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Victor Maccharoli- Paseo Nuevo is under new management by Macerich, the same group that manages La Cumbre Palza.

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Paseo Nuevo gets new management

By DAILY SOUND STAFF - April 29, 2009

Paseo Nuevo, the open-air shopping center in downtown Santa Barbara, is under new management after investors agreed to a contract with Macerich to oversee the 438,000 square-foot property.

The management company, which owns, operates and has developed dozens of regional shopping centers across the country, announced the deal this week.

“This new contract stems from a recognition of our company’s expertise in maximizing the appeal of properties that blend a strong tourism market with a vibrant local trade area, as Paseo Nuevo does,” Michael Busenhart, senior vice president of acquisitions for Macerich, said in a prepared statement.

Paseo Nuevo opened in 1990 and offers nearly 50 shops and restaurants to visitors, including Nordstrom and Macy’s, as well as Paseo Nuevo Cinemas, the Contemporary Arts Forum and Center Stage Theater.

Macerich also oversees La Cumbre Plaza and has brought in high-end retailers such as Tiffany & Co., Louis Vuitton, Coach and Ruth’s Chris Steak House to the upper State Street shopping center in recent years.

“Merchandising both properties provides us with a larger canvas and an even better opportunity to help retailers connect with their brands’ targeted shoppers in the highly desirable Santa Barbara market,” Michael Guerin, assistant vice president of leasing, said in a press release.

The company will begin its new management of the shopping center on Friday.

Comment on this article

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High end won't wash in La Cumbre : 4/29/2009

Are u really looking at your demographics? Tiffany's @ La Cumbre, bad move. (i'm from NYC, Tiffany's should refrain from branching out in my opinion). Did u do an impact study?


can't shop there anymore : 4/29/2009

The pretentious makeover of La Cumbre at just the wrong time does not say much for this company's competence at reading the market or understanding the community. I predict in a couple of years--and many empty storefronts later--we'll be reading a similiar story about yet another management company that has taken over the tourist destination that Paseo Nuevo has become. All the charm and possibility of the local businesses that struggled there is gone. And the list of national chains that have left that money pit is practically endless.

good luck with that one


CEO Margin Call : 4/29/2009

In late November the CEO was forced to sell 40% of his Macerich stock, due to a Margin call @ Merrill Lynch.... Who is in worse financial trouble? The Ownership of the Mall, or the retailers that were held ransom into opening shops in a LOSS-leader mall location? Is the national Macerich account really that valuable to these retailers?? Good luck with staying in business!!

Who Bails First..... Owner, Lender, or Retailers????


TIffany et al at La Cumbre : 4/29/2009

Tiffany in a shopping center/mini-mall? - an embarrassment. They will soon regret it.

Sad


: 4/29/2009

Yeah, Tiffany, Louis Vuitton, Ruth's Chris, etc, sandwiched between Macy's and Sears two miles up a trafficky State Street from the touristy area of town is not a sound business model. These people are heading off a cliff and they have already shoved several local businesses off in their wake.

passing-by


Empty La Cumbre does not bode well for Paseo Nuevo : 4/29/2009

Macerich has turned La Cumbre into an empty space with bad remodeling, no shady areas, upscale retailers in a downturn economy. These stores are embarrassingly deserted. Doesn't anybody remember the fiasco of La Galleria in the 1990s?

Been there done that already


First of all . . . : 4/29/2009

you all need to get out more. Tiffany's has been at La Cumbre Plaza since early christmas season last year. Coach and Louis Vuitton a lot earlier than that. Ruth's Chris middle of last year. Second, I wonder how some of you gauge demographics, since Upper State Street was still in the City of Santa Barbara the last time I checked, and much closer to Hope Ranch than Paseo Nuevo. And I don't see a lot of tourists shopping at high end stores (you can do that in your own town). And maybe, just maybe, the more affluent in this city may not want to do deal with or pay for parking. That being said, however, I still miss Red Robin. Marmalade Cafe is a poor substitute.

sbdude


you'd be surprised : 4/29/2009

While walking on State Street a couple of weeks ago we were identified as 'locals' by a tourist couple needing directions. The woman's urgent question: "Is there a Tiffany's near here?" Go figure. 'Could have been asking about a Starbucks just as easily. There are McDesigner shops all over Heathrow and soon a Neiman's outlet in Camarillo. Maybe cookie-cutter chain stores hang onto some of the original brand's chic if they keep the price points high enough to suggest exclusivity without really delivering it so customers can feel like part of a more elite herd without taking big risks, or traveling very far. Alas, La Cumbre isn't much of a destination, and even though the distance is short, it feels (and looks) like it's in a different city than lower State. Maybe the Macerich people will do something to narrow the gap - like run a shoppers' shuttle on weekends? Or arrange joint promotions between uptown and downtown retailers? Or paint it white and glue on some red tiles?

cc


Reason why Macerich is taking over ... : 4/29/2009

The company who owned/management Paseo obviously had some ideas and researched Macerich, other wise they would not have offered the property for them... Also corporate/stores take look at the demos and $$$ in towns before moving in ... Obviously they are doing something right ....

