Las Vegas is clearly a market on the grow
Something big loomed over the streams of market-goers flooding through the World Market Center’s hallways and showrooms last week.
It was something really big, as in a 16-story, 1.6 million-square-foot showroom building that will be open at this time next year. That hulking, monstrous structure literally cast its shadow over the 10-story World Market Center, which will be the biggest kid on the block for only three markets.
And then, in 2008, there will be yet another bigger kid on the block: Phase Three of the eight-phase World Market Center growth plan calls for construction of an 18-story, 2-million-square-foot facility. That third building is scheduled to open in 2008.
The clatter of construction at the WMC’s second building last week provided the soundtrack for the second Las Vegas Market. And the building itself, mostly open to the elements but taking shape fast, provided a powerful icon for this fast-developing market.
In business we are always trying to figure out which companies are growing and which aren’t. Everyone likes to partner with a hot company.
In Las Vegas last week, it was easy to see that that market is on the upswing. While reports on attendance varied, as they always do at any market, it looked to me as if the retail turnout was comparable to the first show. Business appeared to be brisk, a word that is often thrown around at markets but that rings true in Las Vegas.
More important, I think, is the trend line: This market is growing rapidly.
There is a psychological power to a big new building under construction. We don’t often see a sight like that at market these days. On several occasions, as I made my way into a side door of the World Market Center (I can’t reveal my secret access points), I saw people staring up at the building rising high over our heads. It was almost as if they couldn’t quite believe it was there.
But it is. And it will be open next January. The Las Vegas Market is riding high and building fast. (to add public comments click on "Add your Comment" below, or to email Dave directly click here.)
Dave Perry commented:
Michael: Thanks for your posting. I can't agree with you more about retailers deciding the market winners and losers. Retailers can choose to go to more markets each year, if they wish. But I think that at some point they will settle in on where they will go each year. All of us need to see how the process plays out, although we all have our own theories on how it will all play out. But time, as that saying goes, will tell.-Dave
Michael Blakley commented:
The expansion of Las Vegas showroom space is no surprise and it follows the previous formulas for trade show growth: Bigger and more is better. But in the big picture, it will be the retailers who decide how much showroom capacity is necessary. They will ultimately determine if all those buildings are tied to the furniture industry, or if some will soon be used for other purposes or laid to waste. The furniture industry show cycle continues to spiral like a bottle-rocket, screaming over the desert instead of the dogwoods.
