Constructing Shopping Malls in Las Vegas Despite

¶ … constructing shopping malls in Las Vegas despite a slowdown in rest of the parts of the country. The author has noted that Las Vegas is now turning towards constructing large shopping malls instead of focusing on their traditional gambling business. The author comments that constructors have big plans about the construction of new malls and intend to create mega malls as big as having a million square feet of shopping space, where everything will be easily available ranging from T-shirts to expensive apparels. Furthermore, the author has also notified the increasing interest of constructors in the ongoing projects of shopping malls in Las Vegas. According to him, some big construction firms are making massive investments in this emerging industry. For instance, Rouse and Company, which has developed several shopping malls across the country, has recently invested 1 billion dollars in a renovation project of Fashion Show Mall.

Las Vegas is developing into a leading shopping destination with several famous luxury shops present in the city. With the development of some new shopping malls, the city will become one of the most exciting shopping places in the country. Currently Las Vegas is home to several world-class stores, which have a wide range of products available to appeal the customers. Although, the city has been known for gambling, conventions and weddings, it is now transforming into a major shopping arena. Presence of numerous shopping malls, discount stores, factory outlets and casino retail malls makes it attractive for almost everyone. Establishment of several impressive new shopping outlets and malls has made it a superb shopping destination. A few new streets are also being added to the famous Strip of Las Vegas including Beverly Hills Rodeo Drive, New York's Fifth Avenue and Paris Rue Faberge St. Honoree. The development of expansive malls and stylish shops has made the shopping experience memorable for the visitors.

The author also comments that with the expansion of Las Vegas' famous Fashion Show Mall, shopping space will become almost double and several anchor stores will be added to the shopping center. After its completion, the Fashion Show Mall will become one of the biggest shopping malls of the country having eight anchor stores in its facility. Other shopping malls have also joined the race of expanding their physical space and bringing improvements in their structures. Although, the trend of expanding the existing shopping malls and developing new malls is on its peak and constructors are foreseeing a considerable opportunity for further growth in this segment but there is also a negative side of this picture. Experts and economists argue that the present shopping space of Las Vegas is already sufficient enough to meet the shopping needs of the customers. They fear that with the development of new malls, the shopping malls of Las Vegas will become over occupied.

However, the author has also mentioned the developer's point-of-view on the issue who think that there is still considerable potential for growth of shopping malls in the Las Vegas market. According to a senior executive of one of the developers, shopping malls in Las Vegas are in fact lesser in number as compared to the demand for shopping centers. The author has also shown concern over the feeling of dejection that exists among the retail industry professionals in other parts of the country. These professionals believe that the growth in retail industry of Las Vegas is primarily due to its highest population growth rate, low crime rate, low taxes and most importantly because of its flourishing gambling business.

However, the author rejects such claims by mentioning the failure of some famous casinos and gambler's spots. He argues that most of the famous gambling resorts are now converted into shopping malls after running out of business. Interestingly, some of the large casino cum shopping malls are now focusing more towards the advertising and promotion of their retail outlets and are giving least importance to their gambling business. The author has noted that the business practices at Las Vegas are now changing, which is evident from the fact that some of the malls even don't mention their casinos in their advertisements. The rising trend in retail business of Las Vegas has convinced many businessmen from other cities to invest their money in this promising market.

In addition to this, the author has also supported his claim about the potential of growth in Las Vegas retail industry with the help of facts and figures presented by Las Vegas Convention and Visitors Authority. According to their findings the proportion of amount spent by visitors on shopping has considerably increased in comparison to the amount spent on gambling. However, retail business in Las Vegas has suffered after the terrorist attacks. This slowdown in business has resulted in the form of a 10 to 5% decline in rents. With the span of time, the business activity in Las Vegas is expected to regain its normal pace. In addition to this, the author believes that the rise in retail business of Las Vegas is not only because of the visitors but it can also be attributed to the fast growing population of the region. As thousands of people move every year to this region, population is expected to increase significantly in the coming years. However, experts and economists are still doubtful about the success of these new shopping malls.

The author has presented the issue of growing number of shopping malls in a very effective manner. He started his article with a brief introduction of Las Vegas as a capital of gambling and a potential hub for shopping malls. To illustrate his point, he presented facts and figures relating to the issue. For instance, he mentioned the investment of the Rouse Company in the renovation project of the Fashion Show Mall. In addition to this, he has also discussed about several other ongoing projects initiated by some other companies. This information is useful enough to provide a clearer picture of the scenario.