Over the last few years society’s demands and approach to F&B has dramatically altered – the highs and lows of the casual dining market, the informalisation of fine dining and the rapid expansion of the Food Hall concept.
In the first part of our insight report, we look ahead to the food destinations of tomorrow and identify the opportunities in this highly competitive landscape; highlighting the most important factors to consider when developing engaging F&B environments.
Part 1: The Future Economy
Globally, cities are set to grow and become more densely populated, according to the UN. By 2050 over 65% percent of the world’s population will live in urban areas. This poses big challenges for urban planning and opportunities for land and asset owners. In recent years we’ve seen developers who present flexible, diverse, socially conscious concepts favoured by governing bodies and consumers.
The demand upon land, coupled with the ailing high street and fluctuating retail market, poses opportunities for those that are poised for a radical rethink on their long-term objectives.
Reimaging and Regenerating Space
Retail and leisure will always be strong drivers for footfall, but a more diverse and fluid approach will be key. Consideration should be given to ‘focussed concepts’, specific consumer groups, residential opportunity, localisation and integration into the existing communities/local structures and cultures.
In this new era land/asset owners should define and protect the perfect balance of commerciality, culture and community.
Examples to Inspire - The Gramophone, London: Redevelopment of former pressing plant
The latest project by Really Local Group is ‘a world class cultural and creative hub’ in Hayes, which received a £1.2m funding boost from the Mayor of London’s growth fund. The Gramophone venue is being developed inside The Old Vinyl Factory, a former pressing plant with significance in the global music industry. The venue will include a cinema, live music and interactive exhibition spaces working in partnership with EMI Archive.
Axiom, Yorkshire: Regenerating an underserved retail and leisure location
A 106 acre ‘Brand Playground’, delivering a customer focused community experience combining retail, F&B and leisure within an evolving and innovative format. Opening in 2022.
Industry City, Brooklyn, USA: Industrial area to urban cultural movement
An innovation ecosystem consisting of sixteen buildings acting as a community hub for artists, musicians, entrepreneurs and designers with a vast food hall, events space, fitness clubs and maker-spaces. Described as ‘bigger than work, a movement’.