No - retail space and housing have fixed supply. It's a finite resource, especially in historic city centres. Labour is also finite - would you want to live in

No - retail space and housing have fixed supply. It's a finite resource, especially in historic city centres. Labour is also finite - would you want to live in a city where the only employment is in the hospitality sector? Secondly - as I have already mentioned, tourists are price-insensitive, so businesses have no incentive to reduce prices by employing "economies of scale".