up after two years of decline, the shopping district will, over the long term, need to become less dependent on traditional retailers like Banana Republic, which closed last month, and cultivate a mix of shops, restaurants, bars and entertainment venues that reflect changing consumer tastes, stakeholders said.

It’s a challenging task for a public street with 38 landlords who operate independently of each other.

Read More: https://www.smdp.com/small-spaces-are-the-big-idea-for-reviving-the-promenade/186691


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