The asset-light strategy pioneered by the hospitality industry is now reshaping other sectors, including casino gaming, health care, and retail.
Instead of owning physical assets, companies are focusing on brand management, customer loyalty, and technological innovation.
In gaming, major operators like MGM Resorts have sold real estate holdings to REITs, while digital platforms like DraftKings captured growing market share. In health care, prestigious brands such as Mayo Clinic and UCLA Health are licensing their names to expand influence without building new hospitals. Private equity firms now increasingly own medical facilities, enabling health systems to shift focus toward digital services and patient experience.
Retail giants like Walmart are also shedding physical assets, investing heavily in e-commerce, automation, and omnichannel strategies. Real estate, once a core strategic asset, has become secondary to platforms, data, and brand ecosystems.
Across all these industries, three lessons emerge: owning the customer is more important than owning the building, technology replaces location as a competitive advantage, and agility matters more than scale. Companies that adapt to this model will dominate their sectors, while those clinging to asset-heavy structures risk becoming obsolete in an increasingly digital and decentralized economy.
Instead of owning physical assets, companies are focusing on brand management, customer loyalty, and technological innovation.
In gaming, major operators like MGM Resorts have sold real estate holdings to REITs, while digital platforms like DraftKings captured growing market share. In health care, prestigious brands such as Mayo Clinic and UCLA Health are licensing their names to expand influence without building new hospitals. Private equity firms now increasingly own medical facilities, enabling health systems to shift focus toward digital services and patient experience.
Retail giants like Walmart are also shedding physical assets, investing heavily in e-commerce, automation, and omnichannel strategies. Real estate, once a core strategic asset, has become secondary to platforms, data, and brand ecosystems.
Across all these industries, three lessons emerge: owning the customer is more important than owning the building, technology replaces location as a competitive advantage, and agility matters more than scale. Companies that adapt to this model will dominate their sectors, while those clinging to asset-heavy structures risk becoming obsolete in an increasingly digital and decentralized economy.
