With Las Vegas’ retail vacancy rate remaining above 10 percent, this year’s convention of the International Council of Shopping Centers can help fill some of that space.
The annual convention is expected to bring 30,000 people to Las Vegas in what is called the place where deals get done to build shopping centers and lure retail tenants.
The networking event runs May 22-25 at the Las Vegas Convention Center and will bring in retailers, developers, lenders, public officials, brokers and marketers. Companies set up booths to promote their firms and educational seminars will be held throughout the week.
The Las Vegas development community is gearing up for the convention May 19 at the Orleans when NAIOP, the Commercial Real Estate Development Association, hosts a breakfast meeting to discuss retail industry trends and how they affect commercial real estate.
As for the ICSC event, the featured speakers are Howard Schultz, chairman and president of Starbucks Coffee Co., and former NATO Supreme Commander Wesley Clark.
The convention attracted fewer than 30,000 people in 2009 and 2010 but may surpass 30,000 this year based on early registrations.
Interest is higher this year because of improvement in the economy and retail sales, and retailers looking to expand their stores.
“The outlook is pretty positive right now for the most part and feelings are good about the industry,” said ICSC spokesman Jesse Tron. “That’s no way suggesting it is back to pre-recession levels, but we are in a lot better place than we were last year at this time.”
The convention had attracted as many as 50,000 people in 2007 and 2008 prior to the economic downturn, and Tron said those numbers aren’t expected anytime soon. A show with 40,000 is optimal, he said.
“I think that 50,000 was an inflated number,” Tron said. “You had a booming economy, and people were bringing everyone on their staff -- even some that weren’t necessary. It was kind of like a bonus. But the decision-makers and key people have been here the last two years.”
With the sluggish economy, few retail developments are being built and that means retailers are being recruited to fill space of existing centers, Tron said. Some shopping center owners are getting more access to credit and that will help them redevelop their centers to make them even more appealing to retailers, he said.
The cost to attend the event is $1,250 for non-members who register at the convention. For the first time, ICSC is offering a one-day pass for the Sunday networking and educational sessions at a cost of $265.
For a schedule and more information on the event, go to www.icsc.org.