|By PR Newswire||
|December 4, 2013 06:00 AM EST||
LAS VEGAS, Dec. 4, 2013 /PRNewswire/ -- Las Vegas is all about experiences. And what the Vegas Strip has long needed is a major retail destination which truly redefines the shopping experience. Grand Bazaar Shops™ is an innovative, uniquely merchandised venue that will give Las Vegas its first truly urban shopping scene.
Scheduled to open in Fall 2014 at the entrance to Bally's Las Vegas, Grand Bazaar Shops is an outdoor shopping mecca that resonates with the city's reputation for exciting, immersive experiences. Designed as a "21st century bazaar," Grand Bazaar Shops is located directly on the Vegas Strip at Flamingo Road, inviting visitors to explore 150+ shops on more than two acres and discover its many rare and wonderful treasures. Along with a breadth of food, dining and bar venues, Grand Bazaar Shops blends the old and the new like a fine spice mix: paying homage to the world's greatest open-air markets while creating new modern attractions.
Helping redefine the iconic Las Vegas skyline with a new, must-see experience will be a spectacular Swarovski™ Crystal Starburst towering over the brand's store, with a midnight spectacle of lights and music that will make every night feel like New Year's Eve at the heart of the Las Vegas Strip.
The Grand Bazaar Shops concept was pioneered by Juno Property Group chairman Laurence "Larry" Siegel, former chairman and chief executive officer of The Mills Corporation. "The inspiration came from the great markets of the world I've seen – the Grand Bazaar in Istanbul, Portobello Road and Camden Markets in London, the fantastic night markets in Asia, the spice markets in India, the souks of Northern Africa and the Middle East," said Siegel. "With their rich colors, sounds and smells, these wonderful shopping experiences are often the centerpiece of local culture and commerce. With Grand Bazaar Shops, we aim to marry recent developments in retail, which have seen smaller, more unique and interactive stores in a variety of shopping environments. Grand Bazaar Shops will be a new, visually distinctive feature of the Strip, its aesthetically beautiful mosaic-patterned rooftops designed to resemble the colorful, undulating roofs of classic bazaars, inspired by those in Europe and worldwide."
The project is being built at the busiest intersection in the city – Las Vegas Boulevard and Flamingo Road, across from the Bellagio fountains and surrounded by Bally's Las Vegas, Caesars Palace, Flamingo Las Vegas and Paris Las Vegas – on a site that 20+ million people pass through each year, reaching more than half of the city's annual tourist population. Not tucked away inside a mall, Grand Bazaar Shops can be accessed directly from the Strip, Bally's and Paris Las Vegas, and via the bridges from the Bellagio and from Flamingo Las Vegas and Harrah's.
Larry Siegel and Juno Property Group are developing Grand Bazaar Shops with several partners: affiliated funds of the Perella Weinberg Partners Asset Based Value Strategy, Glimcher Capital Group and Caesars Entertainment.
David Schiff, partner at Perella Weinberg Partners and portfolio manager of Perella Weinberg Partners Asset Based Value Strategy, said, "Grand Bazaar Shops is an exciting retail development project, and we are thrilled to be partnering with this distinguished group to bring this innovative retail concept to Las Vegas. We believe that this ideal location, combined with a highly compelling concept and a strong group of tenants, puts us in a position to create compelling value for our investors."
"Grand Bazaar Shops is located on arguably the greatest piece of undeveloped real estate in the country, and we are ecstatic about the opportunity to develop this project," said Daniel Glimcher, a principal at Glimcher Capital Group. "Its unparalleled location will offer our tenants outstanding sales and brand extension opportunities and its collection of unique retail, food and beverage concepts will make Grand Bazaar Shops one of the most attractive new destinations in Las Vegas."
Launching with close to 55,000 square feet, Grand Bazaar Shops is designed to be easily walkable, as are its individual shops, with store sizes ranging between 150-300 sq ft, and to a select group at up to 1500-2000 sq ft. Many tenants are the first of their kind in Las Vegas, the United States or worldwide, with categories spanning apparel, footwear, eyewear, accessories, jewelry, health/beauty, specialty, electronics, and entertainment.
Tenants include well-known brands like Swarovski and Swatch, hot international companies expanding their presence in the U.S. like Superdry, Havaianas and Campo Marzio, and special boutiques from around the United States. At approximately 23,000 sq ft, more than a third of the project is dedicated to restaurant and bar concepts as well as food stores, such as five separate shops from American chef Sam Marvin offering artisanal cupcakes, ice cream, macaroons, meats, and spices.
"Swarovski is pleased to play a central role at Grand Bazaar Shops, a new Las Vegas landmark that will offer a modern-day marketplace to the world," stated Wayne Page, senior vice president of the company. "As a salute to the rich heritage and unique entrepreneurial spirit that will be brilliantly highlighted at Grand Bazaar Shops of Las Vegas, Swarovski is excited to unleash the brilliance of its crystal to light the skies above this marketplace of tomorrow."
Grand Bazaar Shops will be an outdoor gathering spot for nightly celebration that will light up the Vegas Strip. In addition to its Swarovski Crystal Starburst and its beautifully lit, mosaic-patterned rooftops, Grand Bazaar Shops will feature other exciting attractions from great brands to be announced.
"Grand Bazaar Shops at Bally's Las Vegas will offer an engaging new experience, at the heart of the Las Vegas Strip, for the myriad of visitors interested in unique shopping and dining concepts," said David Hoenemeyer, president of Bally's, Paris Las Vegas and Planet Hollywood Resort & Casino.
For more information about the project, please visit www.grandbazaarshops.com.
