Chanel’s creations are designed to add to your style quotient but not without making you pay through your nose. However, the French luxury retailer has just made a record-breaking purchase by shelling out $152 million to own its coveted spot on North Rodeo Drive in Beverly Hills. This move has set the record for the most expensive retail space in Southern California.
Chanel owns the 11,500-square-foot store, which it had been leasing till now, on the corner of Brighton Way. This deal also asserts that brands and high-end retailers are willing to pay ground-breaking amount for real estate locations that boast of high density of well-heeled residents and shoppers. The Rodeo Drive purchase has also enabled Chanel to rub shoulders with other luxury retailers like Louis Vuitton, Cartier, Gucci and Prada on a stronger note.
Last year, Chanel had paid more than $31,000 a square foot for retail space on Madison Avenue at 64th Street, which is the highest price for any retail space in the USA.
While New York’s Upper Fifth Avenue is the most expensive retail street in the US as well as the world, Rodeo Drive trails as the second most expensive retail street in the US.
