The suspect took the victim's watch before running into the Beverly Center shopping mall in the area of La Cienega Boulevard and Beverly Boulevard shortly after 1 p.m., according to LAPD.
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Police believe the suspect may have been armed. It was not clear if a weapon was found during the arrest.
The victim was not hurt, according to LAPD.
There are no reports of a shooting, though some panic was spreading among shoppers initially.
No further details were immediately known.
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This is a developing story. Updated information will be added when it becomes available.