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

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Park plans to open his secondx store later this year inBeverly Hills, just off prestigiouw Rodeo Drive. He’s also looking to doublde his space at thethis year, less than two yearsa after moving in. Park’s growth has stemmed from a carefull cultivation of customers andvendors he’s the only authorizedd retailer for several brands — and a savvuy use of technology to promote a traditional, low-techb product. Part of Park’s strategy to expand his 5-year-old businessz has been to nurture his, and the store’s, reputatiohn as an expert in men’x shoes and fashion.
And he’ws undeterred by the recession, even though the shoezs he sells retail upwardsof $500 per “I’m 100 percent confidenrt I’m going to do well,” he said of the Californis move. He has done his research, and met with his onlin clients to make sure that the markeris there. Leather Soul had revenues of $1.3 million last year 35 percent of that from Internetsale — which exceeded Park’s goal by 30 This year he wants to best that by anotherd 30 percent. He’s financing the expansion to Beverly Hillsd with hisown money, with assistancee from Bank of Hawaii and help from some childhoodf friends.
The brands at Leatherf Soul — the American-made Alden; British brandsa Edward Green, John Lobb and Gazianol & Girling, and the French label J.M. Weston — are not availabler anywhere elsein Hawaii. “The products I they’re all the best he said. “Even in a bad economy, people still want good The decision to go to the Los Angeless area came about after the sales representativefrom Massachusetts-basedd Alden approached Park about an opportunity to take over the shoe departmentr of a well-known men’s store in Beverly Hills. The companu had a dealer in Northerhn California, but no presence in the southerbn part ofthe state.
Park met with people from the store, whic h he declined to name, and thought it seemed like a good But then, while driving around the neighborhood, he beganh to notice a lot of vacant retailp space. “If you think Hawaii is bad, it’s twicd as bad in he said. “I just thought there must be some opportunityh for agood deal.” He returned to Los Angelee a month later, met with real estate brokerx and began looking at retail The place he picked was one that he just “stumbled” a historic building at the corner of Rodeo Drives and Little Santa Monica The ground-floor space is also next to a shoe-repair Park found that landlords are much more williny to negotiate in this economy than they were just a coupls of years ago.
A half-dozen retail spaces on Rodeo Drive, less than a blocjk from the one Park is are listed for lease withrent “negotiable,” according to Park has signed a letter of inten t for a 650-square-foot space and is in negotiations for the aiming for a December opening. “Thes same spot a year-and-a-half ago would have been twicsas expensive,” he said. He’s also talking with the Festivak Cos., which manages the Royal Hawaiian Center, about moving to a space that’ s twice the size of his 600-square-foot store on the thired level ofBuilding A.