Despite recent challenges in the hospitality and retail sectors, multi-use commercial spaces are paving the way for a new model of success. Businesses are diversifying their offerings and maximizing their space to attract customers.
Jason Kleyn, a broker at Hospitality Real Estate in Toronto, observes, “It’s a growing trend, although hard to quantify.” Similarly, Ali Baker from Avison Young in Toronto notes the increasing popularity of combining diverse services under one roof.
Many great things under one roof
Businesses like Now & Later on Bloor Street West exemplify this trend by offering a range of services from coffee and breakfast to wine and dinner. They also host community events and live music, providing a unique experience for customers.
Adapting and innovating
The impact of COVID-19 has pushed the hospitality and retail industries to adapt and innovate. Businesses like GameTime Social in Burlington combine dining with entertainment to create a unique experience for customers. Electric Diner in Hamilton offers a nostalgic ’80s theme with additional activities like trivia night and karaoke to stand out in a competitive market.
Consumers are seeking immersive experiences, prompting businesses to offer versatile and engaging services to attract and retain customers. Sweat and Tonic in Toronto, for example, combines fitness classes with a lounge and event venue to increase customer spend.
One stop for all activities
Properties like Sweat and Tonic and Altea Active are maximizing their space by offering a range of services beyond just a gym. These businesses provide customers with a variety of amenities, from fitness classes to food concepts and event spaces, creating a one-stop destination for all activities.
Photo credits: Instagram.com/nowandlaterto , Instagram.com/electricdinerhamont
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