High-end South Korean market coming to Downtown LA

High-end South Korean market coming to Downtown LA

A rendering of the market, which will occupy three floors of the building at Seventh and Olive streets.

The market aims to compete with the Whole Foods less than a block away

A major South Korean retailer has chosen Downtown LA to host the first-of-its kind location of an upscale market called PK Market.

The 51,692-square-foot store will bring “a reimagined retail food market with multiple highly-curated food and beverage offerings,” according to a release from Cushman and Wakefield, the real estate firm that represented the building’s owner in the transaction.

The company, PK Retail Holdings, will lease the first three floors of the building—the first two floors will be retail space, while the third floor will serve as offices and the U.S. headquarters for the market.

When it opens late next year, PK Market will be about a block away from a 41,000-square-foot Whole Foods, a chain with which PK Market intends to be in direct competition.

PK Market spokesperson Neil Stern says the company was attracted to the location, because it is “incredibly vibrant with both business and residential growth,” and nearby hip hotels “like Nomad and Ace bringing travelers into the market.”

The building dates back to 1917 and was built to house the Ville de Paris department store. Now, it’s owned by Atlas Capital Group and being renovated for use as 169,000 square feet of office and retail space.

PK Retail Holdings is a subsidiary of Shinsegae Group, which controls a number of retail companies including department stores, convenience stores, grocery stores, and the Target-like E-Mart.

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