In recent years we’ve seen a boom in foodie culture and in turn consumers’ growing interest in local, artisan produce that feels honest, authentic and that has provenance. This combined with an awareness and concern for sustainability has seen an increase in the number of independent, home-grown F&B concepts.
In the second part of our insight report, we explore the important role that small producers play in the current F&B market and how landlords are adapting the models to suit their growing needs.
Part II: Nurturing Landlord
Soaring rates can make it challenging for small businesses to survive in a competitive market. This poses big opportunity for land and asset owners to adopt a nurturing mindset and become a support and a hub for innovation for F&B entrepreneurs.
Nurturing landlords can offer affordable retail space on a flexible or short-term basis providing a low risk opportunity for small/new businesses to reach consumers, whilst at the same time the landlord benefits from having an evolving concept – creating a fresh interest for their consumers.
Providing a Viable Platform for Small Producers
Food Halls are a perfect example of this format in action. Some of the new halls are even acting as business incubators, providing much needed commercial guidance and communal kitchen space. Detroit’s newest food hall, Fort Street Galley, set up a competition where businesses pitched for a place with the locals judging the results – creating a ‘story’, providing exposure to a multitude of brands, driving footfall and attracting a new customer base.
Examples to Inspire - Tastemakers, Washington DC: Food incubator
Opening in April last year, Tastemakers acts as a food incubator meeting the needs of local producers, with a food hall that also host events such as cooking classes and workshops, movie nights and wine tasting. Described as ‘a community all about food, bringing together the taste makers and taste testers of the DC food scene’.
Baltic Market, Liverpool: Platform for independents
A street-food market based within Cain’s Brewery, conceived by the people at Independent Liverpool who built on the food and drinks festivals they were running, to create a space that could host food traders, independent artists and local food producers. The market offers young and independent food businesses a platform to reach consumers without the financial risk.
WeWork Food Labs, NYC: Co-work space for food start-ups
WeWork have opened a co-work concept in Chelsea New York specifically for food producers. The WeWork Food Labs is a co-work space, innovation lab and events space, acting like an incubator for small food entrepreneurs. WeWork will contribute $1million in equity investments to a group of member start-ups.