More than a dozen luxury retail stores open this year in Las Vegas
Many luxury brands are set to open new stores this year in Las Vegas in an attempt to tap into a high-spending consumer base already visiting the city.
Many shopping centers around the Strip have added more luxury stores to their mix, and the sector has seen strong growth in recent years, said Kirsten Lee, executive vice president of Brookfield Properties, which oversees the Grand Canal Shoppes and Fashion Show mall.
“Luxury has been a global and domestic juggernaut since 2019, the likes of which has never happened in our lifetime,” she said.
In fact, the Forum Shops at Caesars Palace is set to add 14 luxury brands to its offerings over the course of this year and through early 2024, including Tourneau Bucherer, which sells watches, and Baccarat, a French glassware company, that both recently opened locations at the Forum Shops.
Other shops that recently opened or will be added to Forum Shops:
* Speziata, women’s swimwear, open.
* Cafe Lola, modern take on traditional European cafe, open.
* Tourneau Bucherer, watches and jewelry, open.
* Baccarat, French glassware, open.
* Jaegar Le-Coultre, watches, open.
* Paris Saint-Germain, official team store, open.
* Electric Playhouse, interactive gaming center, opening soon.
* Tudor, watches, opening in September.
* IWC Schaffhausen, watches and accessories, opening in October.
* Good American, women’s apparel, opening in October.
* Alo Yoga, clothing and accessories, opening in October.
* Dolce & Gabbana, clothing, bags and accessories, opening in November.
* Gentle Monster, sunglasses, opening late 2023.
* Zaytinya, restaurant under direction of Jose Andres serving Turkish Greek and Lebanese cuisine, opening early 2024.
Premium Outlets North
The Las Vegas Premium Outlets North is set to add five luxury stores this year to its offerings including the Italian apparel brand Ferragamo, which opened at the Outlets in May, and Racing Miami offering Formula One merchandise, which opened in June.
Other shops that recently opened at Premium Outlets North:
* Ferragamo, apparel and accessories.
* PINKO, women’s apparel and accessories.
* Philipp Plein, designer clothing and accessories.
* Racing Miami, Formula One apparel.
* Longchamp, bags and travel accessories, open but moving into a larger space in September.
Shops at Crystals
Some luxury brands are doubling down on their Las Vegas operation, such as the luxury designer brand Philipp Plein, which hosted a grand opening event for its newly renovated store on Thursday in Shops at Crystals — its third Strip location — and brought out big names such as actor Nicolas Cage to mark the occasion.
German designer Plein is opening several stores across the country this year, including in Los Angeles and New York, with a plan of having more than 110 stores globally, Women’s Wear Daily report.
Other shops that recently opened at the The Shops at Crystals:
* Kilian Paris, fragrances and beauty products.
* Fredric Malle, fragrances, beauty products and candles.
* Golden Goose, apparel and accessories.
* Celine, women’s apparel and accessories.
Growing luxury market
The global luxury goods market is seeing a strong performance. In 2022, the market size was estimated to be about $374 billion, according to a first-quarter report from management consulting firm Bain & Company. The market is expected to grow by 5 to 12 percent this year, according to the same report.
U.S. holiday destinations such as Las Vegas are still recovering from the COVID-19 pandemic, the Bain report said, and not back to pre-pandemic peak.
Lee said the Las Vegas luxury retail market is in an incredibly good place for growth because of the high-profile events set to take place over the next few months and the area’s already established reputation for high-end experiences.
“The holy trinity of super events that are coming to Vegas with Formula One, the Super Bowl and then even the Sphere opening have really affirmed what we have already been seeing for many years in Vegas,” Lee said. “The lifestyle, entertainment, culinary and retail components of Vegas really are second to none.”
Now more and more luxury brands are expanding their operations in Las Vegas and even adding multiple locations to the market in recent years, she said.
“Vegas is such a dynamic and profitable market for these luxury brands,” Lee said. “If they did not have a flagship in the market already, they now have one or one is coming. If they did not have one successful door in the market, they’d added one; if they had three successful doors in the market, they probably added three more.”
Although many shopping centers want to have luxury shops for their mix of retail, it isn’t being embraced universally.
A spokesperson for Miracle Mile Shops told the Review-Journal it didn’t add any luxury stores recently and doesn’t view luxury customers as its target audience as it positions itself as a “shoppable and approachable shopping center.”
While not every shopping center is focusing on luxury, Brookfield Properties continues to see a bright future for its luxury operations in Las Vegas as it’s a sector with wide appeal, said Terry Migliaccio, senior director of leasing for Brookfield Properties.
“Consumer groups are getting younger and younger in their desire for luxury consumer goods,” Migliaccio said. “So it’s not like it’s one age group that’s driving it.”
This story has been updated to correct the spelling of Kirsten Lee’s name.
Contact Sean Hemmersmeier at shemmersmeier@reviewjournal.com. Follow @seanhemmers34 on X.
