Las Vegas’ newest shopping emporium, The Crystals at CityCenter, is getting another injection of luxury.
Even as the sector and the city are challenged by economic uncertainty, Donna Karan, Stella McCartney and Yves Saint Laurent will open stores this fall at the 500,000-square-foot shopping center. They will join openings before yearend that include Prada, Gucci, Harry Winston, Emilio Pucci and Balenciaga, among others.
“We take pride that we did The Crystals in the worst economic time, but we didn’t deviate from the mission….Las Vegas didn’t need another mall, so we didn’t do that,” said Farid Matraki, vice president and general manager of The Crystals. “We created an experience.”
The almost $9 billion CityCenter, a joint venture of MGM Mirage and Dubai World subsidiary Infinity World Development Corp. that covers 67 acres and has four hotels and a two-tower condominium complex in addition to The Crystals, underscores the troubles of the gambling and entertainment mecca. It has not been profitable since opening in December, with an operating loss of $120 million in the second quarter ended June 30, according to the MGM earnings report. Its equity value sank to $2.65 billion from $4.88 billion in October.
“If anybody tells you that we are doing fantastic, they are lying,” Matraki said. “We are doing very good. Compared to sales per square foot at other stores in Las Vegas, we are doing good. Some stores are outperforming other stores in Las Vegas. At the end of the day, this building has only been open eight months and some of these retailers in other locations have been there 10 years.”
Matraki said he is encouraged by luxury retailers sticking with their plans for The Crystals and by sales of top-tier merchandise, such as Louis Vuitton’s ready-to-wear and limited edition pieces, at retailers throughout The Crystals.
Donna Karan’s first Las Vegas location will be a 3,000-square-foot store housing the brand’s complete selection of rtw, shoes, cashmere, evening, accessories, intimates, hosiery and fragrances. The 4,000-square-foot YSL store will carry women’s and men’s rtw and accessories. McCartney’s boutique will feature rtw, bags, shoes, lingerie, fragrance, sunglasses and the Adidas collection.
“[Retailers at The Crystals] are selling merchandise here that they won’t sell elsewhere,” Matraki said. “That tells me that the caliber of the client that comes here is a better caliber of client.”
The enduring lure of Las Vegas as an upscale shopping destination is reflected in the roster of tenants at The Crystals, including Tom Ford, Dior, Tiffany & Co., Roberto Cavalli, Versace, Bulgari, Cartier, Hermès, Carolina Herrera, Mikimoto, Ermenegildo Zegna, Kiton and Van Cleef & Arpels.
According to the Las Vegas Convention & Visitors Authority, the number of visitors in the first six months of the year increased 1.9 percent to just more than 18.5 million compared with the same period last year, and gaming revenue for the Strip alone gained 2.6 percent to $2.8 billion.
After the latest slate of retail launches, Matraki estimated The Crystals would be 86 percent occupied, but he said 6 to 7 percent of what’s left is third-floor space scheduled for future development that might not take place for another year. Of the existing space not currently leased, he said there are four to five stores “being negotiated as we speak.”
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion (📷: Dominique Maître)
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)