OAKS' OWNER CHASES LUXURY REMODELING PLANNED FOR MALL.Byline: Candice Choi Staff Writer THOUSAND OAKS Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. - The Oaks will be transformed from an outdated shopping mall into a luxury mecca with valet parking valet parking n. Parking arrangements provided by a commercial establishment, such as a restaurant, whereby patrons leave their cars at the entrance and attendants park and retrieve them. Noun 1. and concierge service by 2006, its owner pledged Wednesday. The remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling - which will include 80,000 square feet of new shops - is part of a plan by the Macerich Co. to turn eight of its 62 properties into luxury centers under the name ``Lumenati.'' ``It should have been remodeled long ago,'' said Randy Brant brant or brant goose, common name for a species of wild sea goose. The American brant, Branta bernicla, breeds in the Arctic and winters along the Atlantic coast. , senior vice president of development leasing. Thousand Oaks is an affluent community with a median family income of $105,000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the city's economic development department. That alone makes it an attractive market for companies selling luxury goods - one of the fastest-growing segments in retail, Brant said. Although no new tenants have been secured, Macerich is looking to create a ``luxury district'' within the mall complete with shops like Tiffany's, Louis Vuitton and Chanel. A handful of current tenants at The Oaks, including Coach, Williams- Sonoma and Godiva, already form the base for Lumenati, Brant said. These high-end brand names will be clustered together in the remodeled mall, Brant said. ``Retailers like to be around like retailers.'' Consumer spending on luxury goods rose by 27 percent in the first five months of 2004. The key to unlocking this burgeoning market is customer service, according to the Macerich survey. A ``sophisticated and charming'' environment was ranked as a critical component of the shopping experience, according to a Macerich survey of luxury consumers. That survey also found luxury shoppers value the selection of brand names a shopping center offers. Seven additional Macerich malls throughout California and Arizona - including Santa Monica Place Santa Monica Place is a three-story, 570,000 square-foot shopping mall in Santa Monica, California. The mall is located at the south end of the famous Third Street Promenade, and is also two blocks from the Santa Monica Pier and the beach. - will also be transformed into Lumenati centers. Macerich last year already secured one new anchor for The Oaks; Nordstrom is set to open in 2007. When the deal was confirmed a year ago, it drew rave reviews from Thousand Oaks city officials who had watched mall owners court the high-end retailer for years. Officials said the new direction would more accurately reflect the city's affluent demographics. The Oaks currently generates about $2.3 million in sales tax sales tax, levy on the sale of goods or services, generally calculated as a percentage of the selling price, and sometimes called a purchase tax. It is usually collected in the form of an extra charge by the retailer, who remits the tax to the government. revenue annually, about 10 percent of the city's tax revenue. Candice Choi, (818) 713-3634 candice.choi(at)dailynews.com |
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