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Business Booming at One Mall on the Strip | Business

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Business Booming at One Mall on the Strip
Business
Business Booming at One Mall on the Strip
While the recovery in most places is plodding along the recovery at one local shopping complex is skyrocketing.
 The managers of the Miracle Mile Shops at Planet Hollywood say they're seeing record sales and shoppers. They report 81,000 people walk the 1.2 mile long shopping complex every day that is 30 million people a year. That is up 20 percent for the last two quarters and foot traffic is up 25 percent which is a record for the complex.
 "A lot of places to sit down, that's what I like about this place," said Shannon Maura who was visiting from Maryland. 
 Whatever the reason for coming to the Miracle Mile Shops retailers are seeing all kinds of walkers and spenders.

"We're seeing a constant increase throughout times when the national averages say otherwise," said Russ Joyner, President and General Manager of the shops. "The customer is looking to get as much value as they can for their dollars, evidenced by the unique results we're experiencing, we're finding that more and more people are finding this property shoppable."

Miracle Mile is 95 percent occupied. It added new tenants like Guess, Pandora, Chinese Laundry and Bebe this summer. Twenty percent of Miracle Mile Shops business is local which is double what it was a few years ago. Several of the 170 stores are the highest producers in their companies like Ultra Diamonds.

The shops will be getting competition a mini-mall is being built on the corner of Harmon Avenue and Las Vegas Boulevard. It is being called Harmon Corner and will be modeled after Times Square. The $100 million project will be home to a multi-level Walgreens, 17 stores and restaurants and a football field-sized videoboard. That project is expected to be finished in December.

 

 

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