One of the trends we are starting to see is the partnering of the retail and hotel sectors. This makes a lot of sense as folks traveling get to enjoy easy access to shopping, restaurants and entertainment. Lodging continues to do well, so this is a smart fit for both.
Below is an article from National Real Estate Investor that talks about the relationship between retail and the hotel owner/operators and the benefits to both. Please enjoy the article and let us know how we can help with any of your commercial real estate needs.
Source: nreionline.com | Re-Post Caton Commercial 6/28/2018 –
Hotels appear to be a particularly good fit for retail centers, which tend to have ample parking, prime locations and shopping, restaurants and entertainment options readily available for travelers.
Owners and operators of hotels and retail centers are increasingly partnering up in an effort to help drive traffic to retail properties and create more pedestrian-friendly developments.
It’s a trend that has arisen amid continuing headwinds facing retail real estate, a sector that has long seen challenges from the growth of e-commerce and changing consumer behaviors.
To curtail the effects of these challenges -which have led to mass store closures, particularly amid big-box chains and department stores -some retail property owners are looking to hotels, as well as multifamily uses, to help fill vacant space. This comes as a wide variety of non-traditional retail uses, including fitness centers, medical offices and entertainment venues -are being brought in to also help boost foot traffic and, ultimately, sales.