Las Vegas


LasVegasSin City, Lost Wages, or the City of Lights, no matter what you call it, Las Vegas is undoubtedly the Entertainment Capital of the World. The city is best known for its mega-resorts & casinos, most of which are clustered around Fremont Street or located along the world-famous Las Vegas Strip. In addition to the mega-resort draw, Las Vegas hosts over 22,000 conventions every year, more than any other city in the United States.

In the past few decades, Las Vegas has also become one of the top restaurant, shopping, and nightlife cities in the world. In 2013, Forbes stated that “(Las)Vegas has arguably the best fine dining scene in the country”. Many famous chefs have established restaurants in Las Vegas including Wolfgang Puck, Bobby Flay, Pierre Gagnaire, Mario Batali, Joel Robuchon, Gordon Ramsay, Guy Savoy, Emeril Lagasse, Giada De Laurentiis and Alain Ducasse, just to name a few. Additionally there is a seemingly endless supply of Four and Five-Star rated hotels including the Bellagio, Four Seasons, Wynn, Encore, Mandarin Oriental,and Aria Resort.

Critics were quick to jump on Las Vegas’ woes during the most recent economic downturn when foreclosures and unemployment spiked in the city. However in recent years 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 in just the past year, including The Cromwell, Hakkasan, Resorts World, Downtown Summerlin, The Delano, SLS Las Vegas, Galleria Mall Expansion, Fashion Show Mall Expansion, Las Vegas Outlet Expansion, The Park Plaza & Arena, IKEA and the $550M LINQ shopping promenade.

 

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The Strip: 36.114706, -115.172848
Summerlin: 36.187100, -115.295612
Henderson: 36.039525, -114.981721
Fremont Street: 36.161255, -115.122084
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THE STRIP


The best retail shopping can be found along The Strip which comprises several retail centers ranging to the very high end. These centers include the Linq, Via Bellagio, Grand Canal Shops at the Venetian, the Forum Shops at Caesars Palace, Miracle Mile, Wynn Esplanade and Le Boulevard at Paris Las Vegas.
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SUMMERLIN


An affluent, master-planned community on the west side of Las Vegas, Summerlin has an average househould income of $128,000 and a population of nearly 100,000. As a result of its high income, Summerlin is home to several higher-end retail projects including Tivoli Village and the newly constructed Downtown Summerlin project.
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HENDERSON


The second largest city in Nevada and located to the southeastern end of the Las Vegas Valley, Henderson is largely a suburban city with the majority of retail focused on local consumers. Henderson was listed as “One of the Best Cities to Live in America” by Bloomberg Businessweek and was ranked as one of the Top 10 “Safest Cities in the United States” by the FBI Uniform Crime Report.
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FREMONT STREET


Downtown Las Vegas or Fremont Street is a five-block entertainment district that houses some of the city’s most iconic casinos, more than 60 restaurants, shops and retail kiosks. The pedestrian mall is covered by a massive LED canopy and is visited by 17 million people every year.

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The Strip: 36.117584, -115.170934
Downtown Summerlin: 36.150022, -115.333169
Tivoli Village: 36.167012, -115.286154
Fremont Street: 36.161175, -115.121903
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THE STRIP


The Linq: The newest retail center on the strip is comprised of 300,000 sf and includes the High Roller, the tallest ferris wheel in the world. The Linq also includes Guy Fieri’s Vegas Kitchen and Bar, Ghiradelli, Sprinkles, Tilted Kilt and other shops.

Via Bellagio: This elite destination offers some of the highest end shopping in Las Vegas and the entire United States. Shops include Gucci, Hermes, Giorgio Armani, Prada, Chanel, Tiffany & Co., Moschino and Fred Leighton.

Grand Canal Shoppes: An indoor mall with an overarching Italian theme, the mall is designed to resemble a street scene from Venice with a canal down the middle. The Shoppes include over 500,000 square feet of unique retail space including Godiva Chocolates, Il Prato, Ann Taylor and Banana Republic.

The Forum Shops: Another indoor mall designed to look like a street scene straight out of Italy, this mall includes over 100 stores, restaurants and speciality shops. These include Abercrombie & Fitch, Cheesecake Factory, DKNY, Emporio Armani, Hugo Boss and Victoria’s Secret.

