WMC CEO Dondero comments on Vegas success
Officials state large increase in visitors
By Furniture Today Staff -- Furniture Today, February 28, 2007
LAS VEGAS — The World Market Center’s CEO said in a press release Tuesday that the success of the most recent Las Vegas Market, Jan. 29-Feb. 2, was a sign of things to come.
“Evidenced by the overwhelming success of the show, World Market Center will be the dominant international market in the U.S. for buyers and manufacturers,” said Harvey Dondero. “This was a watershed and a turning point for the industry. Las Vegas clearly represents the future of the home furnishings industry.”
While the WMC hasn’t reported the attendance at the latest show, it said there was “a 60% increase in new buyers alone from the last show” and “more than a 50% increase in international visitors.” The market said attendance “significantly exceeded the historical average of 50,000 registrations per market.”
The market’s Building B opened for the January show, increasing the exhibition space to more than 3.5 million square feet. The number of exhibitors topped 1,500, representing furniture, decorative accessories, lighting, area rugs and other home categories.
WMC officials said the quality of buyers also improved at the latest show, as did order writing and the number of product introductions.
“The experience of buyers and exhibitors and the high level of energy felt at the market contributed to Las Vegas Market’s overwhelming success,” Dondero said.
The third structure in the planned WMC complex, Building C, is under construction and is expected to open in July 2008. The 16-story, $540 million structure is more than one third leased, market officials said. A parking garage also is under construction.
WMC officials said they will start on the fourth building by the end of this year, which will bring the complex to nearly 7 million feet within three years.
“Accelerating the development of the project allows World Market Center to achieve critical mass in a few short years,” said Ron Wackrow, vice president of The Related Companies, a partner in the World Market Center.
Wackrow said the company plans “continuous and overlapped construction of all the remaining phases of development,” with all eight buildings and 12 million square feet scheduled to be up by 2013 “or sooner.”
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