Razny Jewelers Expands on Chicago's Oak Street
Razny Jewelers has acquired a major new property at 109 E. Oak Street, significantly expanding its footprint in Chicago's “luxury corridor.” The investment indicates robust demand for high-end goods and experiences in the city's downtown area. This move reinforces the Magnificent Mile's status as a key destination for luxury retail.
- Razny Jewelers is a family-owned business now in its third generation. It was originally founded in 1951 by Stanley and Jane Razny, who immigrated from Poland after World War II. - The newly acquired 7,500-square-foot building at 109 E. Oak Street, which Razny had been leasing since 2016, was owned by the same group since the 1930s. - This purchase is part of a larger expansion plan that includes the adjacent property at 107 E. Oak Street, which Razny acquired in early 2024 for $16.4 million. - The company plans to demolish the building at 107 E. Oak to construct a new four-story building connected to the 109 E. Oak property, more than doubling its current space. - The expanded location will feature a dedicated two-story Rolex showroom, a bridal boutique, and a fourth-floor space for private events. - As an authorized dealer for Rolex, Patek Philippe, Cartier, and Breitling, this move solidifies Razny's presence among other high-end retailers on the street like Chanel, Hermès, and Van Cleef & Arpels. - The vacancy rate on Oak Street is below 5%, and gross rents can range from $300 to $400 per square foot, indicating high demand and exclusivity in this luxury corridor. - This expansion reflects a broader trend of luxury retailers on prestigious streets, like Fifth Avenue in New York, choosing to purchase their properties rather than lease.
