Developers find retail haven in LV

Millions of square feet of upscale retail development remain in the pipeline for Las Vegas despite a shaky national economy that has sales drying up in Southern Nevada.

Mall developers, particularly those behind major Strip casino projects or high-profile locals malls, say foot traffic from nearly 40 million tourists annually and a local population approaching 2 million means there is still room for the retail market to go up.

They say major national retailers will open second, third or even fourth locations in Las Vegas and that foreign companies will consider Las Vegas as a place to establish an American presence.

“If you are a foreign brand trying to come to the United States, you can have millions of eyeballs,” said Joel Simkins, an analyst at Macquarie Securities.

He cited statistics that show as many as 20 million people annually stroll through the Grand Canal Shoppes, a General Growth Properties mall in The Venetian.

“That is a huge marketing opportunity,” Simkins said. “Theoretically, you are capturing half the people who come to Las Vegas.”

General Growth, one of the largest mall owners in the country, has a big stake in Las Vegas beyond the Grand Canal Shoppes.

The company has about 4.9 million square feet of retail, including Fashion Show, Boulevard and Meadows malls and the Shoppes at Palazzo.

It is building the Shops at Summerlin Centre, a retail center that will have about 100 stores, including Nordstrom, and open in 2009. General Growth is also a partner in the High Street mall at Boyd Gaming Corp.’s $4.8 billion Echelon resort, under construction on the Strip. By 2010 the company expects to have 6.7 million square feet of retail space in Las Vegas, a 37 percent increase from today.

“There are still a number of retailers who have not opened in Las Vegas, foreign retailers, designers who might be interested in their own stores,” John Bucksbaum, CEO of General Growth, said Tuesday during RECon, the International Council of Shopping Centers’ annual real estate convention at the Las Vegas Convention Center.

In February, taxable sales in Nevada were $3.6 billion, the lowest monthly total yet during the current economic downturn. Including bars and restaurants, it was a decrease of more than 9 percent from the previous year.

Anthony Marnell III, a partner with MGM Mirage in the $1 billion M Resort under construction on Las Vegas Boulevard south of town, said the downturn hasn’t curbed his enthusiasm for a 1 million-square-foot mall by developer Taubman Centers.

“This is the best time in the world to be under construction,” he said. “You can build while you are in the lull and then, hopefully, open up as the economy is starting to recover.”

Taubman, MGM Mirage and Marnell announced their mall plan Monday at the ICSC convention. They said the mall would open in 2011 or 2012 but didn’t identify anchor tenants.

The mall will primarily target local customers around the Southern Highlands area, a part of the Las Vegas Valley developers think is underserved for retail.

“That whole market to the south is going to explode,” said Robert Taubman, chairman, president and chief executive officer of Taubman Centers.

Plans for a new international airport south of Sloan and continued migration to neighborhoods south of Blue Diamond Road will drive development well beyond the current downturn, Taubman said.

“We don’t think it is going to stop,” he said of a population shift into the south. “The (excess) housing will burn itself off. But as it does, every day there are going to be more people moving there.”

On a smaller scale, Las Vegas city officials were at the convention seeking to attract retail to downtown.

The largest available space is at the Union Park site, a 61-acre area west of the Fremont Street Experience and south of Charleston Boulevard.

Developers Newland Communities are proposing plans for 475,000 square feet of retail mixed with housing, offices and cultural centers at the site.

The city is also touting the shuttered Lady Luck hotel-casino as a potential retail site.

The hotel, now owned by Los Angeles-based CIM Group, is projected to have as much as 200,000 square feet of retail, residential and entertainment space when it reopens, an event scheduled for 2012.

Contact reporter Benjamin Spillman at bspillman@reviewjournal.com or 702-477-3861.

