{"id":1763,"date":"2016-06-28T08:25:12","date_gmt":"2016-06-28T15:25:12","guid":{"rendered":"https:\/\/www.lee-associates.com\/centralcoast\/?p=379"},"modified":"2016-06-28T08:25:12","modified_gmt":"2016-06-28T15:25:12","slug":"globest-com-is-state-street-retail-sliding","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/centralca\/2016\/06\/28\/globest-com-is-state-street-retail-sliding\/","title":{"rendered":"GlobeSt.com: Is State Street Retail Sliding?"},"content":{"rendered":"<h2 class=\"article-title\"><a href=\"http:\/\/www.globest.com\/sites\/kelsimareeborland\/2016\/06\/28\/is-state-street-retail-sliding\/?slreturn=20160625164743\" target=\"_blank\" rel=\"noopener\">Is State Street Retail Sliding?<\/a><\/h2>\n<p class=\"article-byline\">JUNE 28, 2016<\/p>\n<p class=\"article-abstract\">SANTA BARBARA\u2014For the first time in decades, Santa Barbara\u2019s esteemed retail street has several vacant storefronts and dwindling demand. In this EXCLUSIVE story, Lee &amp; Associates\u2019 Clarice Clarke and Steve Leider tell us how State Street is changing.<\/p>\n<p class=\"first-p\">Santa Barbara\u2019s famed State Street\u2014a retail high street in the downtown market\u2014may be sliding. For the first time in a decade or longer, the esteemed retail center has 25,000 to 30,000 square feet of storefronts in a range of sizes available for lease. The phenomenon is a combination of l<a href=\"http:\/\/www.globest.com\/sites\/kelsimareeborland\/2016\/06\/28\/is-state-street-retail-sliding\/?slreturn=20160625164743\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-380 size-medium\" src=\"https:\/\/www.lee-associates.com\/centralcoast\/wp-content\/uploads\/sites\/15\/2016\/07\/globe-article-image-6_28_16-300x276.jpg\" alt=\"globe article image 6_28_16\" width=\"300\" height=\"276\" \/><\/a>ow foot traffic, high rents and arguably more appealing locations in the nearby Montecito and Funk Zone submarkets.<\/p>\n<p>\u201cState Street was the place to go for retail; it was the Wilshire Blvd. or Rodeo Drive of Santa Barbara,\u201d <b>Steve Leider<\/b>, a principal in<b> Lee &amp; Associates Central Coast<\/b>, tells GlobeSt.com. \u201cNow, State Street landlords have had unreasonable expectations from a rent standpoint, homelessness is a problem, although it is a problem that Santa Barbara has had and hasn\u2019t dealt with for many years, and retail is competing with ecommerce sites on the Internet. We used to have a lot of mom-and-pops and small boutiques, and today, in the prime blocks, we are going to have 25,000 to 30,000 square feet of storefronts in various sizes available on State Street. We haven\u2019t seen that in 10 years. Even through the recession, we didn\u2019t see that.\u201d<\/p>\n<p>While foot traffic may have declined, tourism has not. Santa Barbara still receives 32 ocean liners per year and Leider says that 8 million tourists spend at least four hours traipsing through the submarket. Yet, some mom-and-pop retailers are either closing or choosing to move to other markets. Boutique clothing store K Frank, currently on State Street, is one example. The owners are moving the store to an upscale shopping area in Montecito, where it says a lot of its customers are now based. \u201cThings are shifting around quite a bit, and a lot of the high-end retailers are relocating to Coast Village Road in Montecito or to the Funk Zone, which is the new hip area,\u201d <b>Clarice Clarke<\/b> a principal and the president Lee &amp; Associates Central Coast, tells GlobeSt.com.<\/p>\n<p>Other larger retailers, like Saks Fifth Avenue may be shuttering altogether. \u201cSaks converted the store from a full-line Saks Fifth Avenue to an Off Fifth, and that isn\u2019t doing what we thought,\u201d says Leider, adding that there is no official news that Saks will close its doors at the end of its lease term. The building traded hands late last year to a private investor that hoped Saks would renew its lease term.<\/p>\n<p>One issue is that the ownership is very fragmented, Clarke says that some families that have owned the individual storefronts for several generations. The market needs a catalyst to revive demand, and Clarke says that the Paseo Nuevo Mall might be just that. \u201cPaseo Nuevo Mall has a new equity partner, and I think that will be the catalyst for change,\u201d she explains. \u201cThey are planning to do some very positive things that will reinvigorate the mall and bring in a new and very effective tenant mix. They are really open to bringing back some of the successful mom and pops and they are renovating the exterior facades and signage, and it really needs that. I think that may be the impetus to start drawing people back in, because that is really the prime Downtown area.\u201d<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is State Street Retail Sliding? JUNE 28, 2016 SANTA BARBARA\u2014For the first time in decades, Santa Barbara\u2019s esteemed retail street has several vacant storefronts and dwindling demand. In this EXCLUSIVE story, Lee &amp; Associates\u2019 Clarice Clarke and Steve Leider tell us how State Street is changing. Santa Barbara\u2019s famed State Street\u2014a retail high street in the downtown market\u2014may be sliding. For the first time in a decade or longer, the esteemed retail center has 25,000&#8230;<\/p>\n","protected":false},"author":217,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":["post-1763","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>GlobeSt.com: Is State Street Retail Sliding? - Lee &amp; Associates | Central California<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/centralca\/2016\/06\/28\/globest-com-is-state-street-retail-sliding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GlobeSt.com: Is State Street Retail Sliding?\" \/>\n<meta property=\"og:description\" content=\"Is State Street Retail Sliding? JUNE 28, 2016 SANTA BARBARA\u2014For the first time in decades, Santa Barbara\u2019s esteemed retail street has several vacant storefronts and dwindling demand. In this EXCLUSIVE story, Lee &amp; Associates\u2019 Clarice Clarke and Steve Leider tell us how State Street is changing. Santa Barbara\u2019s famed State Street\u2014a retail high street in the downtown market\u2014may be sliding. 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