Rodeo Drive is the world famous 2-mile stretch of road that is known for its high-end retail shops that are frequented by the rich and famous. The area was developed in 1906 and plots of land were being sold by 1907 for ~$1,000 per parcel. While the area gradually became more popular over the proceeding years, it did not become the iconic symbol of wealth it is today until the 1960s.
In 1967, Fred Hayman – called the “father of Rodeo Drive” – opened Giorgio Beverly Hills. Shortly thereafter, Aldo Gucci opened his west coast location on Rodeo. By the early 1970s, Rodeo Drive had been transformed into the international center of glamour in Los Angeles.
The image of Rodeo Drive as the shopping street for celebrities and the rich and famous was spread in part by advertising campaigns by the Rodeo Drive Committee and the Beverly Hills Chamber of Commerce. By the early 1980s, the City of Beverly Hills stated that the street accounted for 25% of its sales tax revenues.
In 2015, Chanel purchased the building it had been leasing on Rodeo for a record breaking $152 million – over $13,000 sq/ft. Chanel also owns the building located next door giving them the largest footprint on the street. But records are made to be broken and it was surpassed less than a year later when Bijan purchased their property for $122 million – a staggering $19,000 sq/ft!