Miracle Mile Shops: Surrounding the entrance to Planet Hollywood Resort & Casino, this 475,000 square foot retail location is part of a desert theme that includes more than 170 retailers and 15 restaurants. The shops and restaurants include Tommy Bahama, Steven Madden, Aveda, Prana and Lombardi’s.

Wynn Esplanade: As part of one of the Strip’s most luxurious hotels, this 76,290 square foot retail center caters to the affluent. Many of the shops are boutiques with an upscale flare. It includes boutique fashion shops with designers such as Oscar de la Renta and Jean Paul Gaultier.

Crystals at City Center: One of the premier locations along The Strip offering high fashion only-in-vegas items by major labels. Some of the best respected shops include Dolce & Gabbana, Bvlgari, Versace and Louis Vuitton.

The Fashion Show Mall underwent a dramatic remodeling and expansion process in the last decade that transformed the mall into one of the largest enclosed malls in the world at nearly 2 million square feet. In addition to over 250 stores, the mall has seven anchor stores: Neiman Marcus, Saks Fifth Avenue, Macy’s, Macy’s Men’s Store, Forever 21, Dillard’s and Nordstrom.
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DOWNTOWN SUMMERLIN


Downtown Summerlin - Opened in the fourth quarter of 2014, DowNtown Summerlin is one of the premier regional, mixed-use developments in the country. The property consists of over 125 shops and restaurants in an open-air shopping environment. Retailers include Macys, Dilliard’s, Michael Kors, Nordstrom Rack and Wolfgang Puck Bar & Grill
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TIVOLI VILLAGE


Tivoli Village - Is an outdoor lifestlye center with an emphasis on entertainment. The center hosts outdoor concert series as well as movies in the park. There are several dining options including Brio, Bistro Blends, Cantina Laredo and Echo & Rig.
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FREMONT STREET


Fremont Street - One of Las Vegas’s most historic locations houses over 60 restaurants and shops in a pedestrian mall setting. Concerts, lights shows and a zip line are constants at Fremont Street along with the world’s largest video screen.

SHOPPING CENTER TO WATCH OUT FOR
Center NameMgm’s the park
Total Size (Acres) 8
- Anchor20,000 person arena
- LocationConnecting Monte Carlo and New York-New York
Planned Opening Date 2014 - 2016
Consumer Profile International
Description Open Air Lifestyle Center

MGM’s The Park is planning on completing an 8 acre outdoor destination on the strip connecting the New York-New York and Monte Carlo. The pedestrian friendly outdoor district will include landscaped areas, casual eateries, bars, restaurants and retail attractions. Parts of the park will begin opening through the th end of 2014 to 2015, leading up to the opening of a 20,000 seat sports arena in 2016.

SHOPPING CENTER TO WATCH OUT FOR
Center NameIKEA
Total Size (SQFT) 351,000
- Restaurant450 seats
- Designed Items10,000 sf
- Store Settings50 designed rooms
Planned Opening Date Summer 2016
Consumer Profile Regional
Description Furniture Store

Ikea announced that it will open its first store in Las Vegas during the summer of 2016. Construction on the 351,000 square foot store will begin at the corner of Durango Dr. and Sunset Rd. during the second quarter of 2015. The store is expected to feature a 450 seat restaurant, a supervised children’s play area, 10,000 sf designed items and 50 inspirational room settings.


