M
ichael Hirschfeld, vice chair of JLL and leasing agent for BLVD, a new retail development on the Las Vegas Strip, shared insights into the future of retail in front of hotels on the Strip. Speaking to members of NAIOP Southern Nevada, he discussed how the Strip will evolve with every casino owner monetizing their property's unique features, making it more walkable.

    Hirschfeld estimated that there is 300,000 to 400,000 square feet of unsatisfied retail demand for Strip-facing properties. He expects these spaces to become a streetscape, with fountains and water features becoming internalized for hotel guests. This transformation will take around five to ten years.

    BLVD, which replaced the Hawaiian Marketplace with 400,000 square feet of space, is already attracting major brands such as Puma, Lululemon, and Adidas. Hirschfeld noted that these retailers are adapting their product offerings and staffing strategies to cater to the unique psychographic of people walking by on the Strip.

    The development's success can be attributed to its focus on street retail in its ultimate form, with 35 million to 38 million people walking by daily – second only to Times Square in New York City. Hirschfeld emphasized that retailers must offer a different experience at BLVD compared to traditional mall retailing.

    A key aspect of the project is its unique rent structure, priced per front foot rather than square foot. This allows tenants to choose their storefront depth and pay accordingly. Hirschfeld cited an example from his past experience in downtown Manhattan, where landlords charged for frontage on Nassau Street.

    Looking ahead, Hirschfeld hinted at upcoming announcements, including a major media commitment and a three-floor 70,000-square-foot installation on the rooftop. He also mentioned an Indian cuisine restaurant coming to the Strip.