Vegas vs. High Point
Everyone who thinks the International Home Furnishings Market in High Point is important to the Triad and North Carolina economies - and how does a $1.3 billion economic impact grab you? - had better take notice of this:
WORLD MARKET CENTERSM TO EXPAND BY 60 PERCENT
OFFICIALS ANNOUNCE CAMPUS TO COMPRISE 12 MILLION
SQUARE FEET OF HOME FURNISHINGS SHOWROOMS, WITH A
STRONG PLATFORM BASED ON DIVERSIFICATION AND
INTERNATIONALIZATION
LAS VEGAS) April 1, 2005 –World Market CenterSM officials today proudly
announce plans for an expanded campus comprising 12 million square feet of
permanent and temporary showrooms, dedicated to all segments of the home
furnishings and hospitality contract industries. The original plans consisted of 7.5
million square feet of showrooms. The new development plans call for the
buildings to be constructed in eight phases on a sprawling 57-acre campus in the
heart of Las Vegas, with a completion date of 2015. Phase One of the campus is
fully leased and nearing completion, being delivered to tenants in May followed by
the first Las Vegas Market SM to be held July 25-29, 2005.
“Our growth plans are a result of buyers’ and exhibitors’ avalanche of support for
the Las Vegas MarketSM. The industry strongly believes in our long term vision of
a world-class market in the world-class city of Las Vegas, bringing together all
facets of the home furnishings industry,” said Co-managing Partner Jack Kashani.
“We continue to be approached by multiple segments of the industry and are
continuing our efforts to address the needs and wants of the industry. Based on
extensive input from the industry, we are certain a diversified mix of products
located within a convenient, integrated campus represents the way of the future.”
According to project officials, World Market CenterSM is aiming to have a much
broader cross-section of categories on one campus than any other market in the
U.S. The strategy is focused on expanding and growing existing sectors that are
already committed to Phase One as well as adding new segments not currently in
Phase One.
In particular, officials continue to see considerable opportunities with furniture,
home accessories, lighting, rugs, bedding, and the textile categories. In addition,
the inclusion of Interior Lifestyle USA show as part of the July Las Vegas
MarketSM will give rise to interest by new segments. Interior Lifestyle USA will
feature exhibitors from the internationally acclaimed Heimtextil and Ambiente
shows, produced by Messe Frankfurt. World Market CenterSM officials will also
pursue appropriate international companies to join the mix of permanent
showrooms in Las Vegas.
“As we have said from the early stages, we believe our efforts are expanding the pie
for the home furnishings industry by creating a truly global marketplace that
connects buyers and sellers from around the world. Our goal is to be the most
diversified and most internationally oriented market in the U.S.,” said Co-managing
Partner Shawn Samson. “Certain other markets may continue to have greater depth
of products in specific segments; however, we believe our diversified multisegmented
approach is a more appealing and a more sustainable long-term platform
for the overwhelming majority of buyers.”
-MOREFOR
IMMEDIATE RELEASE:
MEDIA CONTACT: Dana Pretner
Director of Marketing & PR
Ph: 702-380-0919 ext. 109
dpretner@lasvegasmarket.com
“Our research shows that retailers will continue to become more diversified in their
product mix and want a multi-faceted, yet efficient, buying experience. World
Market Center SM will present a convenient, dynamic, one-stop-shopping
destination where they can access the largest range of products in one campus from
domestic and global exhibitors,” said Samson. “For exhibitors, our diversification
strategy presents exposure to new market segments and buyers, and the opportunity
to grow their business. Furthermore, Las Vegas is the world’s most popular
destination for both leisure and business throughout the year. As a result, our
business model allows exhibitors the ability to utilize their showrooms any time of
year maximizing return on their investment.”
Beginning with the nearly completed Phase One, the new master-plan includes
eight total buildings with an average square footage of 1.5 million per building, as
well as on-site parking. Officials are currently leasing Phases Two and Three,
which total 3 million square feet. The fourth and fifth phases total 3.2 million
square feet, and the final three buildings are 1.5 million square feet each. All eight
buildings are connected to each other through sky bridges at every level so that
a visitor can go through all buildings in the complex without ever exiting any of the
buildings.
The expanded design, by the internationally renowned project architect Jon Jerde,
makes extensive use of iconic elements to create what Jerde refers to as
“experiential design.” In a free flowing set of sculptured buildings, Jerde uses a
collage of basic geometric shapes to create a dramatic design and engage in his art
of ‘place making.” Adding to the architectural drama is the convergence of
different geometric blocks in the exterior of the same building. Some iconic
features soar over 300 feet into the desert sky, beaconing the colossal scale of this
landmark complex. Jerde has also been retained to create a unique central plaza in
the complex, reminiscent of European piazzas surrounded by towering buildings.
“Our project is designed to be internationally recognizable as a landmark for the
city of Las Vegas and as a world class market for the home furnishings industry,”
said Kashani.
The master-plan is being developed by Kashani and Samson, in conjunction with
their partner The Related Companies, L.P. The group has also been selected by the
City of Las Vegas to develop the 61 acre parcel across the street from World
Market CenterSM which is being designed to become one the nation’s premier
mixed-use urban centers. As a result, mixed-use elements such as hotels and
restaurants that were originally slated for the furniture mart site are now planned
across the street. This recent development has opened up a significant amount of
land on the existing 57 acre World Market CenterSM campus in order to
accommodate the growing demand of the home furnishings industry by adding
additional buildings.
