First in a series
Realtor Wally Marks came away from yesterday’s Future of Culver City evaluation event saying that “we could use a more mature retail environment,” a fresh influx of new businesses.
“We have good retailers today,” said Mr. Marks. “But we could do a lot better.”
More mature, more diverse or both?
“We have a good diversity. I am not saying bring back car dealers by any means. I don’t think that is the right move, even though for some city officials that is a good thing because they bring tax dollars,” Mr. Marks said.
Downtown boasts of bulging roster of diversified eateries. They are almost stacked to the clouds. Critics say there are not nearly enough non-restaurants to attract crowds and balance the business scales.
“We have so much food here,” Mr. Marks said. “And food is going to continue as a venue because it’s not replaceable yet by the internet.”
In his view, the web “definitely has squashed a lot of retail business. It will continue to chip away at it, meaning that in our busy lives, we are ordering more online. We are not going out as much. We are shopping I a different way.”
Are there too many restaurants Downtown?
“I don’t know about too many. But there is not enough retail.”
Mr. Marks offered an illustration of how the free market operates.
“Back in the ‘80s, we had property on the Third Street Promenade in Santa Monica (which his family real estate firm helped to develop). In the ‘80s, the city was worried about an overconcentration of food and bars. There were a lot in the very beginning. Then rents rose. Bars and restaurants couldn’t handle the rents. Retailers wanted to be there because that is where people were. Retail follows where the people are.
“We definitely are bringing a lot of people here,” Mr. Marks said.
(To be continued)
