Last week, I wrote about authenticity – how customers are looking for an authentic and positive food and beverage experience. This leads to the simple conclusion about the Business of Food: Retailers can only maximise sales and generate profit if the product is great. Sales are driven by satisfaction.
THE FUTURE OF FOOD IN SHOPPING CENTRES IS BRIGHT AS IT IS BUILT UPON FOOD AND DESIGN IN NEW URBAN SPACES AND PLACES
Small, Medium and Large shopping centres and precincts - Each must seize their food and hospitality opportunity and plan for success. No mall, retail centre or mixed-use development, can afford not to offer great food and service. The simplest café or food truck can offer great food, coffee and snacks thereby generating rental income for the landlord and a profit for the operator. It is all about positioning, professionalism, people and profitability regardless of size and location.
Authentic and Honest Food, Service, Entertainment and Community – these are the cornerstones for future retail centres and mixed use developments of all sizes.
Today’s requirements for living, shopping and eating have changed. The broad construct of lifestyle has been integrated into retail and this needs to be reflected in the food, hospitality and entertainment. I think by now we have all moved on from the brick versus clicks dilemma and realised that retail centres are alive and well and have a bright future provided they can change and evolve with their customers.
In the changing retail landscape Neighbourhood shopping centres are facing competition from online shopping, high street food deliveries like Uber & Deliveroo, high street dining precinct and the inevitable introduction of smart casual/ family restaurants within the building footprint of stand-alone cinemas and other entertainment precincts.
Smart Casual and Family Dining precincts are no longer the BASTAN of the larger malls and retail precincts. The smaller malls are starting to recognise the many benefits of increasing the food GLA and the development of dining precincts. They want to include roof tops and dining lanes.