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Cushman & Wakefield Global Cities Retail Guide

Cushman & Wakefield | Las Vegas | 2019 0 Sin City, Lost Wages, or the City of Lights: no matter what you call it, Las Vegas is indisputably the entertainment capital of the world. The city is best known for its mega- , , nightlife– and of course, the world-famous .

In addition to its mega- patrons, Las Vegas hosts over 6.6 million meeting and convention attendees each year in its 11 million square feet (sf) of meeting and exhibit space, more than any other city in the . In the past few decades, Las Vegas has also become one of the top fine dining and upscale shopping cities in the world. Many famous chefs have established restaurants in Las Vegas, including , , Pierre Gagnaire, Joel Robuchon, , Guy Savoy, and Alain Ducasse, just to name a few. Many of these restaurants are housed in the seemingly endless supply of four- and five-star including the , Caesars, Four Seasons, Wynn and Aria Resort. Since the Great Recession, Las Vegas has experienced double-digit gains in taxable sales and housing values, along with record highs in visitors to the city. More telling is the number of new projects and developments that have opened or been announced recently, including new sports stadiums for minor league , hockey and of LAS VEGAS course football. Other major anticipated projects include Resorts World by Genting, Park MGM, the new mega- resort taking the place of the Monte Carlo, Waldorf Astoria OVERVIEW taking the place of the Mandarin Oriental, Area 15, the virtual reality, art and entertainment destination just west of the Strip and the Sphere, 360- foot spherical music venue and entertainment complex that will be connected to the Venetian and Palazzo by a pedestrian bridge.

Cushman & Wakefield | Las Vegas | 2019 1 LAS VEGAS KEY RETAIL STREETS & AREAS

LAS VEGAS BOULEVARD HENDERSON The best retail shopping can be found along the iconic Las The second-largest city in , Henderson is the Vegas Strip, which comprises several retail centers southeastern suburb of Las Vegas ranked number two on popular among tourists. These centers include , the Forbes list of America’s safest cities and listed by Via Bellagio, Grand Canal Shops at the Venetian, the Bloomberg and CNN Money as “one of the best places to Forum Shops at , Miracle Mile, Wynn live” and “one of the best places to retire” in America. The Esplanade and Le Boulevard at Las Vegas. On the upcoming move of the NFL’s Raiders franchise has south end of sits , a brought development to the areas surrounding the future retail hub popular among locals for its hip restaurant, practice facility, such as the Village at St. Rose and Matter entertainment and high-end shopping options. Park at West Henderson.

SUMMERLIN An affluent, master-planned community to the northwest Fremont Street, the biggest draw in , of Las Vegas, Summerlin has an average household is a five-block entertainment district that houses some of income of $139,000 and a population of nearly 100,000. the city’s most historic casinos and more than 60 As well as being home to several higher-end retail restaurants, shops and retail kiosks. The pedestrian mall projects including and , is covered by a massive LED canopy suspended 90 feet Summerlin is the new site of the $150M minor league above the sidewalk, featuring a laser light show and a baseball stadium for the Las Vegas Aviators. zipline. The spectacle is visited by more than 19 million people each year. In late 2020, a new named Circa Resort & Casino will be added to the downtown district. Circa will be the first new build in downtown Las Vegas in 40 years.

Cushman & Wakefield | Las Vegas | 2019 2 LAS VEGAS MARKET OVERVIEW

KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING PROFILE FOR UNIT OF 2,000 SIZES CENTERS SQFT

The Shops at Crystals High End, Dolce & Gabbana, Bvlgari, Versace, Hermès Expansion $157.50 PSF 1,400 - 22,000 Tourists ,

Forum Shoppes at High End, Burberry, Longchamp, , Lululemon, Disney Magical $141.00 PSF 1,600 - 43,000 Caesars Palace Tourists , Valentino Memories, Modernist Cuisine Gallery, Otheroom

Fashion Show Mall Tourists, Locals Saks Fifth Avenue, Neiman Marcus, Alma Lee’s Home, Joeleene, $110.00 PSF 1,300 - 50,000 Nordstrom, Macy’s Samsonite, Urban Necessities

Grande Canal Shoppes High End, , , Jimmy Choo, Ann Pizzeria Pronto, Royal Brittania $121.00 PSF 1,600 - 31,000 Tourists Taylor, Banana Republic Gastro Pub

Miracle Mile Shops Tourists True Religion, French Connection, Tipsy Robot, Morpe, QUAY, $115.00 PSF 1,400 - 47,000 Guess, Steve Madden NYX Professional Makeup

Las Vegas Premium Tourists, Locals Kate Spade, St. John, DKNY, Calvin Saks Fifth Avenue OFF 5TH $28.00 PSF 1,500 - 40,000 Outlets Klein, Armani Exchange

