[jpk]

There's a bunch of threads about Las Vegas residential, but I'm wondering what's up with the commercial real estate. I've never seen a town with so much commercial real estate. Strip malls on every block, a mega-store at all four corners of every intersection. It seems wildly overbuilt for commercial RE, like some might say about the hotel-casinos have been. I couldn't believe a town could support so much retail space as it was, and even more looked to be coming.

Now I'm noticing a lot of vacancies and even entire strip mall developments that are vacant. Anyone know if this means that stores have been laying off, or if it's new store openings that are being delayed/cancelled that are most of these vacancies? Is retail traffic holding up at all these locations and is that level of traffic enough to sustain what's occupied?

(I guess on the bright side, a brand new Target opened up recently on Lk Mead Pkwy a few blocks from Boulder Hghwy. The smaller shops around the Target are even opening up. I was betting that one wouldn't open since there are already umpteen Targets in downtown Henderson.)

[Kalbo]

My question about all these recently built strip malls with so many vacant stores, is why is it that nail salons and dry cleaners seem to be the only businesses leasing in these places?

I would think trips to the nail salon and dry cleaning are services that people would cut back on in times like this?

[jpk]

Only way I can explain it is that they drop the lease rates so that small local businesses like salons and dry cleaners can afford the space? But yeah, just like I wonder how many Home Depots can really be supported in Las Vegas, how many nail salons does one need on any given block?

[lvkewlkid]

Originally Posted by jpk

There's a bunch of threads about Las Vegas residential, but I'm wondering what's up with the commercial real estate. I've never seen a town with so much commercial real estate. Strip malls on every block, a mega-store at all four corners of every intersection. It seems wildly overbuilt for commercial RE, like some might say about the hotel-casinos have been. I couldn't believe a town could support so much retail space as it was, and even more looked to be coming.

Now I'm noticing a lot of vacancies and even entire strip mall developments that are vacant. Anyone know if this means that stores have been laying off, or if it's new store openings that are being delayed/cancelled that are most of these vacancies? Is retail traffic holding up at all these locations and is that level of traffic enough to sustain what's occupied?

(I guess on the bright side, a brand new Target opened up recently on Lk Mead Pkwy a few blocks from Boulder Hghwy. The smaller shops around the Target are even opening up. I was betting that one wouldn't open since there are already umpteen Targets in downtown Henderson.)

this would be the first Target in Downtown Henderson, there are no others in Downtown Henderson...

[jpk]

Originally Posted by lvkewlkid

this would be the first Target in Downtown Henderson, there are no others in Downtown Henderson...

There's already one not too far away, a few blocks from the Galleria. But fine, what I meant was there are a plenty of Wal-get CostLowes Depot stores around, each with a lot of strip mall retail stores around them to support.

[lvkewlkid]

the one by the Galleria is not in Downtown Henderson and Downtown Henderson doesn't start until Boulder and Water, but mainly Boulder/Lake Mead and down Water to Horizon, racetrack and greenway go through there too, i wouldn't say it was close to downtown Henderson...According to Google Maps, Basic/Water to the Target by the Galleria would be 5 miles, i would not say that's close, that's like saying that St. Rose hospital on St Rose is in Anthem...Sunset/Stephanie is not even considered Downtown Henderson, but Whitney Ranch and just outside of Green Valley...

Anyways, the reason why we have so much retail and all the corners is because of slot machines, the convenience stores have slot machines, i've seen many dry cleaners with slot machines, they do this so they can all compete for the gaming...i still can't believe why we have so many nail places, but they must feel there is a need...as you can see, we cannot support all that retail, which is why so much is vacant, and its worse when that mega store closes too, which has been happening a lot all over town...

there is not enough retail traffic going on because of the way everything is...i used to spend a lot of time in the 215/Rainbow area, when i worked over there for the past 6 months, the store that i worked at was very low-volume and so were the surrounding stores, not only was Wal-Mart taking away most of the business, but many people didn't even know that the stores were open or just worried about passing the intersection because there was a lot of car traffic was there, and again the car traffic is definitely there, but the retailers were not making any money...

i notice it everywhere i go, the stores are empty and not as booming as they were even a year or two ago...eventually they close, once one store closes in a center and ppl dont go there anymore because that store that they visited closed, less people are going to visit that center and it creates a domino effect...i think its necessary to have the retail on every corner, but not to monopolize all the big-boxes in one center, they should put each mega-store in a separate center so at least the little stores have a chance of getting traffic, but once that mega-store goes out of business, the shopping center will go anyway...

[sideshow bob]

there are a lot of vacancies because the listing brokers are lazy. You can not hang a sign and expect people to flock to you. You need a listing agent that is a go getter. Some one that will find the tenants not wait for the tenants to find them. Message me if you want a recommendation on good Broker.

[Kalbo]

Originally Posted by lvkewlkid

Anyways, the reason why we have so much retail and all the corners is because of slot machines, the convenience stores have slot machines, i've seen many dry cleaners with slot machines, they do this so they can all compete for the gaming

I did not know some dry cleaners have slot machines too, I have not seen this in the few cleaners I have visited in the NE side of Vegas.

[lvkewlkid]

Originally Posted by Kalbo

I did not know some dry cleaners have slot machines too, I have not seen this in the few cleaners I have visited in the NE side of Vegas.

I apologize, I confused dry cleaners and laundromats...I meant to say laundromats, which do have many locations with slots...sorry...

[jfkIII]

Yeah...I was in a laundromat...and it had plenty of slot machines. I kept feeding them quarters...but the spin cycle feature seemed to take forever! There was a bank of some really hot machines that offered choices between delicates and permanent press.