On the planet of retail, the mantra for achievement is location, location, location.
But that formula hasn’t been working too well for the Third Street Promenade, the breezy seaside pedestrian shopping center in affluent Santa Monica, California, where a modest home sells for $1.6 million and the common annual household income is $158,000.
Over the past few years, the three-block-long walkway that exploded with shoppers and tourists when it was redeveloped in 1989 has gone from boom to bust after a series of events altered retail all over the place. Now the issue is easy methods to fix it.
The promenade’s decline began around 2005 to 2007 when it seemed your entire shopping community discovered e-commerce and Amazon trucks became a force of...
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