ad-high_impact_4
Business
Holiday Parade Lights Up Downtown Summerlin
Holiday parade lights up Downtown Summerlin every Friday and Saturday night through Dec. 22.
Nevada's solar industry on the rebound
In 2015, the Nevada Public Utilities Commission voted in favor of a new tariff structure that reduced net energy metering buyback rates and increased fix fees for residential solar customers.
Apartment complexes selling fast in Las Vegas
Las Vegas’ apartment vacancy rate is among the smallest in the country, and rents are climbing faster than the national average. (LVRJ)
Aristocrat Opens $45M Campus In Summerlin
Aristocrat Technologies Chairman Ian Blackburne discusses the company's growth. (LVRJ)
Sunrise Hospital celebrates 60 years
Sunrise Hospital opened its doors to patients on Dec. 15, 1958. Employees of more than 35 years celebrated at a luncheon Wednesday, Dec. 12, 2018. Jessie Bekker/ Las Vegas Review-Journal.
Maya Cinemas to open soon in North Las Vegas
Moctesuma Esparza, CEO of Maya Cinemas, talks about the newest location in North Las Vegas, set to open Jan. 10. The aim of the theatre chain is to serve latino-centric, underserved communities.
Holiday shopping and returns make this the busiest time of year for UPS
The UPS Las Vegas South facility is the company's busiest pre-load operation in the country, and it's even busier this time of year. (K.M. Cannon/Las Vegas Review-Journal)
Primm’s outlet mall has fallen on hard times
The mall, attached to Primm Valley Resort, opened in 1998. Back then, it was a “textbook, perfect outlet-center location." But now, Primm’s outlet mall has fallen on hard times. Las Vegas Boulevard has endless shopping spots. And there are other outlet malls that don’t require a hefty drive to the state line. Its mortgage-holder foreclosed on the mall in late September.
Miltary auction at Ritchie Bros. Auctioneers
Humvees, ammo cans, construction equipment, field gear and more is on the auction block Friday and Saturday at Ritchie Bros. Auctioneers. About 10,000 items in all are for sale in what GovPlanet bills as the largest auction of its kind.
Las Vegas residents discuss avoiding holiday scams
Las Vegas residents discuss their donation habits and how they avoid giving money to scam charities during the holiday season. (Bailey Schulz/Las Vegas Review-Journal)
Tesla’s Nevada Gigafactory ahead of economic impact expectations
The Tesla Gigafactory’s economic impact on Nevada has exceeded projections, bringing in more than 7,000 jobs. In 2014, Nevada agreed to give the automotive and energy company $1.3 billion in tax abatements. In return, Tesla promised to meet certain requirements in areas like employment and capital investment. As of June, Tesla has brought in a total of $6.05 billion in capital investment, surpassing the $4.95 billion projection. The original contract gave the company until 2024 to make $3.5 billion in capital investments in Nevada. Derek Armstrong, deputy director of the Governor’s Office of Economic Development.
Land sales near the Las Vegas Raiders stadium
Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That's roughly 12 times the average price of land in the valley this year as tracked by Colliers International.
T-Mobile Tech Experience Truck parks in Toshiba Plaza at T-Mobile Arena
The Tech Experience Truck is a state-of-the-art showroom on wheels, with demonstrations that put connected drones, smart cities, augmented/virtual reality and smart tracking. The exhibit shows new wireless technology – including 5G and the Internet of Things (IoT). (K.M. Cannon/Las Vegas Review-Journal)
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye
Crowds camp out for Chick-fil-A opening
Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.
Cheapest listings for sale in Las Vegas
Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Terry Miller discusses Convention Center
Project Manager Terry Miller explains the phases of Convention Center construction.
Zappos treats their team members on Cyber Monday
Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)
Team Hybrid at the 2019-Model Motor Trend International Auto Show
Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.
Black Friday Shoppers at downtown Summerlin and at the Arsenal
Black Friday shoppers at downtown Summerlin and at the Arsenal. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfYe
Black Friday shopping in Las Vegas
Black Friday sale shopers express their shopping experience. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Livestock recycling Strip food waste
Las Vegas Livestock collects and recycles food from many Las Vegas Strip companies. (Nicole Raz/Las Vegas Review-Journal)
Black Friday at Fry's
Shoppers line up for deals early on Black Friday at Fry's Electronics on Las Vegas Boulevard South. (Mat Luschek/Las Vegas Review-Journal)
Black Friday shoppers at Best Buy at 5 am
Black Friday shoppers at Best Buy at 5 am on Nov. 23. (Mat Luschek/Las Vegas Review-Journal
Black Friday - 1am Closing Time
Quiet night.
Black Friday - 12:30am - Best Buy Arroyo Crossing
Sam's Town Holiday Lighting Ceremony
On Wednesday, Nov. 21, 2018, Mystic Falls Park opened with its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd. The attraction features a Winter Wonderland theme and holiday-inspired laser light show, available daily Nov. 23 to Jan. 1. (Mat Luschek/Las Vegas Review-Journal)
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
Walmart Academy Facilitator demonstrates the VR training program being used by Walmart stores across the country.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like