A CBRE report implies that the current fast-casual proliferation, in-store automation, and meal delivery services are significant shifts that are remodeling the real estate restaurants in the US. The beverage & food industry has also been renovated, and this article concentrates on showing you trends affecting the beverage and food industry.
The modern retail landscape is ever-evolving, which means retail business owners have no choice but to invest in restaurants that meet the requirements of their clientele. As a result, creating a great restaurant space is no longer the norm but ensuring you have an area that attracts the best energy into the restaurant and makes customers stay around even after shopping.
With the varying customer habits, fast-food restaurants in Boston are efficiently using technology to fit in and make a profit. People have turned used to getting anything they want to deliver right to their door, including services and goods. Besides, this is done so effectively that the millennial is not interested in dine-in options as they would rather have their meal when and where they want it. From McDonald's to Sweetgreen, fast service outlets give consumers a great experience in in-dining and the convenience of requesting their choice of food through an app.
1. Meal Delivery Services
Delivery services conducted by third parties are earning a considerable share in the meal delivery space. It is anticipated that by 2022, growth in service will have hit 70% from 58% in 2018. On the other hand, the restaurant industry is coming up with strategies to reduce the cost of delivery services since sometimes it is not profitable.
One of the best mitigation measures would encourage more people to utilize in-house restaurant services, sites, and delivery applications. Another acceptable solution would be to share the information with third-party delivery service providers and agree on revising delivery prices to favor restaurants.
Because there is fast growth in the meal delivery service, chains and restaurateurs ensure the buildings have two enchants, one for dine-in customers and the other for meal pickups.
2. Smaller Entertainment
Beverage and food services have been combined with entertainment ideas making freestanding areas and suburban malls populated. In addition, some operators are now testing smaller entertainment facilities to capture the high customer traffic of office workers and residents, growing revenues. Punch Bowl, Dave & Buster's, and Topgolf are instances of operators taking entertainment small.
It is hard to get large vacant retail spaces with the increased population, particularly in the central business district and towns' suburban areas. This has compelled entertainment providers to adapt to using smaller spaces, and instead of capturing every passerby, they concentrate on the center's clientele. This approach leads to the creation of relationships with the customers.
3. Growth of Fast-Casual Eateries
In recent years, the most considerable expansion in the restaurant industry has been seen in the restaurants that provide low prices, fast service fast food than full-service better-quality food ones. Around 90% of restaurants opened by the best food chains are fast-casual eateries. Restaurant owners now aim to choose the best fast food operators for their setup.
4. Table Reset by Technology
Several beverages and food companies are adopting technology to smooth services in their front house while managing operations in their back house effectively. For example, a recent survey by the National Restaurant Association proves that over 50% of responding restaurants intended to invest in adopting more front house technology, and many have a similar plan for their back-house operations.
Most national chains have adopted tableside ordering structures, tablets, and kiosks to ensure customers order meals easily to automate the process. Restaurants expect this infrastructure to reduce labor costs and reduce space used for food ordering queues.
When technology is included in restaurants, operations are smoothed, and focus shifts to interaction with customers and their experience while handling inventory and labor costs.