There is a new Starbucks coming to San Pedro on 9th & Gaffey. It will replace the former TC’s Cocktail Lounge (aka Dive Bar) that has been the location for a number of recent TV show shoots in San Pedro. I’ve been there twice scouting locations for filming and both times the bartender stirred my drink with her finger. I still drank them, I don’t waste alcohol, but so gross, and so entertaining for my friends who smartly ordered beers.
It will be interesting to see how Starbucks does here and the impacts on traffic. If done right, it will be a great alternative to the Starbucks on 5th where I can never find parking.
Zillow did a study in 2014 where it reported home values near a Starbucks went up faster than homes not near the coffee shop.
Between 1997 and 2013, home closer to the coffee shop increased in value by 96%, compared to 65% for all U.S. homes.
Some folks call this the “Starbucks Effect”. I would argue that the coffee chain is good at scouting locations that are in up and coming neighborhoods. Another sign that investment and new development is coming to San Pedro.