Managing Director and leading food expert for Future Food, Francis Loughran sat down with Colliers International in New Zealand to talk about where food in retail has been, where it is now and where it is headed for the future. The original article was published as part of Collier International's Christchurch City Retail Portfolio which can be viewed here.
The food and beverage category has been growing strongly and does not appear to be slowing down. When we look at the fact that Australians alone are spending $45 billion per year on eating out, it comes as no surprise why developments and precincts are filling up the space with more food and beverage offerings to raise more business. What is it that is driving this growth in the food and beverage category? What is drawing the customer in more than ever? and what makes them see value in food so much as to invest into it?
Analysing your target customer is step one to providing a curated and strategic food and beverage masterplan. The Future Food model to masterplanning is customer-centric meaning our team work to understand and intricately assess just who uses the space in order to create a set of food and beverage concepts that satisfy everyone’s wants and needs.
We’ve put together a quick guide to show you the different types of concepts, who uses them and how this looks in reality with examples given from one of our recent retail projects at Chadstone Shopping Centre in Melbourne, Australia.
Whether your precinct is part of a transport hub, retail centre, arts centre or business park, a good strike rate remains a key part of a highly successful and sustainable food offer as well as overall development with food and hospitality being a major drawcard and anchor for centres and spaces around the world. We’ve put together our quick checklist for what it takes to get your customers using all parts of the precinct, time and time again.
Performance tracking informs how you’re tracking and where you need to adjust to ensure you continue tracking successfully. When resources and structures required to implement performance tracking are not allocated, whether you’re a single operator or entire food precinct, it becomes very difficult for there to be any analysis done and therefore, any developments to be made. With the food and beverage industry being a highly competitive marketplace, it’s in everyone’s best interest to incorporate routine performance tracking to ensure you’re meeting your customer wants and needs and therefore improving your ability to meet your business targets. Continue reading to learn how small, informed improvements across multiple operators in a precinct can bring about gains in the millions for your precinct.