WMC CEO calls winter market 'a watershed'
By Furniture Today Staff -- Furniture Today, March 19, 2007
Las Vegas — The World Market Center's CEO said last week 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," Harvey Dondero said in a press release. "This was a watershed and a turning point for the industry. Las Vegas clearly represents the future of the home furnishings industry."
WMC declined to give an attendance figure for the latest show, but 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 WMC'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.
The third structure in the WMC complex, Building C, is under construction and is expected to open in July 2008. The 16-story, $540 million structure is more than a 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 square 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 Cos., a partner in the World Market Center.
He said the developers plan "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."