MARKET OVERVIEW
KEY AREAS / STREETS/SHOPPING CENTERSCONSUMER PROFILEMAJOR RETAILERS PRESENTTYPICAL RENT FOR UNIT OF 2,000SQFTRANGE OF UNIT SIZES (SQ FT)
Crystals at City CenterHigh End, TouristsGucci, Giorgio Armani, Prada, Tiffany & Co., Louis Vuitton, Rober Cavalli$150.00 PSF1,400 - 22,000
Forum Shoppes at Caesars PalaceHigh End, TouristsGianni Versace, Fendi, Christian Dior, Dolce & Gabbana$135.00 PSF1,600 - 43,000
Fashion Show MallTourists, Locals Saks Fifth Avenue, Neiman Marcus, Nordstroms, Macy’s $105.00 PSF1,300 - 50,000
Grande Canal ShoppesHigh End, TouristsDooney & Burke, Kenneth Cole, Mikimoto$115.00 PSF1,600 - 31,000
Miracle Mile ShopsTourists Herve Leger, Marshall Rousso, True Religion$110.00 PSF1,400 - 47,000
Shoppes at PalazzoTourists, High EndBurberry, Christian Louboutin, Jimmy Choo, Michael Kors$115.00 PSF 1,500 - 36,000
Las Vegas Premium OutletsTourist, LocalsJuicy Couture, Mark Ecko, Michael Kors$27.00 PSF1,500 - 40,000
Town SquareTourist, Locals, High EndLe Chanelle, Oakley, H&M$30.00 PSF1,800 - 21,780

Data as of May 2016


Food and Beverage

With some of the highest rated restaurants in the nation, including Restaurant Guy Savoy, Joel Robuchon and Twist by Pierre Gagnaire, Las Vegas has and continues to be a top destination for fine dining. However, dining options extend well beyond the top tier and Las Vegas offers options for every imaginable taste.

SLS is the newest resort to open along the Las Vegas Strip in the last 5 years and brings with it several new restaurants including Bazaar Meat by Jose Andres, Cleo and Katsuya by Stark. A couple of restaurants that had previously closed their doors in the Las Vegas market have recently returned. This includes the Tilted Kilt which opened at The Linq and GameWorks at Town Square. Other chefs continued to expand into the market as well including Wolfgang Puck Bar and Grill in Downtown Summerlin, Tony Hu’s Lao Sze Chuan at the Palms Casino Resort and Giada De Laurentiis in the Cromwell.

Celebrity Chefs

As a city built around entertainment, one might first think of the many shows and attractions of the Strip as the only form of entertainment around; however, a different class of entertainer, the “Celebrity Chef”, has turned Las Vegas in to a fine dining destination for the more than 40 million tourists visiting each year. There is no shortage of Celebrity Chefs offering their services to Las Vegas. Leading the way of this movement was Wolfgang Puck with the opening of Spago at Caesars Palace in 1992. Wolfgang Puck now owns five other restaurants along Las Vegas Boulevard including CUT (Palazzo), Postrio (Venetian), Trattoria de Lupo (Mandalay Bay), Wolfgang Puck Pizzeria & Cucina (The Stops at Crystals) and Wolfgang Puck Bar & Grille (MGM Grande).

Soon after, celebrity chefs became in high demand as resorts responded by reaching out to these chefs. This led to the arrival of Emeril Lagasse (Demonico Steakhouse at Venetian), Michael Mina (American Fish at Aria), Bobby Flay (Mesa Grill at Caesar’s Palace) and Mario Batali and Joe Bastianich who partnered up with Andre Agassi (B&B Ristorante at Venetian). From American to French cuisine, the Las Vegas Boulevard is lined with celebrity chefs able to satisfy any appetite.

MARKET OVERVIEW
KEY AREASCONSUMER PROFILEFOOD & BEVERAGE OPERATORS INCLUDINGRENT FOR 3,500 SQFT UNIT
American FishHigh EndLiquid Pool Lounge$150.00 PSF
AureoleHigh EndFoundation Room$125.00 PSF
N9NEHigh EndGhost Bar$108.00 PSF
CutHigh EndLagasse Stadium$115.00 PSF
Eiffel TowerHigh EndGustav's$115.00 PSF
Guy SavoyHigh EndShadow Bar$125.00 PSF
TwistHigh EndHaze$150.00 PSF
MixHigh EndMix Lounge$125.00 PSF

Data as of May 2016


Las Vegas Contacts

Dan Hubbard

Director, Retail Services
3773 Howard Hughes Parkway, Suite 100S
Las Vegas,NV 89169
Tel: (702) 688 6934

Todd Manning

Retail Advisor
3773 Howard Hughes Parkway, Suite 100S
Las Vegas,NV 89169
Tel: (702) 688 6949

Scott Lovell

Corporate Research Director
170 South Main Street, Suite 1600
Salt Lake City, UT 84101
Tel: (801) 322-2000