World Market Center (SM) Advisory Board Approves New First Market Date: Grand Opening To Be Held In July 2005

Furniture World Magazine

World Market Center (SM) announced that its Advisory Board unanimously approved the new date of the first Las Vegas Market to be held from July 18-22, 2005, which is the same timeframe the group previously released for their Summer Market dates. The news comes at the close of the Advisory Board meeting held at the Venetian Hotel in Las Vegas on December 11. According to project officials, the date change is result of "satisfying the construction requirements to deliver a first class facility, including the full scale of the additional tenant improvement work desired by the individual exhibitors." In addition, project officials said they would soon announce the formation of a major strategic relationship with significant positive impact on the development and operation of the Las Vegas Market. ”Virtually all of our exhibitors have expressed their desire to create exciting showrooms with above standard improvements that are unique to Las Vegas. The move to Summer Market dates provides each tenant with the opportunity to plan, design and execute their showrooms to their desired specifications,” said General Manager Dave Palmer. “Our debut Market is critical, and we want to deliver a good experience for exhibitors and buyers alike.” Palmer said board members unanimously approved and were supportive of the date change and the new strategic developments, as the additional period will contribute to an even stronger Market. The Advisors were also unanimous in their recommendation to add a weekday (Monday, July 18) to create a five-day Market. Their rationale was that it gives attendees a natural opportunity to take advantage of the benefits of the host city during the weekends that precede and follow Market dates. “It's clear to us that the industry will be in Las Vegas in great numbers when we open our doors. The momentum and support is very strong,” said Palmer. Commenting on the response to the new date from Phase One exhibitors, Leasing Manager Babs Blair said: “We have been working diligently to notify all of our exhibitors about the new timeline for our grand opening, and they are responding positively. They want the absolute best showrooms imaginable, and agree this additional period is in the best interest of the entire facility and Market experience.” The Las Vegas advisory board meeting also included a site visit to view construction and excavation activities; building updates such as the coordination of the tenant improvement program and showrooms design; a leasing update including plans to construct a temporary venue in Phase One to accommodate overflow demand as well as new floor plans for Phase Two; and marketing and outreach strategies targeted to retailers, alliances with hotel and tour operators, and plans promote the Las Vegas Market to international audiences. Construction excavation of the 57-acre World Market Center(SM) site began Sept. 29. Upon completion, the Las Vegas Market will be the west coast?s largest and most comprehensive home furnishings complex encompassing 7.5 million square feet and will showcase every aspect of the design trade including home furnishings, decorative accessories, lighting, area rugs, and related segments. The $1 billion home furnishings and convention center is the largest non-gaming commercial construction project in Las Vegas. Phase One’s permanent facility, opening in July 2005, is already fully leased and has attracted 228 permanent showroom tenants.