So far, 2018 has been the year of the fresh food market for Future Food. With a number of projects in the pipeline as well as a number recently completed including the Adelaide Central Market and Box Hill Central, we are seeing strong growth in this hospitality sector. The growth is sparking interest in market management and developers around the globe to reposition and reinvigorate existing markets to ride this growth or include market concepts in the masterplans of future developments.
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.
We first introduced you to the Gen Z generation last year where we discussed what the food landscape is predicted to look like to appeal to this uprising age group (8 Things You Need to Know About Generation Z). Time has passed and the industry is even more focussed on this group who are fast becoming key customers, particularly when it comes to food. As they continue to grow up and begin making independent purchasing decisions; media attention, market research and advertising campaigns are analysing a generation to understand exactly what it is they want and need.
Saying that a food collective concept is a ‘new’ one might be technically incorrect but in the last year or so, their popularity has spiked. A food collective is a concept that contains more than one type of food option in the one outlet. You could consider it as a small-scale fresh food market or food hall where you can get a curated selection of food items like fresh made paninis, hand-tossed salads, daily desserts and local bakery goods all in one confined space.
The successful centres around the globe are focussing on three key components. One point that we cannot express enough is that what was once a stock-standard formula for creating a mall that satisfied is no longer. Every community, every customer, every space in a different suburb, city or country demands something different and knowing exactly what that is is pivotal to the development and success of a centre. However, these three components are proving to be a common thread in the malls that are standing out from the crowd and defining them as ‘more than just a mall’.