LAS VEGAS --??As the US economy continues to recover from the recession, 35,000 people tied to the shopping center industry are converging on Las Vegas to help boost business. RECon, the largest gathering of shopping center professionals in the world, is where a lot of wheeling and dealing will be going on the next three days.
All the deals sealed here fuel much-needed economic growth across the country. Donna Gayden, Village Administrator of Glenwood, Illinois, came with her team to network at RECon 2011.
"Trying to bring some economic development to our neighborhood, to our communities, and this is the best place to come meet a lot of different people at one time," said Gayden.
This annual Las Vegas convention can bring good fortune to communities like Glenwood.
"We're looking for a big grocer, some stores like Bath and Body, stuff like that, and restaurants," said Twone Thomas, Trustee for the Village of Glendwood, Illinois.
The convention center has been transformed into a city, complete with street names. Shopping center owners can lure familiar retailers and restaurants to their properties.
"The show has definitely got a lot of energy this year. It wasn't the case the last two years during the recession, so we think it bodes well for the industry and also for the Las Vegas economy," said Malachy Kavanagh, Staff Vice President, Communications and External Relations, International Council of Shopping Centers.
RECon floods Las Vegas with money for three days. But the shopping center industry here is still down on its luck.
Las Vegas' retail vacancy rate is over 12 percent, and our market is still plagued by the housing crisis and high unemployment. But nationally, business is bouncing back.
"Now that the consumer is back and they're spending money, it means that the retails will now consider opening new stories, maybe expanding, so it's a good time for the industry to be getting together and sort of ride the rest of that wave," said Kavanagh.
And the group from Glenwood, Illinois, hopes they'll hit an economic jackpot at recon.
"Absolutely, bring some new blood to the area, you know, that's what we need," said Joanne Alexander, Economic Development Chairman, Village of Glenwood, Illinois.
The International Council of Shopping Centers estimates half of the industry deals are carried out at RECon.
Mllions of dollars worth of transactions could potentially be made at the convention center or over dinner or drinks this week in Las Vegas.
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