Evolution of Famous Rodeo Drive

Today the famed Beverly Hills landmark, is in the midst of a renaissance. For the first time since the recession, there are almost no vacancies among the roughly 100 storefronts along the three-block retail row. From Dayton Avenue and Wilshire Boulevard to the 400 block, Rodeo Drive today boasts more than 100 world-renowned hotels and boutiques. The Los Angeles Times profiles highlights of Rodeo Drive, widely considered one of the most famous streets in the world. It’s been immortalized in movies, books, song lyrics and on reality TV. Luxury retail real estate brokers say that brands have started to invest in new infrastructure, because luxury stores always have to update their look and keep it fresh. Recent newcomers to the street include Patek Philippe. In October, Dior reopened its 5,000-square-foot store with a design concept borrowed from the brand’s worldwide flagship in Paris. In November, Van Cleef & Arpels reopened its historic boutique. And this spring, Prada redesigned its concept store. Louis Vuitton and Saint Laurent are both embarking on multimillion-dollar renovations of their stores. Coming soon will be Vera Wang and Burberry. Another indicator of the value of a Rodeo Drive address is that luxury brands are starting to buy their stores instead of just leasing them. In May, Chanel bought 408 N. Rodeo in one of the highest per-square-foot sales in Los Angeles County, reportedly paying $117 million for the 13,317-square-foot property. LVMH Moet Hennessy Louis Vuitton bought 319 Rodeo for $85 million, and Hermes bought its building for a reported $75 million.