Coco Chanel’s eponymous luxury brand recently broke records when the French luxury retailer purchased a retail space on Rodeo Drive at a price tag of nearly $152 million.
Chanel bought its 11,5000-square-foot store at 400 N. Rodeo Drive, which it had been leasing for approximately $13,217 per square foot, according to Elkins Kalt Weintraub Reuben Gartside, one of the law firms involved in the transaction.
Chanel also owns another store next door and the company intends to ultimately tie the two together in some fashion.
The last transaction recorded for retail space on the coveted 3-block Rodeo Drive area was set in 2013 when LVMH Moët Hennessy Louis Vuitton bought its 7,100-square-foot property for $85 million, or $11,971 per square foot.
The Chanel record high purchase reflects the economy’s rebound from the severe recession a few years ago, a major influx of foreign money into the high-end retail market, store renovations along Rodeo Drive that are driving more sales and Chanel’s specific goals for its Rodeo Drive presence.
Rodeo Drive ranks as the second most expensive U.S. retail street, trailing only upper Fifth Avenue in New York.