With the arrival of the new financial year comes a time to consider how the next year will pan out for your business. Whether you’re a developer or single operator, how will you continue to increase business growth and maintain asset value in this highly competitive and growing industry that is hospitality? With retails majors such as David Jones announcing their $100million investment into the food sector, it’s no doubt that businesses are all grabbing for a slice of the ‘food and beverage’ pie. Future Food has put together 10 key principles to ensure your retail centre’s food and beverage offer stays ahead for the next financial year and beyond.
There is a lot that goes into making a sustainable food concept, precinct or hospitality hub. Any individual business, food cluster or cafe court must maintain its business, continue to grow and remain a valuable asset to the space it sits in. If done well, the food offer in a retail centre can be an anchor and provide a strong foundation for the success of the entire precinct.
So what are the key things to consider maximising your food sales in your centre? Whether you want to attract new customers, get them to return more frequently, linger longer or spend more - the following 10 points are integral to maximise the dollars spent in your food precinct and contribute to the overall success of your retail centre.
1. Market – who is my customer and what do they want, who is my potential customer and what do they want? Define this in the initial stages of planning to create a refined, curated and highly specific food mix.
2. Mix – make the food mix 60% of what the customer wants and 40% of something new and different. Get the best operators in who are self-starters and have an entrepreneurial spirit.
3. Making your space a place – consider the feeling of the space and make it an experience for those who use it – e.g. truck park, roof top venues, café courts, integrated-markets, dining clusters, resort style precincts. See the Riverside food precinct revamp in Brisbane via Design Boom
4. Management – recruit those with the skills, knowledge and confidence to define standards in your retail centre. Successful precincts are lead by strong management who maintain first-class standards.
5. Marketing – one destination, twenty-five choices, market diversity, your evening economy and key points of difference e.g. family experience, outdoor dining, the best burger in town. Download our 5 simple marketing tips
6. Merchandising – proactively execute product and pricing messages. People respond to visual cues first and foremost so make these aspects a key part of your precinct planning.
7. Maximum sales – do you know how much your precinct needs to make to meet sustainable volumes? Forecast sales and set maximum targets.
8. Maximising MAT (moving annual total) – extend lunch until 4pm, apply free parking for evening diners and create loyalty programs that continue to grow your customer base. See how Future Food can help you with our expert team of analysts
9. Metrics – measure satisfaction, MAT and percentage rent opportunities to ensure you are on track, maintaining growth and transforming with the times.
10. Masterplanning - strategically curate your precinct so as to diversify the experiences based upon the target customer’s emotional need and wants. Learn the 5 stages of strategic masterplanning
These 10 points contribute to overall sales maximisation by ensuring your customers are getting what they want, know what’s on offer, receive hospitality from visiting and are supported to spend more and come back time and time again.
Credits- cover image of Urbanspace in New York via Vontade de Viajar