Luxury stores on the Strip prepare for shopping influx at Formula One race

The Regis Galerie has long marketed itself as the spot on the Strip for top Italian art, Spanish porcelain and worldly fine jewelry – even legendary pop star Michael Jackson shopped at the boutique in The Venetian’s Grand Canal Shoppes.

But Ike Dweck, vice president of the art gallery, is kicking it into overdrive to cash in on the immense activity expected in November. Dweck is planning a special inventory just for visitors during the Formula One Grand Prix — a $1.5 million jewelry trunk show, custom art pieces and special imports of Lladró porcelain figurines, to name a few.

If those aren’t enough to get customers in the door, then maybe the F1-themed showgirls standing under a checkered balloon arch styled as a finish line will.

“We’re getting as festive as possible,” Dweck said. “From everything we’ve heard, it should bring a very affluent client base that definitely crosses over with our brand, so we’re excited.”

Dweck’s place — and hundreds of other luxury retailers on the Strip — are preparing for an influx of high net-worth shoppers in Las Vegas during the Formula One Grand Prix on Nov. 16 to 18, which is projected to bring 120,000 visitors to the region.

Bringing back foreign shoppers

International visitors are key for some of these retailers. Estimates from the Las Vegas Convention and Visitors Authority show there were about 3.4 million foreign tourists in 2022, down almost 40 percent when compared with before the pandemic in 2019.

Some retailers hope the race kicks off a big return to the region. Alan Bekhor, president and chief operating officer of LV Luxury, said his business’ six boutiques carrying designer watches and jewelry used to generate significant sales from Chinese visitors. The pandemic eradicated that business, but he hopes the race brings some back.

“We know there’s a huge following, we know the expectations and we want to impress,” Bekhor said. “This is our inaugural year of what is hopefully a 10-year run, so we’re excited to showcase Las Vegas to the world.”

For Dweck’s fine art and furniture business, international customers have always played a big role. He estimated that about 20 percent of the business was done with foreign clients.

“Because that hasn’t come back quite yet, we’re not back quite yet,” he said. “We’re hoping that this gets everything back on track to pre-pandemic days. It’s really the only thing that’s missing. We’ve definitely seen the domestic come back strong but until the international client comes back for us, we won’t be back to full strength.”

Sip and shops, in-suite shopping and more

To that end, it’s about getting these “VICs” (very important clients) in the door. Retailers and commercial landlords are organizing special events and promotions, like sip-and-shops that offer complimentary beverages while browsing and tickets to special receptions where F1 drivers are expected.

And for the most important and familiar clients, stores can organize private shopping experiences or send curated collections directly to their hotel room for more privacy.

Dweck said those events are important for his luxury products because they don’t sell the same online.

“You really got to touch it, see it, feel it, hear the history of the piece and the provenance if there is one,” Dweck said while sitting at an elaborate 12-seat, Italian style dining table in his showroom. “It’s not your typical retail business where people add pieces to your shopping cart, is probably not gonna happen with this kind of dining table.”

Commercial landlords say the race week is expected to bring so many visitors that audience experience is critical to success. John Boudouvas, senior director of tourism marketing for Brookfield Properties, which oversees Fashion Show mall and the Grand Canal Shoppes, said activations will be a big player in retail success.

“We’re really trying to make sure the experience is there,” Boudouvas said. “Because there’s going to be so many people in the building, it’s less about us trying to drive traffic and more about how to manage the traffic that’ll be there.”

Logistics behind the retail operations may have an influence on sales, too. Landlords have to consider where they are in relation to the race: if a property is inside “the island,” or within the racetrack’s parameters, then they’re able to work a more captive audience that’s expected to stay close to resorts until the engines start. Any retailer or mall outside the island can cater to a more mobile crowd.

Brookfield managers said they are still determining how late to keep shops open and whether to charge for parking at Fashion Show mall. Practice rounds and the race are scheduled to begin late at night locally, complicating traditional retail hours and employees’ abilities to leave the race area after clocking out. Some planning will depend on the transportation plans set up for Strip workers.

“These are unique logistical issues that are different from a conference, a New Year’s Eve, a Life is Beautiful,” said Kirsten Lee, executive vice president of retail leasing for Brookfield. “Vegas is uniquely positioned and has historically been able to really manage large group events, large traffic events. I think that they will hopefully come out with a really solid plan here that everybody can coalesce around.”

McKenna Ross is a corps member with Report for America, a national service program that places journalists into local newsrooms. Contact her at mross@reviewjournal.com. Follow @mckenna_ross_ on X.