Do Boutique Retailers Leave DTLA More Exposed to Economic Pressures?

Downtown Los Angeles could be uniquely exposed to the economic impacts of the pandemic due to its high concentration of boutique retailers and mom-and-pop restaurants. These independent retailers are most exposed to the economic pressures brought on by the pandemic, which include mandated closures, limited capacity and health and safety guidelines. However, Nick Griffin of the DCBID says that independent retailers are also better able to adjust to new market conditions than large chains.

“I think that you could make the case in either direction,” Griffin, executive director at the DCBID, tells GlobeSt.com. “I would argue that a diverse ecosystem of small businesses has a level of resilience and flexibility that larger chains often don’t have. We have had several new businesses open during this time, and they are doing well. I have also been really gratified to witness how innovative and resilient those small businesses are. They are able to see what is happening and shift their model as they need to or scale up and scale down. It is really a testament to the importance of those small businesses.”