The central part of Rodeo eventually became a business street with hardware stores, gas stations, beauty shops, and bookstores. The men's store Carroll & Company opened shop on Rodeo Drive in 1950. The Anderton Court Shops building at 332 N. Rodeo was designed by Frank Lloyd Wright in 1952. In 1958, real estate developer Marvin Kratter bought 48,000 square feet (4,500 m2) of land at the corner of Rodeo and Wilshire Boulevard from the city of Beverly Hills. The acreage is across the street from the Beverly Wilshire Hotel and Kratter paid something over $2 million for it.
According to a former co-chair of the "Rodeo Drive Committee," Richard Carroll, the transformation of Rodeo Drive into an international center of fashionable shopping was sparked in 1971 with the opening of a new wing of the Beverly Wilshire. In 1980 Carroll noted that before then "There was nothing at all of an international nature on the street. Rodeo was purely local in flavor." In 1977 the Rodeo Drive Committee "launched a publicity campaign designed to make everyone around the world think of Rodeo Drive as the shopping street of the rich and famous." The RDC wanted to make Rodeo Drive an economic engine for Beverly Hills and spread the image of a "culturally elite lifestyle."
By 1981, the high-fashion strip took up only two and a half blocks, with around 65 stores.
The "Rodeo Collection," a 45-store, 70,000-square-foot (6,500 m2) 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."
In the early 1990s, Rodeo Drive was ranked 4th most-visited destination in the Los Angeles area (after Disneyland, Knott's Berry Farm and Universal Studios).
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. Two Japanese groups, Kowa Real Estate California Inc. and USA Sogo Inc, bought 40% of Two Rodeo Drive.
The Two Rodeo Drive 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."
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 nude sculpture entitled "Torso." This statue was created by 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 Robert Graham.
In May 2020, several of Rodeo Drive's businesses were damaged and looted following the murder of George Floyd. It was reported that several windows were broken and many of the looted buildings were vandalized by spray paint.
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