The 12-screen cinema is the first new cinema complex to open anywhere in Santa Monica in more than two decades.ArcLight Cinemas is the latest of a number of high-profile brands that have set up shop at Macerich’s Santa Monica Place.
Aside ArcLight, other new retailers that opened this year at Santa Monica Place include Aesop, Karen Millen, Starbucks, Sole Society, The Cheescake Factory, and Uniqlo.
According to Executive Vice President, Real Estate at Macerich, Randy Brant, the opening or ArcLight Cinemas will be a “tremendous draw” for residents of Santa Monica. The cinema will address the dearth of an exciting and ultramodern cinema complex in the city.
The new cinema and other high-profile openings will bolster much needed activity in the city and will be complemented by the expanded Expo Rail Line that will open a couple blocks from the Santa Monica Place sometime next year. The rail line will cut travel times for commuters from Downtown Los Angeles to Santa Monica to only 46 minutes. The expected passenger count when in full operation of the line should exceed 64,000 daily.
The premium offerings of ArcLight Cinemas at Santa Monica Place include black-box auditorium, gourmet cuisine, reserved seating, commercial-free movies et cetera.
Santa Monica Place is favorably situated in Downtown Santa Monica in close proximity to the Pacific Ocean. It features a unique, all-outdoor leisure and shopping destination that is home to top-grade international brands including Emporio Armani, Nordstrom, Hugo Boss, Louis Vuitton, Nike, Tiffany & Co., DVF, Bloomingdale, Burberry, Tory Burch and plenty other premium brands. It also boasts of an awesome selection of food and beverage outlets.
Santa Monica Place serves a population of 1.4 million people. More interesting is that the average annual household income of the population in the primary trade area of the shopping center is above $104,000. Of the total population, there are 15,000 highly affluent households with annual incomes comfortably crossing the $500,000 mark.
More than 7.3 million people visit Santa Monica annually, and the robust daytime population in the city is above 132,000. These stats make Santa Monica Place a highly valuable property with plenty of appeal for brands and shoppers alike.
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26 NOVEMBER 2015, USA