Town Square Tourists, Locals, H&M, Apple, Guitar Center, The Eden in Love, Nevada Teachers, $32.00 PSF 1,800 - 21,780 High End Container Store, Whole Foods PF Chang’s, Bahama Breeze

Cushman & Wakefield | Las Vegas | 2019 3 LAS VEGAS SHOPPING CENTERS

THE STRIP The Linq Promenade: The Linq Promenade is at Planet Hollywood: This 475,000- comprised of 300,000 sf and is crowned by the High sf retail location is part of Planet Hollywood’s “Los Roller, the tallest observation wheel in the world. The Angeles”-themed resort destination. It comprises over Promenade also includes Guy Fieri’s Vegas Kitchen and 200 shops, restaurants and a dozen daily live shows. The Bar, Ghirardelli, Gordon Ramsay Fish & Chips, Yard shops and restaurants include Tommy Bahama, Steve House and a dozen retail shops. It also includes Brooklyn Madden, True Religion, French Connection and Guess. Bowl, which is a combined 2000-seat music venue, restaurant and 32-lane bowling alley. Wynn Esplanade: As part of one of the Strip’s most luxurious hotels, this 76,290-sf retail center caters to the Via Bellagio: This elite destination, mainly tourist affluent. It includes boutique fashion shops with designers destination offers some of the highest end boutiques in such as Alexander McQueen, Christian Louboutin, Las Vegas. Shops include Gucci, Hermes, , Lalique, Ermenegildo Zegna and Harry Winston. Chanel, Tiffany & Co., Harry Winston and Louis Vuitton.

The Shops at Crystals: Crystals is one of the premier at the Venetian: An indoor mall locations along the Strip offering high-fashion, only-in- with an overarching Italian theme, this mall is designed to Vegas items by major labels aimed specifically at tourists. resemble a street scene from Venice with a canal down Labels include Dolce & Gabbana, Bvlgari, Versace and the middle, complete with boat rides and singing Louis Vuitton. gondoliers. The Shoppes comprise over 500,000 sf of high-end retail space, including Barney’s , Fendi, Guerlain, Jimmy Choo and Salvatore Ferragamo. The : At nearly 2 million sf, Fashion Show is the largest mall on the Strip and one of the largest in the world. Almost all of the foot traffic on the The Forum Shops at Caesars Palace: A grandiose, Strip’s sidewalks chooses to amble through Fashion Show Roman-inspired luxury shopping destination consisting of on their way from resort to resort. In addition to over 250 approximately 160 shops, restaurants and entertainment stores and 25 restaurants, the mall has eight anchors, the attractions, The Forum Shops contains such luxury newest arrival of which is Dick’s Sporting Goods. retailers as Burberry, Longchamp, Gucci, David Yurman, Valentino and Balenciaga.

Cushman & Wakefield | Las Vegas | 2019 4 LAS VEGAS SHOPPING CENTERS

DOWNTOWN SUMMERLIN TOWN SQUARE Opened in the fourth quarter of 2014 and still expanding, Located at the south end of Las Vegas Boulevard and Downtown Summerlin is one of the premier regional, with direct access to I-15 and the 215 Beltway, Town mixed-use developments in the country, totaling nearly Square has cultivated a relaxing, open-air environment 400 acres. The property includes 125 shops and with covered parking, ample green spaces and trees lining restaurants in an open-air shopping environment. every sidewalk. Featuring over 150 retailers and 13 Retailers include Macy’s, Dillard’s, Michael Kors, restaurants, Town Square also includes an AMC theatre, Nordstrom Rack, Crate & Barrel and Sephora. Newly arcade and entertainment events such as Movies on the added to Downtown Summerlin are Constellation, a luxury Green. Anchors include Whole Foods, The Container apartment community with 124 units, and a 5-screen Store, Guitar Center and Old Navy. Regal luxury theatre with reclining seats and a full bar and dining service.

TIVOLI VILLAGE THE DISTRICT An upscale, outdoor lifestyle center on almost 30 acres of The District at straddles Green land in Summerlin, Tivoli hosts outdoor concert series, Valley Parkway, one of the busiest roads in wine and spirit tastings and movies in the park. There are Henderson, with direct access to the 215 Beltway to the north. The District features 17 dining options and a variety of dining options, including Cork & Thorn, Bistro over 60 retailers, including Whole Foods, Pottery Blends, Brio and Echo & Rig. Barn, Ann Taylor Loft, White House Black Market and Williams Sonoma. It also hosts a number of community events, such as a Summer Concert Series and an Autumn Farmer’s Market on Thursdays.

