Developers find retail haven in LV

by Benjamin Spillman
LVRJ.com

Millions of square feet of upscale retail development remain in the pipeline for Las Vegas despite a shaky national economy that has sales drying up in Southern Nevada.

Mall developers, particularly those behind major Strip casino projects or high-profile locals malls, say foot traffic from nearly 40 million tourists annually and a local population approaching 2 million means there is still room for the retail market to go up.

They say major national retailers will open second, third or even fourth locations in Las Vegas and that foreign companies will consider Las Vegas as a place to establish an American presence.

"If you are a foreign brand trying to come to the United States, you can have millions of eyeballs," said Joel Simkins, an analyst at Macquarie Securities.

He cited statistics that show as many as 20 million people annually stroll through the Grand Canal Shoppes, a General Growth Properties mall in The Venetian.

"That is a huge marketing opportunity," Simkins said. "Theoretically, you are capturing half the people who come to Las Vegas."

General Growth, one of the largest mall owners in the country, has a big stake in Las Vegas beyond the Grand Canal Shoppes.

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