Racked is no longer publishing. Thank you to everyone who read our work over the years. The archives will remain available here; for new stories, head over to Vox.com, where our staff is covering consumer culture for The Goods by Vox. You can also see what we’re up to by signing up here.
Although Beverly Hills's North Beverly Drive has been striving to become the new Rodeo Drive for quite some time, the spendy street is still considered the retail holy grail in the eyes of fashion houses.
In a new "Main Streets Across the World" report by global real estate authority Cushman & Wakefield, it has been revealed that renting a space on the famed Rodeo Drive corridor costs a whopping $800 per square foot, which is insane. What's even more insane is the rent of New York's Upper Fifth Avenue—$3,500 per square foot—making it the retail street to beat.
Given that Rodeo has scored swanky new Saint Laurent and Ferragamo renovations in the past few months, it's no surprise that the shopping stretch's rent has increased by 23 percent this year alone. We can only imagine what the price tag will be next year.
Retailers: we suggest scouting for "For Lease" signs on Rodeo asap before the price goes up again.