I.C.


Not Excited About This : 4/29/2009

The "upgrade" at La Cumbre is ridiculous. The majority of SB people can not afford to shop there. This is not Rodeo Drive. The past few years SB has been overtaken with chains. Macerich will probably load us up with even more big brand chains. Nothing unique about that.

MB


LaCumbre & Paseo Nuevo : 4/30/2009

Want to buy a Hallmark card for a birthday or anniversary; well friends, the Hallmark shop is gone at LaC... Toy for the kids birthday...sorry KayBee is gone and Sears doesn't sell toys, nor does Macy's... BUT thank god theres' a Tiffany's! Some Hope Ranch snob who wanted her own Tiffany's had the pull to bring them here, she better hurry and start buying, 'cause I 'll bet they will be out of here. Paseo Nuevo (PN) is just Santa Barbara's version of "Main St" at Disneyland, except our "Disneyland" has vagrants, bums and drunks begging for money... The tourists are the only ones drawn to the fake Spanish mall with the exception of an occasional local going to Pascucci's or a movie... Both LaC and Paseo have lost the game by not including local business people that attract local patrons due to super inflated rents... Talk to some of the small retail and restaurant owners at both malls, they are barely making it due to the inflated rents these "Macerich" and other charge for rents

SB ain't Disneyland


to can't shop there anymore : 5/2/2009

Well said and amen. After 45 years of living in San Roque we have seen La Cumbre Mall turn into this huge pretentious white elephant of a mistake. Once a warm and fuzzy local spot where one could sit outside in the sun( The Cafe Au Lait) then stroll down to buy a toy and a birthday card ( Hallmark) and even decades ago buy bread from a long gone bakery, we now have no interest in the area.

Old San Roque Resident


Miss my old mall... : 5/4/2009

Anyone remember that there used to be a fabric store at La Cumbre? I used to work at Upscale in high school and miss the local mall the way it used to be. I'm only 30, but feel like an old Santa Barbara native already!

A girl from the hood


Shopping in SB : 5/5/2009

SB is becoming an impossible, overpriced and boring place to shop. I now drive to Ventura! I love the atmosphere and the local feel. I just hope it doesn't turn into another SB.

Aline


Macerich a big fool : 8/16/2009

If you pass by La cumbre plaze you will see it is dead. Because they made big mistakes there bringing high end retailers. Since they are managing know Paseo Nuevo, they will bring the rents up in that place too. You will see lots of empty stores in paseo nuevo soon. These companies are just out there make money any way they can, they will cheat, lie, steal. They don't understand one thing in there brains that people in Santa Barbra are not rich!!!!!!!!!! just because there propery value is high. Please understand that.!!!!!!!!!!!!

Retail employee


Who has this kind of money?! : 8/18/2009

I make a little over 100K a year. Yes, a good salary but, with a spouse and children, Santa Barbara mortgage, and car payments, I can't afford a single shop in La Cumbre mall (except Sears) or Paseo Nuevo. IF we eat out, it is at Taco Bell. If we need clothes, it is from KMart, Sears or the thrift store. Wish we had a Target and/or Wallmart so my buck would go even further. I am dumfounded at how any of those high end stores can stay in business. Who has that kind of money? I feel fortunate to make the salary I do but 100K income in Santa Barbara, these days, is just a middle income in this economy, and I bet my salary is better than most ... how does everyone else make it? These high end stores will go out of business soon enough - there are only so many people who can buy a $300-$500 purse!


Inaccessibility to handicapped people : 5/10/2010

The escalator at the Paseo Nuevo has not been working for a long time. So, if one is handicapped and can't climb stairs,
they are forced to try to find parking near the elevator. If they do then they are forced to walk to where they want to
go in the mall from where the elevator let's them off. Consequently, for handicapped people who can't walk stairs,
there is only one entrance into the mall. Surely that can't be legal? Do you know who would be the governing body for me to speak to who would know the legal requirements for handicapped accessibility in buildings. I thank you on behalf of all of us who must struggle to get into the mall from the parking lot.

Paseo Nuevo Mall - only if you can walk!


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