Recent research has found that Millennials are leading the way in terms of increasing the population in Los Angeles. Given the growing number of Millennials choosing to call the city their home, it doesn’t come as much of a surprise to learn that businesses are taking notice and building with the Millennial generation in mind.
A Growing Population
According to a report recently released by California’s Department of Finance, the population of the city of Los Angeles has pushed past 4 million for the first time ever. This growth is due to a net surge of residency of more than 50,000 people in 2015, representing a 1.3 percent increase.
The figures for Los Angeles represent the greatest surge in population growth among ten of the state’s biggest cities. Interestingly, this growth is not due to childbirth or immigration. In fact, the report indicates the city has actually been losing Latinos and children. Rather, the population growth is due to an increase in Millennials moving to the city.
The reason for the influx of Millennials is uncertain, though there is the possibility that it is due to employment opportunities. According to a recent LA Weekly report, approximately 57 percent of Millennials living in the city are working at low-income jobs and the unemployment rate remains at around 18 percent. Nonetheless, Southern California’s tech industry is growing at a rapid pace, and this is an employment sector that typically attracts a large number of Millennials.
Of course, the surge in population growth doesn’t help the city with the problems it is already facing regarding affordable housing and rentals. In fact, according to the Department of Finance, the 12,224 new apartments that were put on the market in 2015 didn’t even address the need for housing for a quarter of the city’s new residents.
Silver Lake to Get a New Whole Foods
While housing the influx of Millennials may be a problem, certain businesses are quickly taking advantage of the changing demographic. On May 25th, Whole Foods will be opening its first Whole Foods 365 supermarket in Silver Lake.
The new store will be replacing the Silver Lake Ralphs, which met its demise in 2013. At the time, many residents were concerned that the affordable grocery store was going to be replaced by a far more expensive Whole Foods. Whole Foods 365, however, is meant to be a more affordable version of the Whole Foods chain that is geared specifically toward Millennials.
In order to keep costs down, the store will have a smaller, less elaborate and more standardized design. With just 28,000 square feet of space, the store will be approximately half the size of the average Whole Foods store. The 365 store also will not have cheesemongers or butchers on duty. There will, however, still be some amenities for shoppers to enjoy. Among these are:
•A coffee/beer bar serving fresh coffee, craft brews and food
•A grab-and-go tea station
•A vegan restaurant
•Online grocery shopping and delivery options
The store will also offer the Friends of 365 program, which will partner with independent vendors and allows them some space in the store.
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(all data current as of 7/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.