PUMA Opens Flagship Store in Las Vegas
PUMA has opened a 25,000-square-foot store at BLVD, a 400,000-square-foot retail center coming online in Las Vegas. The retailer’s second flagship venue in the U.S. was also the first frontstore to open at the mixed-use development.
Originally scheduled for delivery in August 2024, the BLVD project still has unfinished retail spaces. The grand opening event is now slated for 2025, as reported by Las Vegas Review Journal.
Considered to be the largest standalone retail destination on The Strip, BLVD is developed by Gindi Capital. The company purchased the 9.5-acre site for $172 million back in 2019, with the help of a $97 million loan provided by JPMorgan Chase.
BWA Architects, 5+design and 3 Egg Studio provided architectural services for the three-story building, while Schimenti Construction, Colkitt Architecture and the internal PUMA team spearheaded the tenant fit-out.
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PUMA’s three-story retail space with Las Vegas-inspired apparel features a professional F1 simulator and an interactive arcade. Other retailers at the development include In-N-Out, H&M and Adidas. JLL Vice Chairman Michael Hirschfeld leads the leasing efforts at the property.
BLVD is in the middle of The Strip at 3743-3759 Las Vegas Blvd., east of Interstate 15. The location is surrounded by hotels and within walking distance of major sporting venues.
The retail scene in Las Vegas
The Las Vegas metropolitan area has recorded some positive retail metrics in the third quarter of this year, according to a recent Colliers report. Around 11,695 square feet of retail space came online, bringing year-to-date completions as of September to 109,109 square feet.
Meanwhile, the vacancy rate clocked in at 4.0 percent, 0.3 points lower than in the same period last year. The average asking rental rate for retail space increased to $1.71 per square foot, while the average sale price was $708.39 per square foot.
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