If you’re in the retail real estate business, there are likely two words you’ve heard incessantly over the past year: “dining” and “entertainment.” But while they are certainly buzzy terms at this point, they are not in the same league as the most dreaded buzz word of all.
Food and entertainment options, in various forms, are actively being implemented across the industry. New food uses in particular are serving up some of the most interesting concepts for shopping centers to pay attention to, which is particularly important given that American now spend more money on dining out than they do on groceries.
Dating back to the days of the Greek agora, shopping centers have been social, well, centers of their local areas. While food has always played a role in shopping centers, as more channels evolve to handle the mere transactional nature of commodities, shopping centers would be wise to place greater focus on the experiential.
According to a study released from JLL, shoppers who stop to eat spend 35 minutes and 12% more at a property, than those who forgo a bite. That’s quite a lot of dough, when you extrapolate it over thousands of shoppers. To take advantage of that, the report outlined five mega-trends in consumerism that are impacting the F&B and retail real estate industries.
- The Experience Economy
- Supply Unchained
- Better Business
Read more here.