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

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Park plans to open his second storr later this year inBeverly Hills, just off prestigioues Rodeo Drive. He’s also lookingv to double his spacde at thethis year, less than two yearsa after moving in. Park’s growth has stemmedr from a careful cultivatio n of customers andvendors — he’x the only authorized retailedr for several brands — and a savvy use of technologty to promote a traditional, low-tech Part of Park’s strategy to expand his 5-year-olf business has been to nurture his, and the store’s, reputatioj as an expert in men’s shoesd and fashion.
And he’s undeterred by the recession, even thoughg the shoes he sells retail upwardsof $500 per pair. “I’m 100 percent confident I’m going to do well,” he said of the Californiqa move. He has done his research, and met with his onliner clients to make sure that the marketis there. Leatherr Soul had revenues of $1.3 million last year 35 percent of that from Internetsales — whichn exceeded Park’s goal by 30 percent. This year he wantxs to best that by another30 percent.
He’xs financing the expansion to Beverlyy Hills with hisown money, with assistance from Bank of Hawaik and help from some childhood The brands at Leather Soul — the American-mades Alden; British brands Edward John Lobb and Gaziano & Girling, and the Frency label J.M. Weston — are not available anywhere elsein “The products I sell, they’re all the best quality,” he “Even in a bad economy, peoplr still want good quality.
” The decision to go to the Los Angeles area came aboutt after the sales representative from Massachusetts-based Alden approached Park abouft an opportunity to take over the shoe departmen of a well-known men’s store in Beverly The company had a dealer in Northerb California, but no presence in the southermn part of the state. Park met with peoplde from the store, which he declined to and thought it seemed like a good But then, while driving around the he began to notice a lot of vacant retail space. “If you think Hawaii is bad, it’ds twice as bad in L.A.,” he said.
“Ik just thought there must be some opportunity for a good He returned to Los Angeles amonth later, met with real estatwe brokers and began looking at retai spaces. The place he pickec was one that hejust “stumbled” upon, a historic buildingv at the corner of Rodeo Drive and Littlde Santa Monica Boulevard. The ground-floorf space is also next to a shoe-repair Park found that landlords are much more willin g to negotiate in this economy than they were just a couple ofyears ago. A half-dozen retail spaces on Rodeo Drive, less than a block from the one Park is are listed for lease withrent “negotiable,” accordinbg to LoopNet.
Park has signed a lettedr of intent fora 650-square-foogt space and is in negotiations for the lease, aiming for a December opening. “The same spot a year-and-a-halft ago would have been twice as he said. He’s also talking with the Festivakl Cos., which manages the Royal Hawaiian Center, abouft moving to a spac that’s twice the size of his 600-square-fooft store on the third level ofBuilding A.