Prizm Outlets

Plans for the mall were announced in September 1995.[4][5][6] Construction began in May 1997.[4][7] It began as a joint project between two shopping center developers, the Gordon Group and TrizecHahn.[4] The Fashion Outlets of Las Vegas opened on July 16, 1998, at a cost of $75 million.[8] The mall is connected to the Primm Valley Resort,[9] and was built to attract motorists along Interstate 15, traveling between Las Vegas and California.[10] Its location in Primm was chosen so outlet store tenants could avoid competing with their higher-end stores in Las Vegas.[11] The mall employed 1,000 people.[12]

Upon opening, it included approximately 100 retailers,[13][14] and a food court with 10 restaurants.[11] The single-level mall,[12] designed by MCG Architecture of Beverly Hills,[9] is divided into two themed courts: one resembling New York City and the other modeled in the style of Miami Art Deco.[12][15]

After opening, some tenants complained of poor sales and subsequently closed, prompting lawsuits from the mall.[16][17][18] Most other tenants reported strong sales. Nevertheless, the Fashion Outlets of Las Vegas received only 1.5 million visitors in its first year, far below expectations; TrizecHahn had estimated 10–12 million.[16] In 1999, the mall launched a new marketing campaign to boost attendance among Southern Nevada residents.[16][19] An existing shuttle bus service between Las Vegas and the mall was also increased.[20] In 2001, it was among the top-five outlet centers in the U.S., based on sales per square foot.[19]

Prior to the mall's opening, TrizecHahn had agreed to sell its interests to The Rouse Company,[10][12] but the sale did not materialize.[19] Talisman Cos., a Florida-based real estate developer focused on turning around underperforming shopping centers, acquired a stake in the property in 2000, and by the following year, was reported to be seeking full ownership.[21][1][19][22]

Talisman announced in 2007 that it had obtained a $141 million loan to finance an expansion of the mall from 371,000 square feet (34,500 m²) to 521,000 square feet (48,400 m²). At the time, tourists accounted for more than 80 percent of its clientele.[23] In 2012, the mall took out a $73-million mortgage, along with a $32-million loan from Brookfield Asset Management.[1] Brookfield foreclosed in 2016, taking ownership of the mall.[1] Tenant occupancy had seen a decrease, and sales were also reduced because of competition from Las Vegas Premium Outlets as well as online retailers.[1][24] By late 2017, the mall's mortgage was reportedly in default.[1] The mortgage holder, Miami-based real estate firm Rialto Capital Management, repossessed the property in 2018.[3]

By December 2019, more than $2 million had been spent on upgrades for the mall. This included interior artwork by more than 30 muralists and street artists from around the world.[25] Rialto changed the mall's name to Prizm Outlets and sought a younger demographic. Christopher Julian, a design architect who oversaw the rebranding, said, "We wanted to turn it into an evolution of the word Primm … and introduce that concept to Generation Z, so we put the 'z,' which is Prizm."[25] The mall was approximately 66-percent occupied as of early 2020.[26] Prizm Outlets lost 95 percent of its value during the final six months of the year, amid the COVID-19 lockdowns.[27] In 2021, the outlets at auction was purchased by the Kohan Retail Investment Group for $1.525 million. The loan on the mall suffered a loss of 120% or $74 million dollars.[28] Only around a handful of stores remained open as of 2022, with the food court entirely shuttered.[29][30][31]

• Various areas of the mall in June 2022.
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• Prizm Outlets