The global food and beverage (F&B) market has seen healthy growth over the last ten years and this is expected to continue. The proportion of comparison retail (clothing, footwear, white goods) as a percentage of total retail is decreasing and is being partially replaced by F&B, leisure and entertainment offerings in shopping malls, out-of-town retail parks and the main retail thoroughfares. This is being driven by changing consumer shopping habits and the growth of ‘experience retailing’, reflecting consumers’ desire to enhance their physical shopping experience with a social/leisure experience. This is being seen, not just in the more mature retail markets in the US and Europe, but also in fast growing emerging markets in Asia Pacific and Middle East & Africa.
Consequently, new shopping centre developments, refurbishments and extensions are increasingly being designed to include F&B and lifestyle areas, including stand-alone food stalls and kiosks. By establishing and/or expanding the F&B footprint in retail schemes, it provides landlords with an opportunity to increase footfall, consumer dwell time and, ultimately, spend. This is particularly important considering the challenges faced by bricks and mortar retailers from the growth in online retailing in recent years in some markets.
Source : Cushman & Wakefield