Part 2 of 2
LAS VEGAS—In part one of this two-part article covering ICSC's RECon 2017 food halls panel, moderator Garrick Brown of Cushman & Wakefield discussed how no other retail category has generated as much aggressive expansion over the past few years as food-related retail—and arguably, he said that there is no hotter trend within that category than food halls. In part two of our coverage Thomas Rose, head of leisure and restaurants for Cushman & Wakefield in London, says that people look to food halls as a culture, experience and center of a community.
“What we have seen in Europe is a shift from traditional markets that sold produce to the food hall/restaurant hall. And the bad ones, he said, are the ones that are just trying to fill space. “That isn't going to work.”
What panelist Travis Hammond, CEO of Asian food hall concept Eat and Eat, learned from his experience in Asia, is that you have a family entrepreneurial spirit where people come together with a sense of community with food, and bring something special. “You find diversity. You find that diverse offering that people want.”
And authenticity is critical for Eldon Scott, president of Urbanspace Food Hall in New York City. “We are creating places in the community and partnerships and bringing that all together…we are not focused on leasing.”
Todd English of Todd English Enterprises in New York City agreed that authenticity is so important. “You can't just pick up something and put it in there. There has to be something common that feels good. It is about affordably luxury and people feeling something in the space.”
Scott continued that when you have a bunch of owners, it is different. “Public spaces should be a little more private and private spaces should be a little more public. We are creating a new energetic place in the city, and from that, you create good business.”
When Anshul Mangal, managing partner of Now Open Project in Chicago, talks to developers that want to open a food hall, he always asks them to answer why. “What is the economic reason,” he asks. “Are you trying to drive your rents upstairs to $3 more per square foot?”
He also noted that it cannot feel forced. “It needs to be organic.”
One of the first things English learned in culinary school is location, location, location. “There are a lot of economics to make it work and if you don't have that traffic, people can't sustain their business. You have to look at what is around and really study your market.”
Mangal also explained that not only are they developing food halls, but they are also operators inside food halls, and that collaborative and learning experience is key. “The developer really has to be a partner with the vendor and really set them up for success.” He encourages people to “let the hall breathe a little bit for a few months and really figure out their systems because a lot of these vendors have never done this before and need some time.”
There is a lot of brilliant food out there and there aren't as many brilliant operators, noted Phil Colicchio, president of Colicchio Consulting. “At the end of the day, sustainability requires economic sustainability. Ownership needs to carefully evaluate the operator they are going to work with.”
Some operators like to operate their whole hall, he explained. “The ideal view is if an owner can find a great operator who can operate approximately half of what is in the food hall and curate half.” The idea, he said, is to underwrite carefully, be selective and think about the different options that exist.
And for other thoughts from experts who are attending ICSC RECon event here in Las Vegas and to learn more about panel coverage from the event, check out the articles below.
Part 2 of 2
LAS VEGAS—In part one of this two-part article covering ICSC's RECon 2017 food halls panel, moderator Garrick Brown of Cushman & Wakefield discussed how no other retail category has generated as much aggressive expansion over the past few years as food-related retail—and arguably, he said that there is no hotter trend within that category than food halls. In part two of our coverage Thomas Rose, head of leisure and restaurants for Cushman & Wakefield in London, says that people look to food halls as a culture, experience and center of a community.
“What we have seen in Europe is a shift from traditional markets that sold produce to the food hall/restaurant hall. And the bad ones, he said, are the ones that are just trying to fill space. “That isn't going to work.”
What panelist Travis Hammond, CEO of Asian food hall concept Eat and Eat, learned from his experience in Asia, is that you have a family entrepreneurial spirit where people come together with a sense of community with food, and bring something special. “You find diversity. You find that diverse offering that people want.”
And authenticity is critical for Eldon Scott, president of Urbanspace Food Hall in
Todd English of Todd English Enterprises in
Scott continued that when you have a bunch of owners, it is different. “Public spaces should be a little more private and private spaces should be a little more public. We are creating a new energetic place in the city, and from that, you create good business.”
When Anshul Mangal, managing partner of Now Open Project in Chicago, talks to developers that want to open a food hall, he always asks them to answer why. “What is the economic reason,” he asks. “Are you trying to drive your rents upstairs to $3 more per square foot?”
He also noted that it cannot feel forced. “It needs to be organic.”
One of the first things English learned in culinary school is location, location, location. “There are a lot of economics to make it work and if you don't have that traffic, people can't sustain their business. You have to look at what is around and really study your market.”
Mangal also explained that not only are they developing food halls, but they are also operators inside food halls, and that collaborative and learning experience is key. “The developer really has to be a partner with the vendor and really set them up for success.” He encourages people to “let the hall breathe a little bit for a few months and really figure out their systems because a lot of these vendors have never done this before and need some time.”
There is a lot of brilliant food out there and there aren't as many brilliant operators, noted Phil Colicchio, president of Colicchio Consulting. “At the end of the day, sustainability requires economic sustainability. Ownership needs to carefully evaluate the operator they are going to work with.”
Some operators like to operate their whole hall, he explained. “The ideal view is if an owner can find a great operator who can operate approximately half of what is in the food hall and curate half.” The idea, he said, is to underwrite carefully, be selective and think about the different options that exist.
And for other thoughts from experts who are attending ICSC RECon event here in Las Vegas and to learn more about panel coverage from the event, check out the articles below.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
