TO THE POINT: A second wave of tenants for The Point was revealed as the tenant merchandising strategy becomes clearer for the El Segundo, Calif., retail project.
The Point, located in the South Bay region of Los Angeles County, is being developed by San Jose, Calif.-based Federal Realty Investment Trust. The lifestyle center, which sits on a busy stretch of Sepulveda Boulevard, totals a little more than 115,000 square feet of retail space and more than 25,000 square feet of office space.
New retailers include Michael Stars, Planet Blue, Lou & Grey, Marmi and PrAna.
The Point is anchored by restaurants such as ShopHouse, Superba Food & Bread and True Food Kitchen.
“We wanted to make sure that the restaurants were on the corners, pushing people out into the common areas to give a sense of community, a sense of activity, the sense of interaction,” said Jeff Kreshek, Federal Realty vice president of West Coast Leasing. “And we didn’t want to inhibit that interaction by having it behind closed doors.”
Tenants, including first to market or those early in their life cycles, are a key part of the merchandising strategy at The Point, Kreshek said.
“If you look at what’s happening with commodity retail and the function of shopping, that’s getting less and less of a necessity with Amazon and the Internet and everything else,” Kreshek said. “So the industry has evolved [and] the experience of shopping is what it’s all about. It’s got to have great dining, great [sense of] place and great retail.”
The tenants join previously revealed retailers such as Athleta and Lucky Brand, which will have a flagship location at The Point that includes garage doors facing out into the common area and talk of even adding a whiskey bar.
“The retailers are starting to realize that the notion of ‘When you walk through the door, you’re mine and when you walk out, you’re not,’ is changing,” Kreshek said. “It’s [now]… ‘The place is mine and you’re coming to the place and I’m interacting with you, even just walking down the sidewalk.’ So it’s a really creative way of approaching an area. To just put in…a heavyset storefront and say ‘Just stay away,’ just doesn’t seem like the right decision.”
The Point is about 90 percent committed, according to Kreshek, and the center’s slated for a July 30 opening.