Las Vegas, Nevada
A massive location just off the Vegas Strip that caters to tourists and locals alike
The old adage in real estate is location, location, location, and nowhere is that more important than it is for retail businesses. In the cannabis space, the idea that “weed sells itself” is quickly being replaced by an ultra-competitive business in which every advantage matters, and those companies set up with a location to drive traffic — and handle that flow of customers — are the ones set up for success.
By Brian Beckley, Garrett Rudolph and Patrick Wagner
When it comes to U.S. tourist destinations, the Las Vegas Strip is often considered the quintessential place to be. After all, Las Vegas attracts more than 40 million visitors every year and is world renowned for its fine dining, in addition to the gambling, nightlife and entertainment.
While Thrive Cannabis Marketplace has traditionally catered to local residents more than tourists, the company’s newest location is well-suited to serve the entirety of the Las Vegas market. Situated just off the Strip on Sammy Davis Jr. Boulevard, Thrive actually shares a parking lot with Sapphire, the world’s largest gentlemen’s club, and benefits both from the additional traffic and the ease of access.
“I think we should be able to see upwards of 2,500 people a day at this location,” says Thrive CEO and managing partner Mitch Britten. “We’re really excited to see how the place operates under pressure.”
The 10,000-square-foot shop opened in July, with more than a dozen registers and a section built out for a consumption lounge, as soon as local regulations can be finalized. Britten says the company is avoiding a nightclub feel with its consumption lounge and going more for a high-end dining establishment.
“We’re going to make it a spot where people want to hang out and grab food, and smokers and non-smokers alike will find something they like,” Britten says.
Thrive is the largest independently held cannabis retailer in the state of Nevada, largely by focusing on the local market.
“We’ve been really cognizant of who our local shoppers are and we’ve been catering to them since 2016,” Britten says, pointing out that being a locally owned company affords Thrive some opportunities that the larger multi-state operators might not be able to take advantage of. “This new shop is definitely a departure from our core business model.”
Although Sapphire is nearly impossible to miss and definitely draws an audience of its own, Britten says the true value of the location might be in the street traffic passing by.
“That is a huge thoroughfare for casino workers to get to and from work,” Britten says. “We’ve been there during a few shift changes and the sheer volume of cars driving down that road is just insane.”