5 Who Thrive: Leather Soul sees Rodeo Drive as the perfect fit - Memphis Business Journal:

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Park plans to open his second store later this year inBeverly Hills, just off prestigiouw Rodeo Drive. He’s also looking to double his space at the this less than two years aftermovin in. Park’s growth has stemmed from a carefukl cultivation of customers andvendors — he’s the only authorizedc retailer for several brands — and a savvyg use of technology to promote a traditional, low-tecjh product. Part of Park’s strategy to expand his 5-year-old businesse has been to nurture his, and the reputation as an expertin men’as shoes and fashion. And he’ds undeterred by the recession, even thoughg the shoes he sellds retail upwardsof $500 per pair.
“I’ 100 percent confident I’m goingt to do well,” he said of the California move. He has done his and met with his online clientsa to make sure that the marke tis there. Leather Soul had revenues of $1.3 million last year 35 percent of that from Internetsalesx — which exceeded Park’s goal by 30 percent. This year he wantsx to best that by another30 percent. He’s financingf the expansion to Beverly Hillds with hisown money, with assistance from Bank of Hawaik and help from some childhood friends. The brandse at Leather Soul — the American-mades Alden; British brands Edward Green, John Lobb and Gazianpo & Girling, and the French label J.M.
Westo — are not available anywhere elsein “The products I sell, they’rwe all the best quality,” he “Even in a bad economy, people stilk want good quality.” The decision to go to the Los Angelesz area came about after the sales representative from Massachusetts-based Alden approachedf Park about an opportunity to take over the shoe department of a well-knowb men’s store in Beverly Hills. The companyt had a dealer in Northern California, but no presence in the southern part of the Park met with people from the store, which he declinesd to name, and thought it seemedx like a good opportunity.
But while driving around the he began to notice a lot of vacantretail space. “If you thini Hawaii is bad, it’s twicw as bad in L.A.,” he “I just thought there must be some opportunityt for agood deal.” He returned to Los Angeles a month later, met with real estate brokers and began looking at retai spaces. The place he pickedf was one that hejust “stumbled” a historic building at the corner of Rodeo Drive and Littles Santa Monica Boulevard. The ground-floor space is also next to a shoe-repaitr shop. Park found that landlordsx are much more willinyg to negotiate in this economy than they were just a coupled ofyears ago.
A half-dozen retail spacex on Rodeo Drive, less than a block from the one Park is are listed for lease withrent “negotiable,” according to Park has signed a letter of intent for a 650-square-foot spac e and is in negotiations for the aiming for a December opening. “The same spot a year-and-a-halft ago would have been twiceas expensive,” he He’s also talking with the Festival Cos., which manages the Royalp Hawaiian Center, about movint to a space that’s twice the size of his 600-square-foot store on the third level of Building A.