Today, food and beverage is one of the biggest assets to a development proven by the exponential growth that has occurred in this category over the last few years. The global food and beverage market has been growing at roughly 5% a year and in doing so, food outlets are now making up over 20% of new and redeveloped retail centres as they become a mainstay and an anchor for shopping centre success. Over the years, and as avid foodies, the Future Food team have learnt that there are a set of common key components that successful hospitality masterplans posses.
At the inception, a shopping mall was a simply structured space that provided a one-stop-shop for household commodities and other retail items. Today, the function, design and overall purpose of the shopping mall as vastly changed. Walk through the evolution of the shopping mall, from what it has been to what it is now and what it will be in the future.
Where once the only way to access new clothes, homewares, luxury items and groceries was to visit a brick and mortar store, now people can do all of their shopping online without visiting a store at all. Australia’s e-commerce alone sales topped $20 billion in 2016. So how do you keep people coming in to your shopfront, retail centre of precinct? How does brick and mortar retail remain relevant in a world where people do their retail shopping online? The answer is you provide an experience and that experience is food.
All eyes have been on the Millennials over the last five years as they’ve been the big spenders in the food and beverage category, the ones forging the path of new trends and changing the way we create, serve and deliver food and precincts around the globe. The Millennials were part of a transformation, a technology upgrade which allowed information to be spread like wildfire making it more important for operators to be transparent, conscious and connected in their food offering. Now we’ve got Generation Z waiting at the door.
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.