The “Rodeo Collection,” a 45 store, 70,000 square foot shopping mall opened in 1983 at 421 N. Rodeo Drive. The building is only four stories high with the first floor below street level in order to satisfy local building codes. The retail space initially leased for as much as $120 per square foot, which, according to an executive with commercial real estate firm Julien J. Studley, was “the highest price for any kind of space in the Los Angeles Area.” Two Rodeo Drive, another outdoor shopping center, was built in 1990. It initially housed, amongst other stores, Christian Dior and Valentino. The original developer, Douglas Stitzel, sold the property for about $200 million immediately after its completion. The shopping center was hard-hit by the early 1990s recession, with occupancy rates dropping to as low as 60%, and the buyers sold it at an almost $70 million loss in 2000. By 2007 the property was financially stable again and was sold to a group of Irish investors for $275 million. It resembles a “faux-European shopping alley” and features a cobblestone street. Some architects have claimed that Two Rodeo Drive is similar to a “theme park in the manner of Disneyland.” French fashion firm Lanvin opened a store on Rodeo in 2011. According to CEO Thierry Andretta local customers were expected to account for about 60% of the store’s sales, with international tourists accounting for the balance, lending some credence to Rodeo Drive’s reputation as an internationally renowned shopping area.
In 2003, Rodeo Drive was given an $18 million makeover which included widening the streets and the addition of crosswalks. The ficus trees lining the street were taken out and replaced with palm trees. In September of the same year, the Rodeo Drive Committee developed the Rodeo Drive Walk of Style. The Walk of Style features plaques set in the sidewalks along Rodeo Drive. Fashion icons are honored with the award for their work in style and fashion. At the intersection of Rodeo Drive and Dayton Way is the majestic, nude sculpture entitled “Torso.” This famed statue was created by world-renowned sculptor Robert Graham and is the symbol for the Rodeo Drive Walk of Style. Recipients of the Rodeo Drive Walk of Style Award receive a “Torso” maquette also designed by artist Bob Graham.
Every Father’s day, the annual Rodeo Drive Concours d’Elegance occurs on Rodeo Drive, displaying some of the world’s most expensive automobiles. Travel publisher Frommer’s named it one of the “300 Unmissable Events & Festivals Around the World.” “Fashion’s Night Out” is an event that was created in 2009 in New York City in hopes of boosting the economy during the recession. Its goals were to “celebrate fashion, restore consumer confidence and boost the industry’s economy.” In 2012, 500 cities across the United States (including Los Angeles), as well as 30 cities around the world adopted the event. It is held annually in September on the same night worldwide. The carnival features a 60-foot Ferris wheel and other attractions on the three blocks of the Rodeo Drive business district. It also hosts the annual Rodeo Drive Festival of Watches and Jewelry.
