Sequential dense retrieval models utilize advanced sequence learning techniques to compute item and user representations, which are then used to rank relevant items for a user through inner product computation between the user and all item representations. However, this approach requires storing a unique representation for each item, resulting in significant memory requirements as the number of items grow. In contrast, the recently proposed generative retrieval paradigm offers a promising alternative by directly predicting item indices using a generative model trained on semantic IDs that encapsulate items' semantic information. Despite its potential for large-scale applications, a comprehensive comparison between generative retrieval and sequential dense retrieval under fair conditions is still lacking, leaving open questions regarding performance, and computation trade-offs. To address this, we compare these two approaches under controlled conditions on academic benchmarks and propose LIGER (LeveragIng dense retrieval for GEnerative Retrieval), a hybrid model that combines the strengths of these two widely used methods. LIGER integrates sequential dense retrieval into generative retrieval, mitigating performance differences and enhancing cold-start item recommendation in the datasets evaluated. This hybrid approach provides insights into the trade-offs between these approaches and demonstrates improvements in efficiency and effectiveness for recommendation systems in small-scale benchmarks.