Irvine Company Announces a Major 150-Million Reinvestment in Irvine Spectrum Center
IRVINE, CA -- (Marketwired) -- 01/07/16 -- Irvine Company announced today a major $150-million reinvestment in Irvine Spectrum Center -- celebrating its 20th anniversary -- that will feature more than 20 new stores, new landscaping, outdoor seating and shade areas, state-of-the-art amenities, and circulation and parking-garage improvements.
At the heart of the popular center's reinvestment will be more than 20 carefully curated stores located within two new buildings on the current site of Macy's, which announced earlier this week the closure of 40 stores nationwide, including the one at Irvine Spectrum Center.
"The Macy's closing has been contemplated for months and has provided us with a unique opportunity to rebalance Irvine Spectrum Center with additional retail stores to ensure that it continues as one of Southern California's premier shopping, dining and entertainment lifestyle destinations," said Easther Liu, chief marketing officer for Irvine Company Retail Properties. "As a master-planning company and long-term owner, we are always exploring how we evolve Irvine Spectrum Center's vibrancy and relevancy to marry with our customers' evolving tastes."
Irvine Company officials will announce some of the key retailers going into the new buildings at Irvine Spectrum Center over the coming year, emphasizing that the stores will complement and enhance the current tenant mix that includes Nordstrom, Target, H&M, Apple Store, Anthropologie, lululemon athletica, Forever 21, Brandy Melville and Hurley | Nike SB, in addition to restaurants such as Javier's, CUCINA enoteca, P.F. Chang's, Cheesecake Factory, Del Frisco's Grille, Tender Greens and BRIO Tuscan Grille.
The center's recently relocated and expanded Improv Comedy Club is the No. 1 comedy club in the United States. It is also home to one of the highest-grossing movie theaters in the country, with 6,400 seats and 21 screens -- including an IMAX theater with a screen that stands eight stories high, new luxury and reserved seating and dining and spirits service.
The reinvestment will also include circulation improvements adjacent to the center, a new upgraded valet, remodeling of the parking garages, new landscaping, shade structures and outdoor furniture throughout the center.
The enhancements are designed to continue Irvine Spectrum Center's momentum as one of the country's most successful retail shopping centers. Sales in 2015 outpaced 2014, and foot traffic at the center continues to increase, attracting more than 17 million visitors in 2015. The annual increases in traffic and sales are a rarity in today's ever-changing retail landscape. RetailNext collects data through analytics software it provides retailers. According to the Wall Street Journal, RetailNext reported that sales before Christmas fell 6.2% and traffic declined 10.4%, worse than the 5.8% sales decline and 8% traffic drop from Nov. 1 through Dec. 14, 2015.
Between 2014 and 2015, the Irvine Company invested more than $40 million in Irvine Spectrum Center, that added approximately 57,000 square feet of space to bring in new retail stores and restaurants, including Sports Authority, TLT Food, Del Frisco's Grille, BRIO Tuscan Grille, and soon-to-open Kona Grill.
The center also completed a retrofit of its Giant Wheel (with 12,500 standard bulbs replaced with more than 52,000 energy-efficient LED lights capable of a dazzling 16 million different color schemes), parking garage enhancements and improvements to the "ring road" and Spectrum Center Drive.
"This recent progress now sets the stage for our next significant reinvestment," Liu said. "Our commitment to continually evolve our shoppers' experience is constantly top of mind. We look forward to bringing the next generation of shopping, dining and entertainment to Irvine Spectrum Center."
The retail center is located in the heart of Irvine Spectrum, one of Southern California's most successful master-planned, mixed-use communities that provides a balanced district of retail, office, and living space.
About Irvine Spectrum Center
Irvine Spectrum Center is one of Southern California's most popular entertainment and lifestyle destinations, visited by more than 17 million people annually. The center features Nordstrom and Target along with more than 130 stores, restaurants and entertainment venues, including the country's most successful Improv Comedy Club as well as Orange County's most popular movie theater, a 6,400-seat, 21-screen movie theater with an IMAX screen. Recent additions include: CREAM, Pressed Juicery, BRIO Tuscan Grille, Del Frisco's Grille, Umami Burger, TLT Food, LYFE Kitchen and Sports Authority. For more information, please visit ShopIrvineSpectrum.com.
About Irvine Company Retail Properties
With three distinguished shopping centers including Fashion Island, Irvine Spectrum Center and The Market Place, Irvine Company Retail Properties also includes 36 neighborhood and community centers with a diverse mix of stores and restaurants. Irvine Company Retail Properties has recently welcomed several exclusive retailers to its portfolio, including Sushi Roku, TAPS Fish House & Brewery, Mendocino Farms, Nespresso, Urban Decay, Nike Women's, TravisMathew, Bonobos Guideshop, SoulCycle, Babette's and more. For more information, please visit ShopIrvineCompany.com.