Chanel is shelling out the big bucks for coveted retail spaces. The French luxury house reportedly spent the astronomical sum of $152 million to purchase an 11,500-square-foot building at 400 North Rodeo Drive in Beverly Hills. That amounts to over $13,000 per square foot. This also makes Chanel’s new territory the most expensive retail space in Southern California.
The previous record of $10,400 per square foot was set in 2012 over another building in North Rodeo Drive. Chanel’s epic purchase is part of a growing trend. Luxury retailers are increasingly seeking out densely populated urban areas to set up shop. Once upon it time it was the luxury enthusiast who sought out the stores, but now brands want to make themselves easily accessible to wealthy, young spenders.
This is not a first for Chanel. Just last year the label splashed out more than $31,000 per square foot last year for a retail space on Madison Avenue at 64th Street. According to Real Capital Analytics, this amount holds the record for being the most expensive retail space in the country.
[ Via : Fortune ]