Why renovate?

A rule of thumb in commercial real estate is that a remodel should be scheduled every 7-10 years.  If it’s a hospitality space that timeline is shortened to 5-7 years.  So why renovate?

1.       To increase your overall return on investment: A proper and successful upgrade can increase sales 10%-30% increasing profitability.

2.       To reflect your true brand, stay relevant and make the right impression with your guests. 

3.       To stay on top of general maintenance. Commercial spaces endure high traffic and even with top quality finishes, wear and tear is to be expected. The interior and exterior aesthetic form the first impression of the quality of your brand to your guests.

As a bonus to the benefits of a remodel, the process of a renovation can be an opportunity to engage with your guests whether via online marketing and social media, guest feedback prior to, as well as increasing your Google rating.  At times, operational costs may be decreased by upgrading equipment and making use of new technology. Government grants may also be available to assist with these upgrades.

We are in an era where people want to be a part of the latest and greatest experience.  The restaurant industry especially is a world of ever-evolving brand conversions and new openings.  Marketing a restaurant with fantastic consistent food and service but with a tired ambience can be more challenging than marketing a new experience. 

When considering a commercial renovation, consider the logistics of the space. Is the guest flow in and out as well as throughout the space working to your best advantage? Is staff flow efficient? How is your first impression? Does your exterior need an upgrade? Let’s not forget the restrooms—often overlooked, however almost every guest visits this area at least once during their stay.  You definitely want to review all the ways to increase new guest traffic while not alienating your current clientele.

A renovation of any kind is a costly endeavour.  We recommend you align yourself with a successful team of consultants with a proven track record who can devise a concrete go-forward plan to generate the greatest impact while targeting your budget needs.  We also know that shut-downs cost money. A solid construction plan can mitigate scheduling issues and keep closures to a minimum. 

A proper renovation will have a lasting impact on guest experience, current income and overall success of the property. How long has it been for you?