LAS VEGAS Cushman & Wakefield Global Cities Retail Guide
Total Page：16
File Type：pdf, Size：1020Kb
LAS VEGAS 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- resorts, casinos, nightlife– and of course, the world-famous Las Vegas Strip. In addition to its mega-resort 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 United States. 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 Wolfgang Puck, Bobby Flay, Pierre Gagnaire, Joel Robuchon, Gordon Ramsay, Guy Savoy, Giada De Laurentiis and Alain Ducasse, just to name a few. Many of these restaurants are housed in the seemingly endless supply of four- and five-star hotels including the Bellagio, 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 baseball, 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 Madison Square Garden 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 Nevada, 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 Linq, 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 Caesars Palace, Miracle Mile, Wynn live” and “one of the best places to retire” in America. The Esplanade and Le Boulevard at Paris Las Vegas. On the upcoming move of the NFL’s Raiders franchise has south end of Las Vegas Boulevard sits Town Square, 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 FREMONT STREET An affluent, master-planned community to the northwest Fremont Street, the biggest draw in downtown Las Vegas, 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 Tivoli Village and Downtown Summerlin, 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 casino 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 Louis Vuitton, Christian Louboutin Forum Shoppes at High End, Burberry, Longchamp, Gucci, Lululemon, Disney Magical $141.00 PSF 1,600 - 43,000 Caesars Palace Tourists Balenciaga, 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, Fendi, Guerlain, 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 Miracle Mile Shops 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, Prada, Lalique, Ermenegildo Zegna and Harry Winston. Chanel, Tiffany & Co., Harry Winston and Louis Vuitton. The Shops at Crystals: Crystals is one of the premier Grand Canal Shoppes 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 New York, Fendi, Guerlain, Jimmy Choo and Salvatore Ferragamo. The Fashion Show Mall: 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 Green Valley Ranch 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 Palace Station 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.