Las Vegas has become solidified as a major hub for luxury retailers. Every high-end brand is looking to expand their Sin City presence in order to capture some more of the lucrative market. Wynn Las Vegas understands demand is high, and plans to add an additional 75,000 square feet of luxury retail space on the Strip. The project dubbed Wynn Plaza is scheduled to open in fall of 2017 and will make Wynn Las Vegas an impressive 173,500 square feet property.
“We had 300 or more feet on the Strip right on the sidewalk in unused real estate that was very, very valuable,” Steve Wynn, chairman and CEO of Wynn Resorts, said in a statement. “This represents an opportunity for future development that is quite unique.”
Brian Sorrentino, director at Las Vegas-based ROI Commercial Real Estate added, “There are a number of large-scale retail venues located within the resort corridor that are anchored by major hotel-casinos, which include a number of malls that are in the 500,000-square-foot range, and reports tend to suggest that they are succeeding in the current market. While we remain cautious about the amount of retail inventory located within the resort corridor, consumer spending trends have continued to evolve and favor nongaming amenities such as shopping.”
“If they can offer their guests more shopping experiences so they don’t have to go to Forum or Crystals, they’ll try and have their guests spend as much time as they can there and not leak sales elsewhere on the Strip,” Sorrentino continued. “It’s a smart decision because they’re turning nonrevenue-generating space into revenue-generating space.”
Wynn Plaza is poised to be one of the Strip’s main attractions. It will have two entrances directly off the Strip and valet service. Not to mention that it will be not one, but two stories featuring some of that Las Vegas sunshine through the skylight rotunda. The design was made possible by a haute collaboration with architectural designer Roger Thomas, executive vice president of architecture firm DeRuyter Butler, and Wynn Design and Development.