About Larry Siegel and Juno Property Group
A recognized leader and visionary in the shopping center industry, Larry Siegel has revolutionized the way that consumers spend leisure time. Throughout his 35-year career, and currently in his role as chairman of Juno Property Group, he has led the development of over three dozen world-class retail and entertainment destinations, projects comprising 35+ million square feet of space, in major markets across the U.S. and in Canada and Europe.
As chairman of the board and CEO of the Mills Corporation, a Washington-DC based REIT, Siegel pioneered the modern-day outlet shopping experience, creating some of the first off-price centers in the U.S. and later bringing the outlet-shopping format into the 21st century. With Potomac Mills, Sawgrass Mills and Vaughan Mills, he worked to mainstream the outlet center into a popular retail format. Fueling its success, the Mills off-price shopping centers incorporated better brands like Saks OFF 5th, Neiman Marcus Last Call, Coach and Polo, among others, and blended consumer-friendly amenities into the shopping center like megaplex movie theaters, themed restaurants and vibrant entertainment. Along with other U.S. achievements, including one of the first and most successful lifestyle centers in the U.S., the Block at Orange in Southern California, Siegel has earned a reputation in international development. One of the first U.S. developers to build a ground-up regional mall on the European continent, Madrid Xanadu, Siegel also saw the importance of cross-border retail and brought one of the first IKEA stores to the U.S., the first Bass Pro Shops and Linens-N-Things stores to Canada, and the first Tommy Hilfiger store to Europe, to name a few.
In leaving an indelible mark of creativity and entertainment on the modern-day retail experience, Larry Siegel has been recognized by Chain Store as one of the "Top 25" people influencing retail in the 1990s. Additionally, while at Mills, he was chosen as Greater Washington, D.C. Real Estate and Construction Entrepreneur of the Year in the annual program sponsored by Ernst & Young.
About Perella Weinberg Partners Asset Based Value Strategy
Perella Weinberg Partners Asset Based Value Strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the Strategy has grown to manage in excess of $2.1 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners Asset Based Value Strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the Strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities at favorable valuations.
Perella Weinberg Partners Asset Based Value Strategy is a unit of Perella Weinberg Partners, a leading independent, client-focused financial services firm providing advisory and asset management services to a broad, global client base, including corporations, institutions and governments. The Advisory business advises clients on mergers, acquisitions, defense advisory, financial restructuring, private capital raising, and pension matters. The Asset Management business includes a suite of hedge fund strategies, private investment funds (including real estate) and outsourced CIO solutions. Together with its affiliates, the Asset Management business has capital commitments and managed assets of approximately $10.4 billion. With more than 400 employees, Perella Weinberg Partners maintains offices in New York, London, Abu Dhabi, Denver, Dubai, and San Francisco. For more information on Perella Weinberg Partners, please visit www.pwpartners.com.
About Glimcher Capital Group
Glimcher Capital Group is a boutique real estate investment, development and advisory firm with a focus on opportunistic level returns. The company targets off-market acquisitions, ground-up development projects, and distressed debt opportunities in property sectors and markets where it has significant operating experience and strong industry relationships. In addition to Grand Bazaar Shops, Glimcher Capital Group targets lodging and hospitality assets, multi-family properties (with a focus on student housing and age-restricted housing) and distressed opportunities such as broken condominium projects or partially built hospitality and multi-family assets.
Glimcher Capital Group was founded in 2010 by Daniel Glimcher, a veteran real estate investor, developer, attorney and operator. Integrity in all of its business dealings is the foremost operating philosophy on which Mr. Glimcher founded the Company. Glimcher Capital Group has a number of institutional and high net-worth investor relationships and prides itself in structuring transactions which align its investors' interests with its own. For more information, please visit www.glimchercapitalgroup.com.
About Bally's Las Vegas
Bally's Las Vegas is located on the center of the world-famous Las Vegas Strip, across from Caesars Palace and next to Paris Las Vegas. The 44-acre resort features two 26-story hotel towers including the all-new Jubilee Tower and offers 2,814 guestrooms, including 244 suites. The resort features 11 restaurants, a relaxing pool oasis, a lavish spa and casino space featuring a Party Pit, poker room, 1,100 slot machines and a first-class Race & Sports Book known for its stadium-style seating and abundance of high-definition television screens. Entertainment options include Jubilee!, the longest-running show on the famous Las Vegas Strip and the last remaining showgirl production of its kind, as well as VERONIC Voices starring female tribute artist Veronic DiCaire. Bally's Las Vegas is also the new home to a staple in Las Vegas nightlife, the legendary Drai's After Hours. Every Sunday, guests can indulge in the finest array of food from around the world, including caviar, sushi, lobster and Champagne at the world-famous Sterling Brunch. For more information, please visit www.ballyslasvegas.com or caesars.thedigitalcenter.com to access media materials and request high-resolution images. Find Bally's on Facebook and follow on Twitter.
About Caesars Entertainment
Caesars Entertainment Corporation is the world's most diversified casino-entertainment company. Since its beginning in Reno, Nevada, 76 years ago, Caesars has grown through development of new resorts, expansions and acquisitions and now operates casinos on four continents. The company's resorts operate primarily under the Caesars®, Harrah's® and Horseshoe® brand names. Caesars also owns the World Series of Poker® and the London Clubs International family of casinos. Caesars is focused on building loyalty and value with its guests through a unique combination of great service, excellent products, unsurpassed distribution, operational excellence and technology leadership. We are committed to environmental sustainability and energy conservation and recognize the importance of being a responsible steward of the environment. For more information, please visit www.caesars.com.
SOURCE Grand Bazaar Shops