Malkin appreciates the role technology plays in shopping, especially the success of omnichannel retail for some chains on the high street, as well as designers. Such a “concept Village” has been rolled out to countries including France, Spain, Germany and now even China. Initially none of the eponymous designers that now display their wares there were keen to sign up to this relatively new concept of a “discount store” – though Scott actually prefers the term “value for money” to discount. However the numbers spoke for themselves as the Village started drawing immense crowds with expendable income, and became a destination for foreign tourists. The concept for Bicester Village grew out of Rodeo drive, albeit a completely different target market, and was set up in 1995. He helped set this up with some investors, which he knew from school, and they were incredibly lucky to sell it just before the markets crashed at the end of the late 80’s. Rodeo Drive was a huge success as it was the first ever shopping Mecca designed for women who preferred the finer things in life (this was no “discount” zone – think Julia Roberts in Pretty Woman). Malkin hails from a privileged background, as his father owned much of the Empire State building in New York and he first had an idea for a new “shopping zone” when he was fresh out of Harvard.
On Tuesday October 4, Paul Gunter, Daniel Stram and I were privileged enough to get a glimpse into the incredible mind of Scott Malkin, founder of Value Retail and the creator of Bicester Village and Rodeo Drive, the famous shopping centre in Los Angeles.
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