Retail owners are partnering with hotels to help boost sales and foot traffic. This cycle, retail has evolved to become more experience driven, with a focus on service, events and amenities. In many ways, retail now has a lot in common with the hospitality sector, and it makes sense that the two asset classes would overlap.
“Hotels are a unique and important addition that can be the spark plug of energy, hallmark art and design, the comfortable meeting place, and a temporary home for 200 to 500 credit cards a day for the retailers and project components,” Jim Butler, partner in the Global Hospitality Groups at Jeffer, Mangels, Butler & Mitchell LLP, tells GlobeSt.com.
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