Australia’s food and beverage operators have been striving to return their businesses to some degree of normality in order to drive sales, stabilise costs and prepare themselves for the imminent financial obstacle of Job keeper payments ceasing in three weeks’ time. It is clear from the ABS that the future is bright for food and beverage operations, however, operators need to be creative, flexible and innovative in order to comply with the remaining Covdid-19 restrictions around social distancing and the control in patron numbers in any one enclosed space.
In the course of our work, we have noticed that there are some venues that just say ‘Sydney’. We also know that over the years, Sydney restaurateurs haven’t lit up the world in Melbourne (and vice versa, we might add). All of which got us thinking about why this is so: What is it about the market that creates a ‘Sydney’ venue?
Here we highlight a few of the differences between the Melbourne and Sydney food scene.
Although 2020 will be remembered in Australians (and the world) for all the wrong reasons, hospitality operators continued to push the boundaries, open new concepts providing a welcome haven for Australia’s at large with new experiences that raised our spirits and reminded us that life, food and hospitality will not only survive but thrive.
There are stand out restaurants and bars that have opened across Australia with new and enticing food and beverage as well those who have traded through the ups and downs continuing to deliver excellent food and service.
Here we highlight a few of the many new ones (and can’t wait to try) and share a recent food experience at Ish in Melbourne.
2021 is going to be, in the parlance of your local footy team, a rebuilding year. So much damage has been done to retail in general and hospitality in particular this year that 2021 is going to be a year to heal, slowly getting back on public transport and getting settled into the Next Normal.
2022, then, is shaping up as a really interesting year. The food operators that survived the pandemic, and especially those that opened during it, are battle-hardened and realistic: An excellent foundation on which to rebuild Food and Hospitality. With the gradual renaissance of the CBD and face-to-face interactions, there is ample scope to start contemplating how to harness and encourage demand.
In the current business environment, securing the best F&B operators within your project, development or institution, can be challenging. This may be compounded, by shifting operator demands, (complicated lease conditions, staged incentives, abatement clauses, etc) and a new expectation of rental revenue models, what is the rental return that can realistically be achieved?
By 2019, the US food hall marketplace will have more than doubled in size in just four years and Europe who already has over 100 food halls dotted across it has double that figure in the pipeline. As with all trends, not every one of these food halls will succeed and reach business sustainability however, the past and present show that the food hall which aims to embrace the community it is in, model its masterplan based on the new consumer and provide top-tier food options based on quality as well as reputation are and will be placed in an advantageous position in Today's food and hospitality marketplace.
Restaurant management platform, SevenRooms has been exploring the shift in consumer needs when it comes to dining out and the results have just come through in their recent report “Turning a Meal Into an Experience” to define exactly what hospitality can focus on to gain customer loyalty. With the focus shifting from food alone to an all-encompassing experience, understanding the key points that enhance or deflate an experience are key. Interestingly enough, a large part of the results can be applied to not only to the hospitality industry but the retail and entertainment industries also who are seeking to provide that ‘value-add’ - the experience, that cannot be found online. From making a space atmospheric to using a customer’s name, here’s what you can take home from the report:
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.
Around the globe, the food and beverage markets is growing with reasons for and rate of growth varying dependant on the region whether it's The Middle East and Africa, The Americas, Europe and Asia Pacific. These variations come from changes in lifestyle situations, cultural shifts and the economic status of each region however, one thing that does not vary between regions is that the food and beverage market is attracting bigger spends from consumers in each region than ever before. We've put together a brief snapshot of how the global food and beverage market looks today as determined by Cushman & Wakefield's market report for 2017 as well as discuss what the future growth of food and beverage holds for regions around the world.
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