Santa Monica is cementing its reputation as a business-friendly city, seeing a flurry of new ventures set up shop. As revealed in a recent city announcement, over 476 new businesses will launch in the seaside haven in 2023, with a wave of innovation expected to follow in 2024. The city's top strategic priority, "Cultivate Economic Recovery & Expand Community & Cultural Offerings," seems to be paying dividends, setting up a post-pandemic rebound that appears to be in full swing, Santa Monica officials reported.
Downtown Santa Monica and the Third Street Promenade are abuzz with new activity with the opening of new establishments such as the fitness megacenter, JOHN REED Fitness, and a revamped Nike store. Other notable newcomers include Herschel Supply, Pickle Pop, and an array of dining venues like Ugo Trattoria and Swish Studios. Moreover, a series of pop-up businesses like The Dr. Seuss Experience and The World of Barbie have peppered the city with unique, temporary attractions, drawing in crowds and keeping the retail scene vibrant.
Neighborhoods throughout Santa Monica are also witnessing the opening of new shops and eateries, such as Zibby's Bookshop on Montana Avenue and Handel's Ice Cream on Ocean Park Boulevard.
City efforts have also streamlined the process for businesses to obtain alcohol permits, giving a boost to revenues and enhancing the nightlife scene for a diverse audience. These zoning revisions are also aimed at expediting approvals, saving on permit costs, and providing a level of predictability for business operators, Santa Monica officials detailed.
Santa Monica's tech and hospitality sectors are equally buzzing with activity, with thousands of creative and tech companies like 8Dio Productions and Supernatural calling it home. Meanwhile, the hospitality industry is witnessing a surge of investment, with extensive renovations at The Georgian Hotel and new concepts like Sonder The Beacon making their mark on the beachfront cityscape.
With some 400 new housing units under construction, the city is gearing up to support a bustling downtown community and provide more workforce and affordable housing options. Developers like Related and Tishman Speyer are pouring hefty investments into the city, betting on a bright business and residential future for Santa Monica.
