LAS VEGAS - Cushman & Wakefield

0Cushman & Wakefield | Las Vegas | 2019

LAS VEGASCushman & Wakefield

Global Cities Retail Guide


LAS VEGASOVERVIEW

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 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 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.


LAS VEGAS BOULEVARDThe best retail shopping can be found along the iconic Las Vegas Strip, which comprises several retail centers popular among tourists. 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. On the south end of Las Vegas Boulevard sits Town Square, a retail hub popular among locals for its hip restaurant, entertainment and high-end shopping options.

LAS VEGASKEY RETAIL STREETS & AREAS

SUMMERLINAn affluent, master-planned community to the northwest of Las Vegas, Summerlin has an average household income of $139,000 and a population of nearly 100,000. As well as being home to several higher-end retail projects including Tivoli Village and Downtown Summerlin, Summerlin is the new site of the $150M minor league baseball stadium for the Las Vegas Aviators.

HENDERSONThe second-largest city in Nevada, Henderson is the southeastern suburb of Las Vegas ranked number two on the Forbes list of America’s safest cities and listed by Bloomberg and CNN Money as “one of the best places to live” and “one of the best places to retire” in America. The upcoming move of the NFL’s Raiders franchise has brought development to the areas surrounding the future practice facility, such as the Village at St. Rose and Matter Park at West Henderson.

FREMONT STREETFremont Street, the biggest draw in downtown Las Vegas, is a five-block entertainment district that houses some of the city’s most historic casinos and more than 60 restaurants, shops and retail kiosks. The pedestrian mall is covered by a massive LED canopy suspended 90 feet above the sidewalk, featuring a laser light show and a 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.


LAS VEGASMARKET OVERVIEW

KEY AREAS / STREETS/SHOPPING CENTERS

CONSUMER PROFILE

MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT

RANGE OF UNIT SIZES

The Shops at Crystals High End, Tourists

Dolce & Gabbana, Bvlgari, Versace, Louis Vuitton, Christian Louboutin

Hermès Expansion $157.50 PSF 1,400 - 22,000

Forum Shoppes at Caesars Palace

High End, Tourists

Burberry, Longchamp, Gucci, Balenciaga, Valentino

Lululemon, Disney Magical Memories, Modernist Cuisine Gallery, Otheroom

$141.00 PSF 1,600 - 43,000

Fashion Show Mall Tourists, Locals Saks Fifth Avenue, Neiman Marcus, Nordstrom, Macy’s

Alma Lee’s Home, Joeleene, Samsonite, Urban Necessities

$110.00 PSF 1,300 - 50,000

Grande Canal Shoppes High End, Tourists

Fendi, Guerlain, Jimmy Choo, Ann Taylor, Banana Republic

Pizzeria Pronto, Royal BrittaniaGastro Pub

$121.00 PSF 1,600 - 31,000

Miracle Mile Shops Tourists True Religion, French Connection, Guess, Steve Madden

Tipsy Robot, Morpe, QUAY, NYX Professional Makeup

$115.00 PSF 1,400 - 47,000

Las Vegas Premium Outlets

Tourists, Locals Kate Spade, St. John, DKNY, Calvin Klein, Armani Exchange

Saks Fifth Avenue OFF 5TH $28.00 PSF 1,500 - 40,000

Town Square Tourists, Locals, High End

H&M, Apple, Guitar Center, The Container Store, Whole Foods

Eden in Love, Nevada Teachers, PF Chang’s, Bahama Breeze

$32.00 PSF 1,800 - 21,780


THE STRIPThe Linq Promenade: The Linq Promenade is comprised of 300,000 sf and is crowned by the High Roller, the tallest observation wheel in the world. The Promenade also includes Guy Fieri’s Vegas Kitchen and Bar, Ghirardelli, Gordon Ramsay Fish & Chips, Yard House and a dozen retail shops. It also includes Brooklyn Bowl, which is a combined 2000-seat music venue, restaurant and 32-lane bowling alley.

Via Bellagio: This elite destination, mainly tourist destination offers some of the highest end boutiques in Las Vegas. Shops include Gucci, Hermes, Prada, Chanel, Tiffany & Co., Harry Winston and Louis Vuitton.

Grand Canal Shoppes at the Venetian: An indoor mall with an overarching Italian theme, this mall is designed to resemble a street scene from Venice with a canal down the middle, complete with boat rides and singing 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 Forum Shops at Caesars Palace: A grandiose, Roman-inspired luxury shopping destination consisting of approximately 160 shops, restaurants and entertainment attractions, The Forum Shops contains such luxury retailers as Burberry, Longchamp, Gucci, David Yurman, Valentino and Balenciaga.

LAS VEGASSHOPPING CENTERS

Miracle Mile Shops at Planet Hollywood: This 475,000-sf retail location is part of Planet Hollywood’s “Los Angeles”-themed resort destination. It comprises over 200 shops, restaurants and a dozen daily live shows. The shops and restaurants include Tommy Bahama, Steve Madden, True Religion, French Connection and Guess.

Wynn Esplanade: As part of one of the Strip’s most luxurious hotels, this 76,290-sf retail center caters to the affluent. It includes boutique fashion shops with designers such as Alexander McQueen, Christian Louboutin, Lalique, Ermenegildo Zegna and Harry Winston.

The Shops at Crystals: Crystals is one of the premier locations along the Strip offering high-fashion, only-in-Vegas items by major labels aimed specifically at tourists. Labels include Dolce & Gabbana, Bvlgari, Versace and Louis Vuitton.

