How much is a retail store on Rodeo Drive, you ask? Well, apparently a lot of money. French luxury fashion house Chanel S.A. has recently dropped $152 million dollars to secure a piece of property on Los Angeles’s most desirable shopping street, according to recent reports.
Rodeo Drive is home to many retail stores and high-end boutiques, however most simple rent out their spaces to save money. As property and retail space in Los Angeles is quite expensive, it makes the most sense. But then again, most companies aren’t Chanel. The fashion house wanted to secure the space that they have been renting for the past few years, and were willing to spend a lot of money to do so.
The store, located at 400 North Rodeo Drive, is about 11,500-square-feet in total. As it is also extremely close to Beverly Hills, it’s the perfect location for a brand like Chanel to have a store. The $152 million dollars that the spent on the property has officially broken the record for the most expensive retail stores on Rodeo Drive as well. The record was previously held by LVMH Moët Hennessy Louis Vuitton SE who spent $85 million on a store in 2013. Despite the insane amount of money that Chanel spent, they will certainly make it back quite fast, given the people who live in the surrounding area.
Photo from Tom Guiss/Panoramio/Google Maps
