Stores get face lift, city gets job lift
March 27, 2012 by Sarah
The space formerly occupied by Kmart will be split into three sections in order to accommodate three new retail stores in South Bay Village Shopping Center.
Orchard Supply Hardware will assume 50,000 square feet on the North end of the shopping center, while HomeGoods will occupy 25,100 square feet on the opposite end. 30,000 square feet of space between the two stores is reserved for a grocery store. Orchard Supply Hardware owns a total of 87 stores in California, and HomeGoods maintains 375 stores in the nation specializing in selling home accessories discounted at up to 60 percent less than competitors. Each store is expected to open in September.
Walmart is also moving into the South Bay Village Shopping Center complex. The space was previously occupied by Mervyns. Currently, the store is negotiating with property management company, Regency Centers Corp, over the terms of the lease and renovations of the 75,000 square foot space.
Many retail stores value the South Bay Village Shopping Center for its location on the Hawthorne Boulevard Corridor. Stores on this street typically outperform other retail locations. John Mehigan, vice president of investments at Regency Centers Corp, explained that the are had been the subject of strong retailer interest due to the location of the site amongst a population of 242,000 residents with high household incomes.
The addition of the stores are expected to add hundreds of jobs and provide an economic boost to Torrance. Print companies in the area near the South Bay Village may fulfill some of the promotional needs of these companies by offering invoice, business card and poster printing services.