The newest recipient of the Rodeo Drive Walk of Fame Award is Fred Hayman, often called the father of Rodeo Drive.

The former retailer, whose store was one of the first high-end retail stores on the block and was known for its iconic yellow-and-white-striped awning, will be honored on May 31 at the corner of Rodeo Drive and Dayton Way in Beverly Hills, where his store once stood.

Hayman took over Giorgio Beverly Hills from his partners in 1962. The Swiss-born former hotelier dreamed of turning Rodeo Drive into a world-class shopping district. His store was popular with celebrities such as Natalie Wood, Princess Grace, and Ronald and Nancy Reagan.

The awards, organized by the City of Beverly Hills and the Rodeo Drive Style Committee, have been an annual institution that recognizes those who have helped build the street into a style icon. Hayman will be the 15th recipient of the award. The first recipient was Giorgio Armani in 2003. Others included designer Tom Ford; photographers Herb Ritts and Mario Testino; costume designers James Acheson, Milena Canonero and Edith Head; and designers Salvatore Ferragamo and Gianni and Donatella Versace.—Deborah Belgum