Joe Sitt, President and CEO of Thor Equities
Joseph Sitt, President and CEO of Thor Equities, sits atop a luxury property, retail and advisory empire that straddles the western hemisphere. His company owns and develops prime retail property throughout the US, as well as Latin America and Europe. The portfolio and development pipeline of the New York-based company, which he founded in 1986, is in excess of US $18bn.
He is also known as something of a luxury visionary: unlike many property companies, his firms (he also runs Thor Retail Advisors, a leading retail agent and consultant; and others) work closely with fashion and luxury brands to ?place make?, transforming the areas they are based in. Like LUX, he also believes in mixing high luxury with creative emerging brands to create an atmosphere of discovery as well as indulgence. LUX Editor-in-Chief Darius Sanai caught up with Sitt on one of his whirlwind visits to London about the rise of LA, Mexico, and the future of luxury retail. LUX: Tell me about the rise of LA as a destination.

Joe Sitt: There is physically no more room in San Francisco for office space and for homes, for rental buildings and retail. So, much of that industry is migrating to LA because it?s also on the coast and it?s got better weather. It?s also got more culture and things happening, so there is a lot of migration there, and a lot of wealth being created in LA. And you are getting a lot of second home owners (from the San Francisco area) who are ...