Chanel, the famous French luxury retailer, has paid a record-breaking price to permanently join the upscale retail hot spot that is Rodeo Drive. Your Beverly Hills Spa happily welcomes them to the neighborhood.
The high-end retailer bought the property from two families who have co-owned the space since the late 1980’s. Chanel was previously renting the 11,500 square-foot property at 400 N. Rodeo Drive, but decided to make their stay permanent and bought it for an astounding 152 million dollars, which breaks down to a little over 13,000 dollars per-square foot. With this purchase, they join other lavish retailers on Rodeo Drive like Prada, Gucci, Louis Vuitton and Cartier.
That might seem like a pricey figure, but it isn’t all that shocking considering the famous Beverly Hills shopping strip has continued to demonstrate high demand for decades now. The previous record holder for most expensive property purchase on Rodeo Drive was held by LVMH Moet Hennessy Louis Vuitton, who bought a 7,100 square-foot property for 85 million, or 11,900 dollars a square-foot.
It’s not a coincidence that Chanel had their hearts set on this location since they own another store directly next door to their new purchase. It’s speculated that they will combine the two locations into one at some point in the future. It seems like the perfect place for them to lay their stake since Rodeo Drive is the second most expensive retail stretch, just behind upper Fifth Avenue in New York.
After a day of shopping on Rodeo Drive stop by The Spa on Rodeo to unwind and relax. For any questions about our services, visit us online at thespaonrodeo.com or give us a call 424.284.8040.
