Could the Next Big Sporting Tour Benefit Your Business?
The fast approaching British and Irish Lions Tour of New Zealand has more than just the sporting community excited; the hospitality and retail sectors are gearing up to optimise their share of the dollars that thousands of rugby fans will drop into metropolitan and provincial economies.
Auckland will get a taste of sporting retail fervour ahead of the eagerly-awaited Lions tour as the city hosts the 2017 World Masters Games in late April. A number of food and beverage pop-ups around the city are actively trying to capture a portion of the sizeable hospitality spend from supporters and participants and for some of these entrepreneurial operators, the Masters Games and then the Lions tour will provide the push for their future hospo’ presence.
The total economic benefit to the New Zealand economy of the 2005 British and Irish Lions Tour was estimated at $250 million and it will no doubt be far more this time around. The retail sector will be looking to secure its share of the economic injection from the forthcoming tour, and smart operators should leverage off the influx of disposable dollars to clarify and formulate their business presence going forward.
A number of New Zealand cities will benefit from the tour from a retail stance given the match calendar. Whangarei, Auckland, Hamilton, Rotorua, Wellington, Christchurch and Dunedin will all be hosting matches and this provides opportunity for local retailers to identify ways to capitalise on the extra foot traffic and associated wallet-opening that will follow.
The tour provides a springboard for retail tenants who could test the waters in a currently vacant retail space for, say, an initial three months with the potential to leapfrog into a three-year lease.
There are lots of businesses throughout New Zealand looking for short-term retail premises to trial a concept with relatively low overheads and although supply-demand dynamics around the country are currently fairly finely-balanced, there are retail space opportunities for those visionary businesses willing to be proactive.
Landlords may be holding out for long-term tenancies, however, the “fast game is a good game” forces at play with an event such as the British and Irish Lions may see vacant space opened up to flexible lease arrangements allowing a win-win for both parties.
Established retail businesses may also find that, based on what transpires over the tour timeframe, change is required for their retail offering going forward to remain competitive and profitable. Events such as these provide a platform to assess locational strengths or weaknesses and business viability, along with creating opportunities to tweak business models and streamline operational practices.
Launch a concept, test an idea, grow your brand, think laterally – the opportunities presented by the British and Irish Lions Tour could sow the seed for a successful retail presence long after the winning goal has been kicked.