HOLLYWOOD—February 16, 2006—Hennes & Mauritz (H&M), the fashion-forward Swedish apparel retailer, will make its Hollywood debut with a 10,000-square-foot store leased from CIM Group on Hollywood Boulevard, across the street from the Hollywood & Highland Center. H&M is one of the most popular fashion retailers in the U.S. and Europe with its proprietary collections of trendy, affordable and well-made women's apparel.
"Hollywood has the demographics and the appeal as a hip location which is attractive to the H&M customer who wants what's current, trendy, and creating a buzz," said Shaul Kuba, principal, CIM Group. "Selecting Hollywood Boulevard signals the renewed attraction of Hollywood as a retail and entertainment destination."
CIM Group plans a complete remodel of the location at 6914 Hollywood Boulevard, transforming the former restaurant space into a bright, contemporary storefront. Hollywood is the second location H&M has leased with CIM Group. Earlier this year it was announced that the retailer plans to open a 12,000-square-foot store in a C IM development on Colorado Blvd. in the bustling Old Pasadena district in 2006.
"H&M has a tremendous following among young women who want the latest fashions. The company's distinctive clothing collections often include special lines from top designers such as Stella McCartney and Karl Lagerfeld," he added.
H&M will be directly across the street from CIM Group's Hollywood & Highland Center, which has 387,000 square feet of national and local fashion and luxury retailers, some of Hollywood's hottest clubs and restaurants and the 3,400-seat Kodak Theatre. Since acquiring the center in 2004, CIM Group has added premier retailers such as Virgin Megastore's west coast flagship in 20,000 square feet, BCBG Max Azria and American Eagle Outfitters to its collection of top retailers and restaurants. CIM also has made substantial improvements to Hollywood & Highland Center with escalators to transport guests from Hollywood Boulevard to all four levels of the center, enhanced lighting and signage and is currently constructing an interactive water feature in the center courtyard to debut in early May.
"The success of Hollywood & Highland has brought scores of Los Angeles residents back to Hollywood Boulevard for shopping, dining and entertainment. This, coupled with the large number of tourists, has given the area a significant daytime and nighttime population," observed Kuba.
H&M's exclusive collections are created by more than 100 designers and approximately 100 buyers who work together to deliver the three components comprising H&M's concept - fashion, price and quality. H&M began its U.S. expansion in 2000 with the opening of a flagship store on Fifth Avenue in Manhattan. In November 2005, it opened its first West Coast stores in San Francisco attracting throngs of shoppers. The Hollywood store is expected to open in late 2007.
CIM Group has identified Hollywood as a premier urban district for investment and development. In line with its long-term view of a flourishing Hollywood community, the company has built a portfolio that includes a variety of properties. They include housing, office, entertainment and a diverse mix of restaurants and retailers to support revitalization of the area as a vibrant urban center serving residents, visitors and businesses. The company made its first investment in Hollywood in 1998 with the acquisition of the office building now known as the TV Guide Hollywood Center, which also is the company's headquarters. Today, the CIM Group owns 10 properties throughout the area and is one of the largest property owners in Hollywood.
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.