For Rodeo Drive, renovating boutiques is a multi-million-dollar enterprise.
The highest-marquee retailers of the street, such as Hermès and Prada, wrapped up extensive renovations of their boutiques in 2013, and boutiques for Chanel, Saint Laurent and Louis Vuitton are expected to finish the renovations of their Rodeo stores this year. U.K. retailer Burberry started construction of its own building in February at 301 N. Rodeo Drive. It is scheduled to open in late 2014, according to a Burberry statement.
A select handful of construction companies typically win bids to build Rodeo flagships, which are said to have price tags ranging from $1 million to more than $15 million. The renovation work is exacting, but it is worth the trouble, said William Pisani, vice president of retail at Shawmut Design and Construction, which opened a Los Angeles office in 2013 and worked on 10 projects on Rodeo during the same year. Pisani said much of his company’s current business is in renovation.
“We are seeing more boutique renovation projects than new stores,” Pisani said. “Most retailers are continually renovating their stores every few years to keep their image fresh and keep up with competitors. That’s good business for them—and for us!”