Reshaping of the Restaurant Industry
Millennial expenditure in the restaurant industry has left the independent and small regional chains at a loss with rapid changes in the food and beverage sector. Four emerging trends are expected to have a significant impact on both retail and industrial food and beverage operators include:
• Urban neighborhoods turning into food and drink hotspots,
• Growth of single-person households that drive more restaurant spending,
• Restaurant and grocery expenditure will eventually outpace soft goods, and
• Millennial food and beverage expenditure will rise rapidly over the next ten years.
Millennials spend a large percentage of their disposable income on dining as a result of demographic shifts, resulting in new lifestyle habits that inculcate the practice of dining out as a means of having fun. Besides demographic shifts, advancement in technology like food photographed on social media also boosts the popularity of restaurants and fine dining.
As emerging trends have a significant impact on retail real estate, owners are adapting to the changing consumer demands by providing non-department store shopping center restaurant floor area. New retail concepts come with built-in dining areas, utilities, and dedicated parking for delivery services through the developer’s response to the changes. Restaurant Industry…
check out: Key Trends Influencing the Future of the Food Industry