The first Las Vegas Market will be held July 25-29, 2005. Buyer can register by
calling 888-WMC-SHOW (888-962-7469) or visit www.LasVegasMarket.com.
World Market Center SM recently announced dates for its second Market which is
January 30 – February 3, 2006.
-END
It's official. The World Market Center in Las Vegas is out to crush High Point.
Hot air from the desert? A big bluff from the nation's gambling capital?
Don't bet the house on it.
This is a game for high stakes. If North Carolina can ante up more than $140 million for one Dell assembly plant, what's it willing to spend to protect its largest business event?
Comments (4)
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Bye-bye market...
It's laughable if anyone thinks that High Point can compete with Las Vegas. I think we've all just been in denial.
In no way, shape or form can little ol' High Point offer what Las Vegas can. What fun it would be to shop by day and gamble by night!--NC can't even pass a LOTTERY. (except for their schools!)
It's an inevitable truth that we took the market for granted and never even gave the thought that perhaps someone was quietly plotting to steal it away.
After the market is gone...High Point will just be a city of bad High schools. Might as well change the name to "Low Point."
Posted on April 2, 2005 11:20 AM
While I see defeatism and negativity in lowpoint taxpayer's comment, I see even more truth. I am not one to automatically assume might makes right but for all intents and purposes I think High Point is no match for Vegas. Therefore, perhaps the higher ups in "The International Home Furnishings Market" can find a way to capitalize on what we have to offer that Vegas doesn't.
I know glamorous and exciting are strong pulls for many market goers. HP does not have grand hotels that offer shows and gambling, bright lights and big city appeal but HP does offer a quaintness and calmness that Vegas can't. Plus the folks here have been doing this a long time so there is more structure and organization than is possible with a new venture.
What I am saying is all does not have to be lost if HP approaches this challange in the right way. I have always heard it is better to have 50% of something than 100% of nothing. It doesn't have to be a winner take all situation.
Posted on April 2, 2005 1:35 PM
I don't know if it's a good idea for me to respond to this, but I'd like to address it from my standpoint, of one who's been in High Point for a very short period of time, but who's learned a whole hell of a lot about market, yet still knows very little about market.
It seems very easy when you look at what Vegas has to offer on the surface and say High Point can't compete with that. But, as town residents will tell you, what we are hearing now, they've all heard before. Atlanta, Dallas, Chicago. These cities have each made similar pronouncements.
Residents who deliver pamphlets to showrooms, who rent out their houses and have developed relationships with the people who they rent to, these are fundamental to the High Point market. This might be a nuance say would say an inconvenience, not being able to rent a hotel, therefore having to rent a house, but for others, having a place to sit down and watch tv, or have meeting, like it's your own home, usually a sqeaky clean home, with fresh towels and all that - after tramping around showrooms all day - maybe some would say that's a benefit. The amenities here are different, and I'm not sure it's the amenities that decide if market stays or goes. It's the infrastructure built to serve this one event, and the relationships between manufacturers and buyers and the families that house them and its also the mood of the buyers in April who want to purchase for thier second half after starting to gauge first quarter sales. There's a man in High Point who will tell anyone High Point has many masters but serves very few. John Coltrane's sister said this town was a very strange place. I agree.
High Point is a riddle to me, but furniture market is even more of a riddle to me. Which is why I don't understand everyone who's calling it like the city's already a ghost town. From what I've gathered, it's more of a survivor, when I consider just how many furniture companies moved offshore for "competitive reasons," leaving thousands unemployed.
We need to report on this High Point/Vegas market quite a bit. If we're going to sensationalize it, we need to get both sides. We can't act like it's the 800 pound gorilla and that we don't see it as reporters.
Another thing that bothers me, is when I read something like the editorials I've been reading about market, from people stating the obvious numerical facts about markets. That makes the event seem so detacted and unreal, at least to me. It takes away from the breath market breathes into this town.
And one more thing. I have a feeling there's a group of High Pointers (some might call them the old gaurd - w/esp. with deep pockets -) who love this town very and how well it's treated them who shouldn't be counted out in this Las Vegas/High Point match. Business people can be very quiet about how they operate, but that doesn't mean they're sleeping, and they're not.
But, I could be wrong, wouldn't be the first time.
Posted on April 12, 2005 12:28 PM
Theah Scomb,
Thanks for the very thoughtful comments. You're exactly right that High Point has bettered Chicago, Atlanta and Dallas in keeping and developing a world-class market. Amazing.
The Las Vegas threat seems more serious, but High Point's intangibles are important. So is the immense investment already here, market's deep roots, the furniture frame of mind here. What's the Las Vegas mentality? All that can't be dismissed. You can't say Vegas is bigger and more exciting so of course it's going to wrest away the market. But High Point is being challenged and has to respond. The best way is to deliver the best market experience possible for every visitor. How? Cost and convenience. It has to be affordable to come to High Point and easy for visitors to get around town and see all the showrooms they want to see. Vegas is going to put an entire market - millions of square feet of showrooms - basically under one roof. They're going to provide hotels at reasonable rates - at least for a while. Restaurants and plentiful and inexpensive. There are lots of flights in and out of LV. Those are advantages. But all the other attractions - the gambling, the shows and so on - will add to the costs if marketgoers succumb to that temptation. Furniture market always has been an event that people WORK, not play. High Point is a working town. Vegas is a city for players. That's a critical difference that can undermine some of Vegas' supposed advantages. Time will tell.
Posted on April 12, 2005 3:26 PM