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 Strip’s sidewalks chooses to amble through Fashion Show on their way from resort to resort. In addition to over 250 stores and 25 restaurants, the mall has eight anchors, the newest arrival of which is Dick’s Sporting Goods.


TOWN SQUARELocated at the south end of Las Vegas Boulevard and with direct access to I-15 and the 215 Beltway, Town Square has cultivated a relaxing, open-air environment with covered parking, ample green spaces and trees lining every sidewalk. Featuring over 150 retailers and 13 restaurants, Town Square also includes an AMC theatre, arcade and entertainment events such as Movies on the Green. Anchors include Whole Foods, The Container Store, Guitar Center and Old Navy.

DOWNTOWN SUMMERLINOpened in the fourth quarter of 2014 and still expanding, Downtown Summerlin is one of the premier regional, mixed-use developments in the country, totaling nearly 400 acres. The property includes 125 shops and restaurants in an open-air shopping environment. Retailers include Macy’s, Dillard’s, Michael Kors, Nordstrom Rack, Crate & Barrel and Sephora. Newly added to Downtown Summerlin are Constellation, a luxury apartment community with 124 units, and a 5-screen Regal luxury theatre with reclining seats and a full bar and dining service.

LAS VEGASSHOPPING CENTERS

TIVOLI VILLAGEAn upscale, outdoor lifestyle center on almost 30 acres of land in Summerlin, Tivoli hosts outdoor concert series, wine and spirit tastings and movies in the park. There are a variety of dining options, including Cork & Thorn, Bistro Blends, Brio and Echo & Rig.

THE DISTRICT

The District at Green Valley Ranch straddles Green Valley Parkway, one of the busiest roads in Henderson, with direct access to the 215 Beltway to the north. The District features 17 dining options and over 60 retailers, including Whole Foods, Pottery 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.


LAS VEGASNEW DEVELOPMENT WATCH

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. 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 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.


LAS VEGASNEW DEVELOPMENT WATCH

DEVELOPMENT TO WATCH OUT FOR

SILVERTON VILLAGE

Total Size 9 Acres

- Anchors Costco, Hyatt Place Hotel

- 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, Starbucks, Blaze Pizza, Firehouse Subs, Panera Bread and more to the nine acres of undeveloped space on the property adjacent to I-15.


With some of the highest-rated restaurants in the nation, Las Vegas has long been considered a target locale for foodies. Dining options extend well beyond the top tier, with satisfying options for every imaginable taste, diet and budget.Feeding the city’s visitors– who topped 42 million last year, according to the Las Vegas Visitors and Convention Authority– is no small task and it’s one for which the Las Vegas dining scene is uniquely equipped. The Michelin 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. Indeed, Joël Robuchon in the MGM Grand has earned the highest rating of three stars, with Michelin’s comment that it is “exceptional cuisine, worth a special journey.” Two restaurants, including Guy Savoy at Caesars Palace and Picasso at the Bellagio earned the two-star honor, crafting “excellent cooking, worth a detour.” Finally, the single star has been awarded to nine restaurants, many of which are on the Strip and can easily be worked into even the shortest of visits to the city. These include Alize at Palms Casino and Hotel, Aureole at Mandalay Bay and Robuchon’s smaller to-go stand, L’Atelier Joël Robuchon, at MGM Grand.

After mega-resorts, celebrity-branded restaurants are some of the most recognizable signs along the Strip. Restauranteurs began recruiting celebrity chefs in earnest after the success of Wolfgang Puck’s Spago, which opened at Caesars Palace in 1992. This was closely followed by the arrival of other televised celebrity chefs, including Bobby Flay (at Caesar’s Palace), Gordon Ramsay (at Paris, Planet Hollywood and Caesars Palace), Giada de Laurentiis (at Cromwell Hotel and Caesar’s Palace),and Guy Fieri (at The Linq and Rio Las Vegas). Wolfgang Puck himself now owns four other restaurants along Las Vegas Boulevard: CUT (Palazzo), Lupo(Mandalay Bay), Cucina (The Shops at Crystals) and Wolfgang Puck Bar & Grill (MGM Grand).

Vegetarians and vegans are particularly well-served in Las Vegas, which was named one of the top ten vegan-friendly cities by VegNews in 2017. Vegan options are offered at every restaurant in the Wynn and Encore Resorts, as well as Panevino Italian Grill, The Pizza Company and Panacea. Exclusively vegan restaurants are numerous, including the drive-thru and fast-food-inspired Vegeway, the cinnamon roll bakery Cinnaholic, and of course the locally-famous VegeNation, which has locations in Downtown and in Henderson.

LAS VEGASFOOD & BEVERAGE


FOOD & BEVERAGE MARKET OVERVIEWLAS VEGAS

KEY AREAS CONSUMER PROFILE

FOOD & BEVERAGE OPERATORS INCLUDING

RENT FOR 3,500 SQFT UNIT

Aria Resort High End CATCH, Liquid Pool Lounge $154.00 PSF

Mandalay Bay High End Aureole $128.00 PSF

Palms Casino Resort High End Scotch 80 Prime $110.00 PSF

The Palazzo 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

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.

ERIKA SCHANKEManaging DirectorAmericas Retail Services1290 Avenue of the AmericasNew York, NY 10104, USATel: +1 212 841 5024Mob: +1 404 680 [email protected]

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LAS VEGAS - Cushman & Wakefield