VEGAS INC Magazine - Latest Las Vegas business news, features and commentaries about gaming, tourism, real estate and more
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READ ALL ABOUT IT THE ECONOMY TOURISM SPIRIT AIRLINES MAKES ITS MOVE AT MCCARRAN By Richard N. Veott asenior staff writer A discount air carrier that mostly focuses on leisure travelers and calls itself “the unbundling leader in the industry” is quickly becoming a competitive force at McCarran International Airport. Miramar, FL-based Spirit $9 Airlines is nearly doubling its fleet. Its recently announced routes from Las Vegas to San Diego; Oakland and Portland will make McCarran Spirit’s second- busiest destination behind its primary hub, Fort Lauderdale, FL. “When it first came here in 2002, Spirit had Spirit offers $9 fares to members of its $9 Fare Club, which costs $60 a year to join. Members get notifications of discounted fares, some as low as a penny. FOR RENT: Windows refl ect an empty parking lot as an employee of LT Nails & Spa makes a call in front of a closed restaurant. Retail Sales Up This Year, But Vacancies Are, Too By Buck Wargostaff writer The recovery for Las Vegas’ retail real estate market appears to be short lived. Colliers International Las Vegas reported the vacancy rate rose during the second quarter and the retail market is tailing off after showing some improvement in 2010. Colliers had a more optimistic assessment about the office and industrial sectors, which appear to be stabilizing. The firm said the retail vacancy rate was 12.1 percent at the end of June, up from 11.5 percent at the end of the first quarter. This marks the second consecutive quarter that more space has been vacated than occupied, said Colliers Research Director John Stater. Rental rates have continued to slide, falling to $1.48 per square foot per month, a 10 percent decline from a year ago, he | 4 JULY 2011 | said. That’s based on a triple net lease in which the tenant pays for rent, taxes, insurance and maintenance. Retail sales are up this year and retail employment has remained stable at 91,000 jobs between May 2010 and May 2011, Stater said. “Given the continued struggles of the commercial real estate market, it seems likely that a good portion of the employment increases we’re seeing in retail are occurring on the Las Vegas Strip and not in the suburban shopping centers,” Stater said. Although the retail numbers appear grim, Stater said there should be some improvement as casinos add jobs. “The retail market should be the first sector of the local commercial real estate market to feel the effects,” Stater said. “This is because more jobs means SEE SECOND QUARTER PAGE 13 Vegas then AROUND THE VALLEY According to Colliers International, the highest retail real estate vacancy rate for the secnod quarter in Southern Nevada was 16.3 percent in downtown Las Vegas. The southwest valley’s .rate of 9.6 percent was the lowest. The area surrounding UNLV had a 14.4 percent rate, Henderson a 12 percent rate and the northwest valley an 11.2 percent rate. Pick ’Em Get smart Power Lunch CLICK THIS .com For the full Colliers International report, go to colliers.com/ Markets/LasVegas/ MarketResearch. LAS VEGAS Buy high Sell low VEGASINCmag just a couple of daily flights to Detroit and Fort Lauderdale,” Clark County Aviation Director SEE SPIRIT PAGE 13 TOURISM CANNERY GIFT SHOP SHORT ON GIFTS, LONG ON BOOZE By Richard N. Velott asenior staff writer You see them at nearly every casino: gift shops. Most have a lot of overpriced Power tweets The Numbers Sin City Media snacks, a few displays of logo wear, soft drinks and bottled water. But the Cannery, a North Las Vegas locals casino, will try something different with its newly opened Canteen . “It’s going to look like a Overheard Done Deal Chatter We hear YOUR AD HERE Executive class Read this! The Pitch is back $3 NOW SERVING 95 VEGASinc2021 Gate keeper American dream ? ? ? ? ? ! $ Moonlighting miniature liquor store,” said Josh Killian, the director of marketing. “Hotel guests can still pick up toothpaste and deodorant and various sundries. But there mainly will be rows and aisles of liquor products.” Among the specials that will be offered is a six-pack of Budweiser for $3 for Can Club members. There’ll be a limit of one six- pack of beer per day. SEE CANNERY PAGE 13 11 STEVE MARCUS