West Third Street Story
Rents have been increasing on Los Angeles’ premier retail streets, such as Robertson Boulevard, but less than one mile away from this thoroughfare, West Third Street remains a place where rents are relatively modest and a retailer can take a chance, according to Chuck Dembo, partner in commercial real estate company Dembo & Associates.
“It’s been a launching pad for young people who don’t have a lot of money and are doing something unique,” Dembo said. A square foot of retail space on West Third Street typically costs $6. It’s a bargain compared with the high marquee real estate on exclusive Robertson, which can command prices above $20 per square foot.
Kaj Palsson and his girlfriend and business partner, Tahirah Felton, will find out if young, new retailers can still get a start on this street. The novice retailers recently opened Krisol, a 1,430-square-foot fashion boutique at 8312 W. Third St.
The store’s deacute;cor is inspired by 1970s pop culture, complete with a painting of Clint Eastwood in the role of Nixon-era cop Dirty Harry. The store’s entrepreneurs, both 25, plan for their store’s fashions to make a modern statement. Women’s fashions range from the swank styles of the LaRok brand to sunny, relaxed labels such as Custo Barcelona. Core price points for women’s clothing range from $150 to $350. Men’s fashions range from premium jeans by label Cassette, which cost $250 per pair, to baroque streetwear hoodies from Artful Dodger.
Palsson, who earned a bachelor of science in business from Pepperdine University in 2004, said that eventually he and Felton would like to build more boutiques and perhaps expand into other businesses such as nightclubs or create a clothing line.
Despite the street’s increasing fame, merchants still must fight to get retail traffic, according to Alisa Loftin, co-owner of Aero & Co., located at 8403 W. Third St. “It’s not Robertson,” Loftin said. “Foot traffic doesn’t support high rent here. You have to bring business to your store.”
Still, increasing fashion press coverage of the street has been paying dividends. Loftin said this summer, she noticed a new kind of tourist coming to the street. This tourist is more serious about shopping West Third. Instead of wandering into boutiques, they come to the street equipped with a list of specific stores to visit. —Andrew Asch
