Chamber Completes Hollywood Market Report 2018

December 23, 2018
Posted in News
December 23, 2018 Rana Ghadban

Chamber Completes Hollywood Market Report 2018

The Hollywood Chamber of Commerce has recently completed the Hollywood Market Report 2018, an economic research and information initiative aimed at helping key business stakeholders in Hollywood and prospective investors in gaining better insight into this historic and ever evolving community. This important economic development project was managed by an economic study task force led by Chamber board member Dwayne Gathers of Gathers Strategies. Renegage Marketing, a well-known research firm in Southern California, was commissioned to undertake the project and deliver the study. Click here to access The Hollywood Market Report 2018.

Read the two articles about the Hollywood Market Report on www.globest.com

Thank Transit Lines for Hollywood’s Renaissance: Hollywood demographics have changed wildly in recent years, a phenomenon that can largely be traced back to the submarket’s access to public transit.

Hollywood Needs More Retail Amenities: Office and multifamily development are dominant in Hollywood, but residents are leaving the market to shop and dine.

“This survey was designed to help all stakeholders better understand who Hollywood is today; what drives attitudes and behaviors; and identify challenges and opportunities that we, as a community, can work together and address,” said Gathers.

The comprehensive study of attitudes on Hollywood stakeholders measured results from Hollywood residents, workers as well as visitors to the community. The research project consisted of two focus groups, 50 person-on-the street interviews, and 1,659 completed online and mobile surveys.

“We know Hollywood is an iconic and exciting place. We see from the findings that it’s an ever-changing, more diverse, and extremely passionate community that many people care deeply about,” commented Donelle Dadigan, Board Chair of the Chamber. “It is our hope that all who read this report can find nuggets of valuable information that engages you in a way to take action and become more involved in this great community.”

Among the findings of the study was that Hollywood residents have higher annual household incomes than those outside of Hollywood. Residents of the Hollywood Hills, have higher average incomes than those in the flats of Hollywood, who are younger and more ethnically diverse.

The study also found that while Hollywood attracts more than its share of food/dining out spend, it lags in other retail spend compared to other areas. Respondents indicated that the retail experience does not measure up to other nearby areas. While a seeming negative, it also points up the opportunity that Hollywood presents.

The study concluded that the Retail sector will likely see the benefits from Hollywood’s continued growth in population and businesses moving to the area, especially if it can create unique shopping experiences that leverage food and dining purchase occasions, offer convenience, and provide a mix of national brands and more unique shops and brands for which Hollywood is famous.

Click here to access The Hollywood Market Report 2018.

About the Hollywood Chamber of Commerce:

For more than 97 years, the Hollywood Chamber of Commerce has provided leadership, business development resources, networking, and government affairs programs and services to keep the Hollywood business and residential communities safe, relevant and economically vital. Donelle Dadigan is the Chair of the Hollywood Chamber of Commerce Board of Directors 2018-19, and Leron Gubler is the President/CEO of the Hollywood Chamber of Commerce. For more information please visit www.hollywoodchamber.net.

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