HOLLYWOOD—February 23, 2005—Virgin Entertainment Group, North America, the premiere Global entertainment retailer, announced today it will open its 250th Virgin Megastore worldwide this fall, in the heart of the world's entertainment capital, Hollywood, California.
The 22,000-square-foot Virgin Megastore, Hollywood, will be the first full-scale, pop-culture entertainment store ever to open on Hollywood Boulevard, and be a key anchor tenant at Hollywood & Highland's prestigious landmark location. Virgin's west coast flagship will offer Hollywood Boulevard and its surrounding communities a broad and eclectic merchandise assortment to appeal to the lifestyles of today's entertainment consumer. Already known for its selection of music, film, books, and games, the new flagship Megastore will also offer the best of today's electronics, apparel, and pop culture related merchandise.
"This announcement shows we are truly committed to the future of entertainment retail and the Los Angeles market," Simon Wright, CEO, Virgin Entertainment Group, North America, said. "The new location will allow us to further build on our successes catering to the tourist market while giving the local community an exciting shopping experience right in their own neighborhood."
The Virgin Megastore, Hollywood will represent the continued evolution of the Virgin Megastore retail concept, drawing design elements from the recently refurbished Virgin Megastore, San Francisco location, as well as introducing new features. The store environment will be experiential, and will feature innovative product presentation techniques and multiple ways to sample new media.
Situated between the Kodak Theater and the Grauman's Chinese Theater, the west coast flagship Virgin Megastore will benefit from high brand visibility in the very heart of the world's entertainment capital. The new Megastore will also enable Virgin to play a part in the continued rejuvenation of Hollywood. The new store will open its doors in the fall of 2005.
"Virgin's new store is a cutting-edge concept that is as much about entertainment as it is retail. It is ideally suited for Hollywood & Highland, a top destination for residents and tourists that has re-energized the area with its mix of premier entertainment venues, restaurants and eclectic retail," said Shaul Kuba, principal, CIM Group, owner of Hollywood & Highland.
The Hollywood & Highland center boasts 387,000 square feet of retail space leased to national, regional and local tenants including a variety of restaurants, several of Hollywood's hottest nightclubs and a six-screen state-of-the-art cinema adjacent to the world-famous Grauman's Chinese Theatre.
"As the entertainment capital of the world, Hollywood deserves a world-class store for music and video entertainment," said Councilmember Eric Garcetti, who represents Hollywood on the Los Angeles City Council. "Virgin's new concept will be right at home in a complex that already features live radio and television, a multiplex and the permanent home of the Academy Awards."
The opening of Virgin Megastore, Hollywood will continue to strengthen the brand's presence in Southern California. The business will continue to operate the iconic Virgin Megastore on Sunset Boulevard in West Hollywood. For more information, or to check out the location of the nearest Virgin retail go to www.VirginMegaMagazine.com.
About Virgin Entertainment Group
Virgin Entertainment Group is the world's leading multi-channel music and entertainment retailer, providing customers with a range of superior entertainment experiences through a family of integrated Virgin-branded businesses. The "category killer" Virgin Megastores and Virgin Megastore Online at www.virginmega.com are integral parts of a strategy to provide entertainment customers with what they want, how they want it, and when they want it. For more information, or to check out the location of the nearest Virgin retail, go to www.virginmegamagazine.com
About CIM Group
CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.