Retailing taking off at Las Vegas resorts

      Retail developer Sheldon Gordon believes his latest venture on the Strip will enhance his nearby signature project, The Forum Shops at Caesars.
      Gordon announced last week that his company, Gordon Group Holdings Ltd., of Santa Monica, Calif., will develop a retail and entertainment complex, Caesars Maximus, in front of Caesars Palace and a short stroll south of Forum Shops.
      "It's not a competitor," Gordon said of the Maximus project, which will be fully unveiled in late January. "It'll strengthen and enhance Forum."
      It's not that Forum needs a boost. With average annual sales per square foot of $1,200, the ancient Roman-themed shopping center at Caesars Palace ranks as the nation's most successful retail center in terms of sales, Gordon said. The industry average is about $300, and anything between $450 and $700 is considered extremely successful in the retail industry.
      About 22 million people visited the Forum last year.
      Las Vegas visitors want fun, exciting shopping experiences, and Gordon said he'll continue providing that.
      In addition to Caesars Maximus, he's involved with the expansion of the Forum. He's a co-developer of proposed retail facilities at Primm resorts and the ritzy Lake Las Vegas in Henderson.
      "When people come to Las Vegas, they're much more relaxed. They're with a spouse or friend and shopping is much more of a pleasurable experience than when they're at home. That's why retail is doing so well in Las Vegas," Gordon said.
      About 3 million square feet of retail space at Southern Nevada gaming properties is either under construction or on developers' drawing boards -- an enviable amount of space by industry standards, said George Connor, retail specialist at the Las Vegas office of CB Commercial Real Estate Group Inc., a brokerage and management services company.
      Despite the growth, Connor thinks the Strip is still "under retailed."
      "If you look at the growth patterns -- in hotel rooms, we're going from 100,000 to 150,000 rooms and visitor volume -- there's still a need for retail on the Strip," Connor said.
      Connor and other executives agree that people are coming to Las Vegas for longer vacations -- from the traditional average stay of two days to the current average of three days -- and they want more to do than play the gaming machines and sit at card tables.
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