Cushman & Wakefield | Las Vegas | 2019 5 DEVELOPMENT TO WATCH OUT FOR

AREA 15

Total Size 40 Acres

- Anchor 40,000-sf event venue

- Location On I-15, between the Rio and Hotels and Casinos

Planned Opening Date Mid-2019

Consumer Profile International

Description Indoor and Outdoor Event and Retail Complex

ABOUT THE DEVELOPMENT

Area 15, whose name is a play on Area 51, will be part art installation, part music and entertainment venue and part retail and dining complex with the capacity to host more than 3,000 guests at a time and over 100 events per year. In addition to its featured 40,000-sf music and event space, the complex will also include 126,000 sf of tenant space, 68,000 sf of leasable ground floor space LAS VEGAS and 58,000 sf of mezzanine space. The project will have a grand opening in mid-2019, with full completion by the end of 2019. NEW DEVELOPMENT WATCH

Cushman & Wakefield | Las Vegas | 2019 6 DEVELOPMENT TO WATCH OUT FOR

SILVERTON VILLAGE

Total Size 9 Acres

- Anchors Costco, Hyatt Place

- Location Southwest, facing I-15 next to Silverton Casino Hotel

Planned Opening Date Late 2019

Consumer Profile Local/Regional

Description Retail-Resort Complex

ABOUT THE DEVELOPMENT

This $60 million project will join the existing Silverton Casino Hotel Complex, which already features an outdoor-themed resort with a Cracker Barrell and a Bass Pro Shops and will add a 150-room Hyatt Place Hotel, Costco, , Blaze Pizza, Firehouse Subs, Panera Bread and more to the nine acres of undeveloped space on the property adjacent to I-15. LAS VEGAS NEW DEVELOPMENT WATCH

Cushman & Wakefield | Las Vegas | 2019 7 LAS VEGAS FOOD & BEVERAGE

With some of the highest-rated After mega-resorts, celebrity-branded restaurants are some of the most recognizable signs along the Strip. restaurants in the nation, Las Vegas Restauranteurs began recruiting celebrity chefs in earnest has long been considered a target after the success of Wolfgang Puck’s , which locale for foodies. Dining options opened at Caesars Palace in 1992. This was closely followed by the arrival of other televised celebrity chefs, extend well beyond the top tier, with including Bobby Flay (at Caesar’s Palace), Gordon satisfying options for every Ramsay (at Paris, Planet Hollywood and Caesars Palace), imaginable taste, diet and budget. Giada de Laurentiis (at Cromwell Hotel and Caesar’s Palace),and Guy Fieri (at The Linq and ). Feeding the city’s visitors– who topped 42 million last Wolfgang Puck himself now owns four other restaurants year, according to the Las Vegas Visitors and Convention along Las Vegas Boulevard: CUT (Palazzo), Lupo Authority– is no small task and it’s one for which the Las (), Cucina (The Shops at Crystals) and Vegas dining scene is uniquely equipped. The Michelin Wolfgang Puck Bar & Grill (MGM Grand). Guide has published an exclusive guidebook for visiting the Strip, which is understandable since 12 restaurants in Las Vegas currently hold at least one Michelin star. Vegetarians and vegans are particularly well-served in Indeed, Joël Robuchon in the MGM Grand has earned the Las Vegas, which was named one of the top ten vegan- highest rating of three stars, with Michelin’s comment that friendly cities by VegNews in 2017. Vegan options are it is “exceptional cuisine, worth a special journey.” Two offered at every restaurant in the Wynn and Encore restaurants, including Guy Savoy at Caesars Palace and Resorts, as well as Panevino Italian Grill, The Pizza at the Bellagio earned the two-star honor, crafting Company and Panacea. Exclusively vegan restaurants “excellent cooking, worth a detour.” Finally, the single star are numerous, including the drive-thru and fast-food- has been awarded to nine restaurants, many of which are inspired Vegeway, the cinnamon roll bakery Cinnaholic, on the Strip and can easily be worked into even the and of course the locally-famous VegeNation, which has shortest of visits to the city. These include Alize at Palms locations in Downtown and in Henderson. Casino and Hotel, Aureole at Mandalay Bay and Robuchon’s smaller to-go stand, L’Atelier Joël Robuchon, at MGM Grand.

Cushman & Wakefield | Las Vegas | 2019 8 LAS VEGAS FOOD & BEVERAGE MARKET OVERVIEW

KEY AREAS CONSUMER FOOD & BEVERAGE RENT FOR PROFILE OPERATORS INCLUDING 3,500 SQFT UNIT Aria Resort High End CATCH, Liquid Pool Lounge $154.00 PSF Mandalay Bay High End Aureole $128.00 PSF High End Scotch 80 Prime $110.00 PSF High End CUT $118.00 PSF Paris High End Mon Ami Gabi $118.00 PSF Caesars Palace High End Nobu, The Palm $128.00 PSF Waldorf Astoria High End Twist $153.00 PSF

Cushman & Wakefield | Las Vegas | 2019 9 ERIKA SCHANKE Managing Director Americas Retail Services 1290 Avenue of the Americas New York, NY 10104, USA Tel: +1 212 841 5024 Mob: +1 404 680 4363 [email protected]

No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield. All rights reserved.