Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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FOOD & BEVERAGE 274 • SHOPPING CENTER BUSINESS • May 2017 R etail has taken a 180-degree turn. As big box retailers continue to close their doors, retail property owners are rethinking the way shopping centers are being put together. But in an age where technology reigns supreme, how do we lure consumers away from their smartphones and computers to retail centers? That is where destination retail with a strong food and beverage (F&B) component comes into play. According to a recent presentation by Cushman & Wakefield at Shopping Center Busi- ness's 2017 Entertainment Experience Evolution conference, 2016 marked the first year Americans spent more money dining out than eating in their homes. Be- cause of this shift in consumer purchases, the tenant mix is evolving and F&B is tak- ing charge. Retail owners are now looking to F&B options to take the lead as anchor tenants at their properties. Millennials place extra value on expe- riences rather than material goods, and when it comes to spending habits, a re- cent Food Institute report which analyzed 2014 food expenditure data from the United States Department of Agriculture shows millennials spend 44 percent of their "food" dollars, roughly $2,921 per year, eating out. This number is up 10.7 percent from 2010 data, showcasing rapid growth. As millennials' buying power con- tinues to grow, it is essential retailers take heed and adapt their tenant mix. Retail centers can boost their appeal by promot- ing experiential, authentic and immersive environments, comprehensively engaging shoppers throughout the day. F&B SPENDING: THE MILLENNIAL REVOLUTION Millennials, along with growing num- bers of more discerning consumers, are supporting a shift in consumer desires which is affecting the way those in the retail industry think, build and design. Consumers not only expect a great meal, but now expect a fully immersive and ex- periential outing when they go out for a bite to eat. Millennials are driving this "experience economy" by placing a greater value on time spent with friends and family. Ac- cording to a study by Eventbrite, "69 percent of millennials feel time spent out with friends and family is more valuable than nights at home." In fact, millennials dine socially more often than previous generations. As a result of this desire for Building Food And Beverage Creating destination retail's new anchor tenant. Scott Acton Carbone's is a Las Vegas restaurant where the experience matches the quality of the food.

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