Food & Beverage Strategy - Future Focused
Food & Beverage Strategy - Future Focused
Diversification of Food and Hospitality Destinations is the key to Success
In this two-part blog, I will share with you why change is good when it comes to food and hospitality planning and how new opportunities must be harnessed in order to think differently and to future-focus food and beverage strategies (F&B Strategy). One that complements the vision for the project; including the built environment, placemaking, lifestyle attributes, anchors and entertainment features, to name a few.
The Developer’s viewpoint is always about the “Business”; maximising asset value by way of sales, rents and guaranteed repeat patronage. Never underestimate the importance of loyal diners and their spending power. To secure repeat business we need to think like our customers. Innovate with your customer at the centre of your strategic thinking to ensure the “wow” factor is both obvious and real. Rewarding repeat customers is invaluable, starting with the simplest of gestures, including customer recognition by name, sharing valued celebrations, events, family and business gatherings, it’s called customer-connection.
New opportunities arise every day in food and when they are clustered together, they create next-generation food projects. Each project will benefit from a new approach to F&B Strategy; one that looks at food and hospitality precincts as places of experience; a food and hospitality destination with a real, sustainable point of difference and a food mix with wide-market appeal that maximises sales, rents & asset value.
Whilst people will ALWAYS want to drink and dine out; however, current social and economic events have created new dimensions that have shaped how diners will comfortably-utilise hospitality at all levels; and how these crucial factors need to be considered as part of all future-focused F&B Strategy, regardless of the project.
Don’t try to predict what future food and beverage trends will be, research and prepare so you can engage with the future eating and dining trends, on trend brands and new concepts, that will set your project’s food and beverage mix apart. Good food and excellent service must be across all price points – the time has come to reimagine the F&B strategy of the future by discarding the current methodology and adopting a “New Opportunities” approach, one that provides a range of experiences that are highly appealing to the customer.
Whilst first principles of location, a sound business case, car parking, creative architecture, safe, secure and beautiful spaces will form the basis to create a business platform, more and more energy is channelled into creating a point of difference. Why, because eating a $30 main course in a shopping centre, shouldn’t look or feel as if you are eating a $30 main course in a shopping centre.
Eating-out is one of life’s pleasures and it can’t be experienced on-line, therefore food and lifestyle destinations are enviously placed in the experience-economy. The modern consumer trends continue to shift to online shopping for non-experience based purchases.
If developers want food and beverage to continue to be the engine room of their projects, they must remember; one size does not fit all. Therefore; if asset values are to be optimised, future F&B Strategies must look beyond first principles and incorporate a range of new components that have the power to maximise customer appeal, drive foot traffic, attract the best food and beverage operators and optimise sales – sales equates to rent.
Future-focused success factors include:
Green hospitality
Dark kitchens
Maximised al fresco seating
Flexible areas – dining-distancing
Lifestyle attributes -beautiful and hygienic spaces
Speciality Food Halls e.g. Spanish
Endless entertainment
Increased local food operators
Themed cuisines precincts
Shorter term leases - seasonal cycles
Tourism attractions
Food and beverage production on site
Arts and culture in a mixed-use development
Wellbeing and beyond
Food delivery excellence
Elevated drive-thru – floor to ceiling glass and more personalised service
Experience-economy focused research
Community connectivity - Be-local
In part two, I will elaborate on the above critical success factors and how when they are strategically aligned with a food and beverage project’s aims, will not only create a real point of difference, but will drive experience-economy foot traffic and repeat customers.
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Cover Images of The Arcade Food Theatre in London. Image via Miss Jones PA
