The retail sector is getting braced to deal with the gloomy economic predictions for the next few years. Yet some tactics could be employed to help stave off stagnation in the sector.
For this, increasing footfall to local town centres and areas is the key. Below, we look at how building a casino could benefit local retail.
A Buoyant Industry
The casino industry has had a boom over the past few years. This can be placed firmly at the door of its iGaming sector. Bingo games, classic casino titles, and online slot games have spurred the industry on, pushing innovation. By employing healthy bonuses to attract new customers, a wave of casual gamers has begun to enjoy online gambling. Yet instead of detracting people away from physical locations, this has increased interest. For those who have learned to play online, the experience of an actual casino is the logical next step.
In short, casinos now attract a wider range of people than they may have done in the past. That means increased footfall and more varied demographics.
Where Should Casinos be Located?
For retail spaces to benefit from the footfall of casinos, then they need to be in the right places. Traditionally there have been two models for casinos. One is to place them in sprawling hotels and resorts. This is the model favoured in cities such as Las Vegas and gambling meccas like Macau.
This method of keeping everything in-house restricts the positive impact on smaller, local retail spaces. With everything under one roof, people do not have the urge to go elsewhere. More prevalent in Europe and the UK is the model of a standalone casino. They may house a bar and even a restaurant, but most are limited in that they provide casino services alone. With this model, people are more likely to come to experience the casino but do shopping and leisure activities elsewhere.
The Casino as an Entertainment Hub
A hybrid approach could be adopted. This would involve casinos in the United Kingdom becoming more like their global counterparts, employing more tactics to attract people, without taking everything in-house.
One way this could take place is by using casinos as event venues. Las Vegas does this, with multiple artists performing in various casinos at any one time. Live events are booming in the UK, as people clamour for real-life experiences beyond their screens. Yet seldom are concerts ever performed in UK casinos. While this may be down to space issues, newer venues could incorporate this.
With it would come all the benefits that retail and shops get from being near major venues. People are attracted to the area for concerts, and they shop, eat and discover as part of their getaway.
Does the UK Need More Casinos?
Surprisingly, there are large areas of the UK that do not have any casinos at all. Wales has only a small selection and many outlying regions have none. In these instances, it may be beneficial for casinos to be built in areas that need the boost to retail, instead of major cities. However, this all depends on the economic outlook and how much investment these areas get in the near future.
