Chanel Pays a Record $152 Million USD for Retail Space on Rodeo Drive
Comes out to approximately $13,217 USD per square foot.
There aren’t too many retailers on Rodeo Drive willing to shell out the big bucks for a permanent spot on the famous shopping street. The astronomical land prices along the three-block stretch have forced even the biggest of names to lease rather than to buy, but it seems the resurgence in demand for high-end goods has propelled Chanel to splash a record-breaking $152 million USD on its 11,500-square-foot store. This amount smashes the previous record set by LVMH Moet Hennessy Louis Vuitton, when the luxury conglomerate spent $85 million USD on a 7,100-square-foot space back in 2013. Chanel will certainly have a bigger presence along the Beverley Hills corridor for the foreseeable future as it already owns another store next door.
