Rodeo Drive Business Booms as COVID-19 Restrictions Ease
Rodeo Drive is flourishing once again. The famous stretch of retail road in Los Angeles is, like many other places, emerging from the COVID-19 pandemic.
“Business has doubled compared to this time last year,” Rodeo Drive Committee President Nicola Cagliata said. “Our boutiques are now open for regular business hours with extended capacity. Windows are refreshed with new collections and our customers are venturing out. They’ve been shopping online for a year and now they feel safe, and they’re spending at record levels. We’re seeing international visitors beginning to return and there’s a real sense of community on the street.”
The surge in business and real-estate activity has led to a nearly 10 percent increase in retail sales in the month of March, according to the Department of Commerce. It was nearly double the figure analysts projected.
As demand has increased for luxury goods, Scot Prescott, owner and founder of Auto Vault Storage, a luxury automobile-management firm, said he’s busier than ever.
“We’re now open seven days a week and we’ve never been busier,” Prescott said. “We’re seeing our customers from around the world coming back, and they want to get back behind the wheel. For our local customers, cars have been a stress release in challenging times. Everything’s opening up.”
Houman Mahboubi, a Los Angeles real-estate broker with experience in Beverly Hills, said, “Rodeo Drive is one of the top places in the world to invest. If you’re on Rodeo, you’ve made it.”
Mahboubi added that Rodeo Drive has never had more than 5 percent vacancy, including during and after the pandemic.
“All the spaces are filling up and there’s a continuous demand for new brands to enter this market,” Mahboubi said. “It is a force of influence in the retail world.”
Known for its luxurious shopping and eclectic dining options, Rodeo Drive has been a mainstay for decades. At the 400 block, Piaget and Jaeger-LeCoultre occupy new residences, while this fall will see the unveiling of a new Moncler flagship.
“This level of activity demonstrates a huge vote of confidence not only in the brands but also in the power and longevity of what is considered the most sought-after luxury-retail location in the world,” explained Mark Tronstein, a property owner whose family established deep ownership roots on Rodeo Drive more than 40 years ago.
Additionally, Rodeo Drive's longtime residents such as Cartier, Chanel and Dior have devoted heavy investments into their Rodeo Drive locations.
“Beverly Hills is thriving. As our hotels and restaurants safely return, providing world-class service, and the great fashion and luxury boutiques on Rodeo Drive open their doors, we welcome our residents and international visitors back to enjoy a new, much-needed and iconic experience that only this great city can offer,” Beverly Hills Mayor Robert Wunderlich said.