8:30am PT by Chris Gardner
Rick Caruso's New Pacific Palisades Mall Already Breaking Retail Records, He Says
It's been open only two months, but Rick Caruso's upscale mall in Pacific Palisades has already been breaking retail records.
The 59-year-old development billionaire behind The Grove and upcoming Rosewood Miramar Beach relayed how good business has been at Palisades Village during a Nov. 28 holiday collection presentation party for resident designer Rachel Zoe, telling THR that "the sales being produced out of this property are the best in the country per square foot."
Caruso also confirmed that his plan to redefine retail in that area is not simply a temporary test in the market — he bucked another retail trend by signing many of his hand-picked tenants to long-term leases. (It is typical now in the fickle and unsteady retail business for tenants to sign 1- to 2-year leases on new properties). One of those tenants, jeweler Jennifer Meyer, opened her first retail space there, and though she wouldn’t confirm that she is among those who signed a 10-year-lease, she did say she’s not going anywhere. “Everybody had a different lease, but I know that I’ve never been happier,” she told THR. “No matter how long my lease is, they can’t get rid of me. Building a store is a real commitment and you don’t want to be here for one year and leave. It’s a home here — it's my Jennifer Meyer home. I’ll be here for a long time.”
Same for Zoe, who also opened her first store in Palisades Village, seven years after launching her collection. “Retail is never an easy business, and now it’s harder than it’s ever been, which is why it took me so long,” she said. “But when Rick Caruso asked me to be a part of this, how do I say no to that?”
Heading into the holidays, business looks bright with additional retailers like Tamara Mellon having just opened doors and additional ones coming soon (Veronica Beard, Brunello Cucinelli, and others). "Everything is rolling out as I hoped," Caruso says. "It's an exceptional success."
A version of this story first appeared in the Dec. 5 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.