Photo Credit: Ari Perilstein/Getty Images for Burberry
It’s no secret that Rodeo Drive is one of the most sought after shopping streets in America, but do you know where LA’s most famous retail location actually ranks on the most expensive list?
According to a new report by global real estate authority Cushman & Wakefield called “Main Streets Across the World,” Rodeo Drive rates second on the list, only falling behind New York City’s Upper Fifth Avenue.
To break it down, renting a space on Rodeo costs a staggering $800 per square foot. Given that Rodeo debuted boutiques from Audemars Piguet and Carolina Herrera as well as revamped and renovated boutiques from Ferragamo, Louis Vuitton and Saint Laurent, it shouldn’t surprise anyone that rent on this storied street has increased by 23 percent in 2015 alone.
In addition to its plethora of luxury retailers (other high-end shops include Westime, Valentino, Bottega Veneta, Bulgari, Cartier, Chanel, Dior, Fendi, Dolce&Gabbana, Gucci, Jason of Beverly Hills, Jimmy Choo, Prada and the House of Bijan, to name a few), Rodeo Drive consistently ups its ante every year with several luxe events.
In addition to honoring one unparalleled person or brand each year for their contributions to the worlds of fashion and entertainment during the Rodeo Drive Walk of Style ceremony (this year’s honoree was Burberry), the street also hosts its annual Concours d’Elegance each year on Father’s Day, where a slew of luxury vintage automobiles and motorcycles are on site to honor the past, present and future of Beverly Hills. Finally, the Rodeo Drive Tree Lighting Ceremony is an annual event that showcases the best of the street during the holidays. This year’s event took place last night, Nov. 22; it was hosted by 80s icon Molly Ringwald and a dance preview featuring Debbie Allen as well as a vibrant light show that included lasers and projected animation moving across the Drive’s luxury retailer facades. Last year, Baccarat partnered with Gearys Beverly Hills for the ultimate in opulence to hang 16 full size Baccarat chandeliers over the famed street.