- August 15, 2017
- Posted by: hendrix
- Category: Buying a Business
Las Vegas is an amazing place to own a bar or tavern — perhaps one of the best in the world. The city drew in 42.3 million visitors in 2015, which many credit for a huge lift in alcohol sales over the past several years. From 2011 to 2016, spirits sales rose 14.8 percent, draft beer sales 10 percent, and wines a whopping 18.2 percent across all of Nevada.
Many neighborhoods in Las Vegas are also considered “up and coming,” so you don’t have to invest millions on a plot along The Strip in order to reap incredible sales growth. In fact, the range of character these areas offer surprises many visitors willing to stroll away from The Strip.
Explore some of the most lucrative opportunities in Las Vegas’ most hip, trending and growing areas by reading on below. If you want to dive deeper into the market of available bars and taverns in these areas, you can also reach out to a Certified Valuation Analyst and Business Broker in Las Vegas to explore available listings.
Downtown Las Vegas
Downtown Las Vegas has recently become the center of an effort to revitalize and reinvigorate neglected areas of the city. Zappos become an early pioneer in this department while many other businesses and multifamily residential developers followed suit. The city has also been intimately involved in planning as they push to make Downtown Las Vegas more of a walkable urban center with high density and an undeniable cosmopolitan charm.
Businesses like the Downtown Cocktail Room and the Gold Spike are already making waves with local startup techies, hipsters, entrepreneurs and visitors in-the-know. Growth potential is high as the city’s Downtown project only gets more ambitious over time.
West of the Strip
Just a few blocks west of the multimillion dollar glitz that is The Strip, you will find the old character of Las Vegas. While still a tourism destination, this area has a decidedly more local feel thanks to its neighborhood casinos sporting bowling alleys and movie theaters instead of roller coasters.
Property rent is much cheaper here, and locals as well as visitors come to expect slightly more reasonable prices. Parking is easier to come by, too. These advantages boost the staying power of long-standing local haunts like Ricardo’s and Metro Pizza. Joining them enables you to enjoy steady income and a less competitive scene then The Strip while still accessing millions of tourists a year.
Tucked away in the western edge of the city with the Spring Mountains towering above it, Summerlin is an affluent neighborhood filled with a mixture of dyed-in-the-wool Nevadans and up-and-coming entrepreneurs. While the entire area feels incredibly upscale, reasonable homes can still be found, with the estimated average closing price around $215,000.
This wide range of possible income levels spells great demographic targeting potential for bars and taverns. Businesses can target both wealthy and upper-middle-class customers through a cleverly curated range of menu options. They can also seek sky-high margins on premium cocktails and spirits in an area where people are willing to demonstrate their affluent lifestyle.
Not technically part of Las Vegas, Henderson nevertheless feels like part of the city as it grows. Like Downtown, this area has seen renewed interest in development and investment. It offers a good mixture of low-key casino-style entertainment alongside more unique development projects. For instance, Green Valley Ranch is a pedestrian-only shopping center filled with popular bars, restaurants and shops, providing the perfect place to seek out a high-traffic bar business for sale.
North Las Vegas
North Las Vegas is much more of a work-in-progress than Henderson and Downtown, but it still offers huge potential. New businesses moving into to industrial areas north of the city and projects like the planned 65,000 sq. ft. movie theater downtown show that this city could quickly become a hotspot for rapid growth.
Buying an established business in the area gives you the security of a proven business model while letting you keep your eye on growth, progress and development in the region. Plus, listings are likely still going cheaply in an area that has not yet proven itself but easily could within the next decade.
Find the Perfect Place to Buy a Bar or Tavern With a Certified Valuation Analyst and Business Broker in Las Vegas
Working with an experienced, locally based business broker like Jamie Schwartz allows you to find the best opportunities for buying a bar or tavern business in trendy, high-growth areas. Explore your options and assemble the best strategy possible for making offers when you contact us today to get started.