As part of our coverage leading up to ICSC, Howard Wong, Director of Retail Leasing at Passco Companies, gives us his insider perspective for this edition of Counter Culture. Passco Companies will be at Booth C143 L at the Las Vegas ICSC RECon Convention May 18–20.
The Food & Beverage landscape has shifted. Today, it's all about Food & Entertainment.
It's no secret that consumers today are more sophisticated than ever before. And with the prevalence of online shopping, these consumers are no longer visiting retail centers to find the latest bargain. Instead, today's consumers are visiting retail centers to indulge in good food, and to be entertained.
As a result of this shift in retail, today's malls and retail centers are transforming into more experience-based and increasingly restaurant-dominated centers.
In fact, restaurants are becoming the new anchor tenant for many retail centers, drawing consumers from far and near to dine, and ultimately to be entertained within the center.
In order to compete with the increasing competition in this new retail landscape, restaurants are becoming much more creative and dynamic. Good food and good service will no longer suffice on their own. Rather, restaurants must provide a full entertainment experience along with a meal in order to meet consumer demand.
Many restaurants, such as Chipotle and the new make your own pizza concepts (Blaze and Pieology), are providing this experienced-based dining. Whole Foods Markets is another great example, as they have enhanced the customer experience by offering multitudes of food in a bazaar-type environment in store. They even provide patrons the opportunity to grill a selection of meats and seafood, and then dine inside the store.
What does all of this mean for retailers and owners who want to be successful? It means that attracting new, experience-based restaurants is more important than ever.
At Passco, we're welcoming the F&E movement with open arms, and we look forward to discovering the newest in “Food & Experience” at this year's ICSC RECon event.
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