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SoCal Retail Investors in for Tough Sledding

LOS ANGELES-Owners and developers of retail property in LA County and other parts of Southern California may be in for some tough sledding in 2001, as the growth in taxable sales slows and tenants find it harder to make ends meet.

By David W. Myers | Updated on December 28, 2000

LOS ANGELES-Owners and developers of retail property here and in other parts of Southern California may be in for some tough sledding in 2001, as the growth in taxable sales slows and tenants find it harder to make ends meet.

This year wasn’t exactly one to write home about, either. Though taxable sales across the state have risen about 10%, much of that gain came in the first few months of Y2K—before the stock market swooned and cutbacks in California’s all-important dot-com industry caused web-site designers and other tech-savvy young adults to unplug their free-spending habits.

The UCLA Anderson School of Business forecasts a modest 5.6% sales gain in 2001 and a decline of 5.3% in 2002, but even those projections may seem optimistic in the wake of disappointing holiday-season sales.

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