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January 2005 Edition
The New Year…. According to the New York Times (1/7/05), analysts are expecting a solid 2005 because consumer confidence is up (rebounding job growth and lower energy prices), which translates into increased consumer spending, especially in retail sales. The Eddy Company wishes you the best for Retail 2005…
Women shoppers know -- you can find gold in those outlet malls
When Steve Craig arrived in Orange County in the mid-80s, he looked over the commercial real estate landscape and came to this conclusion: Everything “new” was already being done, and well -- by such leading-edge developers as The Irvine Company. His gut told him that he had to do something different: But what? Steve recognized there were no outlet malls west of the Mississippi, and after researching the market, selected Cabazon, CA, as his first effort. Why Cabazon? No one ever heard of this off ramp in the desert on the way to Palm Springs. “Cabazon was ideal for the traffic and location outside metropolitan Los Angeles. You can’t build outlet malls where they compete with the major department stores. Cabazon fit the mold perfectly.” Nearly 20 years later, Craig Realty Group is one of the nation’s most successful outlet mall developers, with some 14 outlet malls in four states and one in Italy.
What guides Steve Craig’s passion for this market segment is his vision to bring the best in shopper comfort to his customers. When you visit a Craig Outlet Mall, you could as well be visiting an upscale lifestyle center in the toniest neighborhood in America. You notice the beautiful landscaping, wide parking spaces, convenient shopper amenities, and the superior architecture that fits with the area. You also find the world’s most famous brands that attract shoppers from hundreds of miles – who spend an average of $175 per buying unit (composed of 2.2 persons) and visit “about four stores”.
“Our goal is to meet the needs of customers who are time starved – who don’t have the time they had 10 years ago…who hate big parking structures,…who like to park near where they shop, and appreciate a beautiful environment,” Craig said. “That’s what our goal is – to make our customers happy.”
Craig Realty Group, a client of The Eddy Company, owns and operates 1.6 million sq. ft. with centers in Portland, Los Angeles, Camarillo, Cabazon, Mammoth Lakes (CA), St. Helena (CA), Houston, Anthem (AZ), and Lake Elsinore (CA). Craig is in partnership with an outlet mall in Brescia, Italy. In development are centers in New Jersey and San Clemente (CA). The company previously developed two of America’s most successful centers in Carlsbad and Desert Hills (CA).
For sure, Steve Craig has found his passion – bringing bargains to the masses in the most offbeat places in America and “gold” to those women shoppers who know a bargain when they see one.
The Eddy Company updates…Ruby’s Diner is looking for new stores in Hawaii and West Coast….Gelato Paradiso is opening a new store in February across from Grauman’s Chinese Theater on Hollywood Boulevard…New Balance opened a new concept store in November at South Coast Plaza…Dickie Walker’s wholesale and retail sales are up substantially during the Xmas holidays…. Sunset Canyon is off to a fast start at its new location in Tucson’s La Encantada specialty center….and Just Cavalli latest store in Sunset Plaza is doing extremelywell. The Closet expects to open 3-4 new stores in 2005 after a record in 2004.
New San Francisco office – Steve Eddy, vice president, heads our new Northern California office. Give Steve a call for your leasing needs in the Bay Area -- 415-440-1460.
The Eddy Company is one of America's leading specialty retail leasing consultancies. For information, contact Bill Eddy at our Newport Beach office. Please visit our web site - theeddycompany.com or e-mail: bill@theeddycompany.com .
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