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Interesting article about Zappos and downtown

Discussion in 'Misc. Vegas Chat' started by Drambler, Oct 3, 2014.

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  1. Drambler

    Drambler High-Roller

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  2. smartone

    smartone VIP Whale

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    Yep... the layoffs and change of direction surprised many observers. Be careful not to confuse Zappos the company with the Downtown Project. As far as I know, the Zappo's relocation into the old City Hall building is still going well.
     
  3. stackinchips

    stackinchips High-Roller

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    Not at all surprising. Zero development experience involved in this project, just deep pockets to get it started.

    Demographics are what drives successful development. This project was a case of "build it and (hope) they will come". While that sometimes works out well, it usually doesn't.

    While CRE development seems like a very simple process, it takes a lot of experience to put a successful project together, especially one of this scope. Unfortunately there was a severe lack of that here.
     
  4. FXT

    FXT VIP Whale

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    Which businesses have had long term success downtown that aren't liquor stores?
     
  5. makikiboy

    makikiboy VIP Whale

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    I agree, there were a lot of "dreams" with the DTP but little experience and know how to get it done. Basically they wanted a "complete" downtown but finally realized that someone will have to continue to shell out the bucks for a "complete" project so it looks like they are cutting the more expensive entities that aren't money makers for now.

    It normally takes years (decades even) to complete a whole project such as this one, let's hope that they will continue to move forward as it should help the overall look of the area (esp the area past the EC). I fear that like the neonopolis the project may lose steam and financial backing and the area will eventually be run down and desolate again.

    IMHO, I don't like the project, I didn't like the Spike being converted from a casino to a "hangout" joint and I don't really like the "revitalization" of the area to try to lure in the younger crowd. I relate this effort to lure in the younger crowd with clubs and hangouts geared for the youngsters as just another phase in vegas history, somewhat like the family oriented phase (failure) they tried out years ago. I still think the bulk of the downtown money is coming from the gamblers and will continue to come from that group and while more businesses geared toward the younger crowd pop up it is the gamblers that will keep downtown going. But then I'm probably a dinosaur still wanting downtown to be for the grinders and hard core gamblers so have little use for the DTP and their proposed changes to DT.
     
  6. UTE

    UTE Plastics

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    I'm not sure I'd write off Hsieh and the development project just yet. What we've seen amounts to a 10% reduction in corporate staff - hardly the "bloodletting" described in one LV paper. The core group is still viable and financially secure. To spin it otherwise based upon hyperbole and drama is presumptuous and premature.

    Bill
     
  7. pebbles

    pebbles VIP Whale

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    Overheard that Tony Hseih has given DTP 5 years to make a profit. That's how long it took Zappo's.

    If he's bailing this early on, it will be a shame.
     
    First trip of 2017.
  8. C0usineddie

    C0usineddie VIP Whale

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    I am not really comfortable with one company owning such large sections of downtown anyway. When that happens our choices are left up to what that one company decides what businesses go in and where.

    They have done a fine job so far but they can radically change the landscape for us all and make it unaffordable. When that happens do we just migrate to jerrys nugget and beyond? i really hope not.
     
  9. Terry Benedict

    Terry Benedict VIP Whale

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    Can we separate the Downtown Project and the casinos/hotels on Fremont St? It seems to me that the only connection is that Zappos bought a closed hotel to make it a corporate office. It seems to me this urban development project has no business with gaming.

    The article says 30 layoffs out of 893 created jobs. Almost three years into the project and a source calls a 3% layoff "bloodletting". Sounds to me like he/she was on of the layoffs.
     
  10. UTE

    UTE Plastics

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    Yeah, the 10% figure is for corporate offices. The 3% figure is overall.

    Bill
     
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