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ShopTalk: Real Estate News in NY & Vegas

Faith Hope Consolo makes market predictions, while CityCenter announces luxe lineup.

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Las Vegas’ CityCenter

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CityCenter’s Lux Labels
Las Vegas’ CityCenter, a multibillion-dollar retail, residential and entertainment community, has announced a lineup of luxury tenants for the 500,000-sq.-ft. Crystals retail area.

Prada, Christian Dior, Hermès, Bulgari, Louis Vuitton and Ermenegildo Zegna are among the retailers opening in December. Tom Ford, Miu Miu and Paul Smith will also open their first Las Vegas stores there.

The retail moves show progress for CityCenter, which, in the wake of the recession, has had problems with construction and funding. Most recently, buyers of condos in the development have gone after developer MGM Mirage to demand price reductions on properties that have likely lost value since they were purchased two to three years ago.

Leaving Las Vegas
Anchor Blue stores, the accessories and apparel retailer for teenagers, announced in late June that the company would close 46 underperforming stores, including a location in Town Square Las Vegas. The Ontario, Calif.-based company brought on Gordon Brothers Group, a global advisory and restructuring company, to run the liquidation process. In a statement, CEO Thomas Sands was pushing customers to take advantage of the massive sales before the doors close later this year. Not too far away, at the Fashion Show Mall, Ruehl — the Abercrombie & Fitch brand that never quite took off — also announced plans to shutter its store in the shopping center by the end of this year, part of a larger decision to close the chain entirely. Last year, the 29-store Ruehl reported a pre-tax operating loss of $58 million and cited the economy for most of its financial woes.

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