South Coast Plaza, the first U.S. shopping center to hit $1 billion in yearly sales, could grow to $1.5 billion this year, according to Henry Segerstrom, managing partner of C.J. Segerstrom & Sons.
“Growth has continued to acclerate,” Segerstrom told Private Clubs, a magazine focused on golf and clubs such as the Center Club in Costa Mesa, where Segerstrom is founding chairman.
No surprise: Luxury goods are driving sales, according to Segerstrom. Seven of South Coast’s top stores by sales per square foot are jewelers, he said.
South Coast also is home to the top stores of Nordstrom, Tiffany & Co., Chanel and Crate & Barrel.
Segerstrom said as a “young Swede from Southern California” he kept after Nordstrom to expand to Orange County.
Yaris Yearning
Dealers who’ve seen Toyota Motor Corp.’s Yaris,set to hit lots in March,think the automaker has another hit on its hands.
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Toyota Yaris: not much profit for dealers, but could bring in customers |
“It’s a great little car,” said Bruce Tine, fleet and lease manager for South Coast Toyota in Costa Mesa.
The subcompact Yaris is set to replace the Echo. Unlike the Echo, one of Toyota’s rare duds, the Yaris has style. It will be Toyota’s smallest and lowest priced car, from $11,000 to $14,000.
The Yaris gets its name from Charis, the Greek gwoddess of beauty. The car is set to come in two models,a three-door “liftback,” essentially a hatchback, and a sedan, which also comes in a sporty variety. The S Sedan is set to be the priciest.
The styling, price and young demographics of the Yaris are similar to the Scion xA. But the xA has its own identity, said Edgar Sanchez, general sales manager for North County Toyota in Anaheim. People buy the xA so that they can customize it.
“You can create yourself a show car,” he said.
The Yaris will compete with the Excel from Hyundai Motor America Inc., the Fountain Valley-based arm of South Korea’s Hyundai Motor Co.
Yaris debuted in Europe in 1999 and has sold more than a million cars since it was introduced, said Bill Kwong, spokesman for Toyota Motor Sales U.S.A. Inc. in Torrance. It was named “Car of the Year” in Europe in 2000.
In the U.S., Toyota is targeting sales of 54,000 cars for 2006.
Dealers won’t make much money on the Yaris. Profit on low-end cars is little to none, Sanchez said. The Yaris is meant to introduce customers to Toyota. The upscale styling could give the Yaris a broader market, Sanchez said.
“We’re excited,” he said.
Toyota still has its work cut out.
Rick Wainschel, vice president of marketing research for Irvine-based Kelley Blue Book, has been tracking the buzz on the Yaris for a few months.
Right now, there is about 7% awareness of the Yaris, he said. That’s fairly low compared to other vehicles such as the Dodge Charger, which is getting its boost from “The Dukes of Hazzard” movie.
The Yaris buzz should increase in about three months, once media coverage kicks in from the Los Angeles and Detroit auto shows, according to Wainschel.
“That will really get that started,” he said.
The Yaris was featured at last week’s Los Angeles Auto Show.
Other Toyota models coming out this year include the 2007 Camry and the 2007 FJ Cruiser. The two-door sport utility vehicle is set to sell in the low $20,000 range.
Toyota’s Calty Design Research Inc. in Newport Beach designed the FJ Cruiser concept vehicle.
“I think it’s going to be a winner for us,” South Coast Toyota’s Tine said.
More North County Toyota
North County Toyota said it recently won a Toyota’s Board of Governors award, which means the dealership is one of the top 60 Toyota dealers in the nation. December sales for the dealership were up 23% from a year earlier. North County Toyota sold 406 autos last month.
North County is the fourth-largest Toyota dealer here. Toyota of Orange is tops.
In other North County Toyota news, it’s giving away 52 cars this year as part of a promotion with radio station KBIG.
Every Friday, KBIG plans to give away a car in a weekly raffle. The kickoff started Jan. 9. North County’s General Manager Sanchez was on hand for the announcement. The station plans to broadcast every Saturday at the dealership.
In all, the giveaway is worth more than $1 million.
Lamborghini Wait List
Italy’s Automobili Lamborghini Holding SPA, part of Volkswagen AG, is bringing back the Miura, considered to be company founder Ferruccio Lambor-ghini’s favorite car.
The new Miura, originally launched about 40 years ago, was unveiled recently at the Museum of Television & Radio in Beverly Hills to dealers and Lamborghini owners.
Lamborghini’s head designer Walter de’Silva designed the new version.
Sossi Keuylian, one of the owners of Lamborghini OC in Santa Ana, said several of its customers are ready to order one. For now, the car still is a concept. No production date has been set.
The new Gallardo Spyder, introduced at the Los Angeles Auto Show, is available.
