Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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LAS VEGAS RETAIL 350 • SHOPPING CENTER BUSINESS • May 2016 Not one to be outdone — especially in the luxury arena — Steve Wynn also an- nounced plans to develop Wynn Plaza, a 75,518-square-foot luxury retail complex to complement the existing retail collec- tion at Wynn Las Vegas and Encore. The two-story center will feature two entranc- es off the Strip, a dedicated valet service, atriums and a skylight rotunda. Its design is said to be influenced by European ele- ments like the Avenue Matignon in Paris. "We had 300 or more feet on the Strip right on the sidewalk in unused real estate that was very, very valuable," said Wynn recently, who is chairman and CEO of Wynn Resorts. "This represents an op- portunity for future development that is quite unique." The project is scheduled to debut in fall 2017. It will bring Wynn's total retail foot- print to more than 173,500 square feet. The new entries will join existing retailers like Chanel, Louis Vuitton, Dior, Hermès, Loro Piana, Moncler, Prada, Alexander McQueen and Givenchy. MIRACLE MILESTONES While MGM and Wynn have their hands in the luxury market, Caesars En- tertainment is hoping to court tourists with a slew of renovated retail spaces, new tenants and its own entertainment offerings that have become fixtures at the Miracle Mile shopping mall at Planet Hollywood. The 1.2-mile-long center will soon welcome Nacho Daddy, Hot N Juicy Crawfish and the Drybar to its roster. It welcomed Buffalo Wild Wings and Wel- come to Las Vegas souvenir shop earlier this year. Wendy Albert, senior director of mar- keting at Miracle Mile Shops, says the addition of three new restaurants is no accident, given the consumers' current penchant for food-based experiences. "In the past few years, we've paid close attention to trends in Las Vegas and began putting a bigger focus on developing our dining options," she says. "We've been transforming a 60,000-square-foot space on our south end into a restaurant desti- nation. It began with the opening of the Strip's first Buffalo Wild Wings in Octo- ber 2015. Later this year, we'll welcome Nacho Daddy and Hot N Juicy Crawfish to that area as well." Miracle Mile is also expanding some of its most popular offerings. Victoria's Se- cret recently relocated within the center, debuting a new 20,000-square-foot space that is nearly triple the size of its original store. It is the largest Victoria's Secret retail space in Las Vegas. H&M is set to take over Victoria's Secret's old space, allowing the discount apparel retailer to double its size to 15,000 square feet. The remodeled store will open this fall. Bikini Bay and Ben & Jerry's Ice Cream are also undergoing interior renovations. The renovations and new restaurant offerings are part of a larger effort to re- main competitive in a desert oasis that can rarely hold a tourist's attention for long. Like The Park, Albert and her team are conscious of the fact they must provide an entertaining experience as tourists peruse the indoor retail offerings. "Since we rebranded to Miracle Mile Shops in 2007, we've been much more than a traditional indoor mall with a mix of shopping, dining and entertainment," she says. "Las Vegas is unlike many other cities, especially for the shopping indus- try. Our visitors come to Miracle Mile Shops and want to be wowed." The center features both free and tick- eted entertainment, ranging from com- edy, magic and hypnosis shows to Elvis and the Beatles impersonators, fountain shows and a "rainstorm" experience. "A cornerstone of our unique shopping experience is the variety of entertainment we provide shoppers," Albert continues. "Our customers can choose from 14 daily shows inside two live entertainment ven- ues, which feature anything from comedy to a classic burlesque show with a mod- ern zombie twist. Plus, just by walking through the mall, they can watch our com- plimentary multi-million-dollar fountain show or see a live rainstorm in the desert." Many of the new Miracle Mile proj- ects are also surrounded by milestones, another way the center is attempting to differentiate itself from the competition. In addition to the largest Victoria's Secret in Las Vegas, the Miracle Mile locations will represent the first outposts on the Las Vegas Strip for Nacho Daddy and Buffa- lo Wild Wings. This will also be Drybar's first Las Vegas location. Another Caesars Entertainment prop- erty just down the road is set to receive a big "first" of its own. The LINQ Prom- enade will soon be home to the Strip's first In-N-Out Burger, which is slated to open this fall. This center-Strip proper- ty may just be the perfect venue for the popular burger chain's latest milestone. The LINQ Promenade itself was the first open-air shopping, dining and entertain- ment district run by a major operator on the Strip. Anchored by the High Roller, the world's tallest observation wheel, the LINQ is also set to receive seven new tenants, including Gordon Ramsay Fish & Chips, Canter's Deli, Virgil's Real BBQ, Amorino, Basin White, Purple Zebra and C&E Studio Tony Vegas. With all this investment activity — not to mention bragging rights — on the line, it's safe to say Las Vegas is back. It may not have been restored to its former glory, but it would be difficult to argue that the city and tourists who fill it are somehow missing out by receiving a restaurant-lined park, rather than acres of slot machines as far as the eye can see. SCB Shade structures at The Park. Courtesy of Francis and Francis.

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