As the listing agent for the Olympic Theatre in Downtown LA owned by Titan Metropolis LLC, I am especially excited to report that we have signed a new retailer that will become another strong addition to Downtown LA’s growing shopping district. H&M is so bullish on downtown’s future — and why shouldn’t they be when their massive flagship store in DTLA has been doing extremely well — that they are now going to turn the dilapidated Olympic Theatre into their much more exclusive and fashion forward brand called COS (like “coss”), which stands for Collection of Style.
Built in 1927, the Olympic Theatre has a total square footage of 9,835 square feet spanning three levels (basement, ground floor, and mezzanine). Unfortunately, besides the vertical “Olympic” sign installed on the front along with the beautiful arched facade, most of the historic detailing inside has not survived the decades of decay and different ownership alterations. However, given the upscale nature of COS, the retailer plans to invest a substantial amount of money to rehab and upgrade the building, including relighting the original vertical Olympic signage. You may also recall, the historic Rialto Theatre on Broadway was converted to an Urban Outfitters store back in 2013.
For those unfamiliar with COS, it’s H&M’s higher-end brand that launched in Europe in 2007 and debuted here in the U.S. not too long ago (their first store opened in Beverly Hills in late 2014). Unlike H&M’s focus on fast-fashion trends, COS offers more classic and timeless designs at a higher price point (although apparently still many of their clothing items can be found for under $100). In total, there are currently five clothing brands under the H&M umbrella company.
When COS opens in about a year, it will play a major role in the revitalization of downtown’s retail market. The Olympic Theatre sits in a strategic location along 8th Street between Broadway and Hill Street surrounded by a flurry of construction activity, which will soon transform the area into a vibrant city neighborhood filled with new shops, restaurants, hotels, residential and office space. Just down the street are newcomers Shake Shack, Sweetgreen, Freehand Hotel, and of course, the glorious new Whole Foods Market.
To see what the inside of Olympic Theatre looks like, click here.
UPDATE 6/8/2016: New rendering revealed via Racked LA of Olympic facade restored