Food Is The New Black: Industry Leaders Say Food Is The New Frontier In Retail

Food Is The New Black: Industry Leaders Say Food Is The New Frontier In Retail
SHARE
THIS


What best describes you?

This morning over 100 retail industry leaders attended the fourth Talking Shop Retailer Engagement Series workshop entitled, ‘Food is the New Black’. The event, held by AMP Capital Shopping Centres (AMPCSC) and the Australian Fashion Chamber (AFC), offered attendees valuable insights into how food is like fashion— driven by trends, seasonality and hype.

The concept of “food fashion” relates to how consumers are increasingly looking to retailers to provide interesting experiences, in addition to goods for sale.

In the food sector, shoppers want to experience the latest trends in cuisine while also being entertained and having the opportunity to socialise with friends. Retailers that can make their brand “fashionable” by adapting to these trends can increase their appeal to customers, in particular the key millennial demographic.

Hosted by journalist, cook and author of Margaret and Me, Kate Gibbs, the event featured presentations from industry experts including Fabian Rebelo, CEO of Australian Retail; Henry Greenacre, Uber general manager NSW; Francis Loughran, founder and MD of Future Food; Narelle Hutchins, head of place strategy at AMP Capital Shopping Centres and Melissa Leong, food writer and television producer; all of whom collectively agreed that food brands need to adapt to the rapidly changing marketplace to ensure longevity.

Hutchins said, “Shoppers aren’t just visiting our centres for the essential food top-up, but also to connect with friends, and relax and recharge over a casual meal or a few drinks.

“The 2016 AMPCSC Recommended Retail Practice Report, released in July, found that 82 per cent of shoppers would spend as much or more if food experiences were designed to provide opportunities to relax and have time out.

“For AMPCSC, we take a place-led approach in the planning and design of each of the 27 centres across our portfolio. We know that shopping centres are increasingly becoming hubs for community activities, and much thought and effort goes into ensuring our centres provide meaningful and valuable experience to all shoppers.

“Similarly, there’s real opportunity for retailers around food offerings – if the brand provides “insta-licious” or likeable and sharable experiences that are unique to the shopper, we know this can drive increased engagement with the brand and overall sales.”

The Urbis Shopping Centre Benchmarks 2016 found that gross lettable area dedicated to food and beverage outlets has increased by around five per cent in Australia’s regional shopping centres as retail landlords, including AMP Capital, adapt to global trends. Increased numbers of food outlets open up the opportunity for centres to take advantage of Australia’s growing night time economy, which can maximise sales and thereby increase rental optimisation.

The Urbis Benchmarks also found that food and beverage sales in large regional centres grew by over 3.6 per cent this year, while specialty apparel turnover only grew by 1.3 per cent in comparison. Food and beverage sales in neighbourhood centres are up by 9.9 per cent while apparel turnover decreased by 6.9 per cent in comparison.

Francis Loughran added, “Restaurants and food venues have accounted for 45 per cent of all shopping centre expansions in the USA over the last five years, and we are seeing Australian shopping centres adapting to this trend as well.

“We expect demand for food and beverage experiences will continue to grow, and trends such as integrated food halls offering both fresh and prepared food will guarantee the future of bricks and mortar shopping centres.”

AMP Capital Shopping Centres’ head of shopping centre marketing, Belinda Daly, said the successful Talking Shop event series is an amazing opportunity for industry leaders to share their experiences and secrets to success.

“We are focused on continual innovation in the retail space, and on providing our customers with outstanding experiences within our centres. This is why the Talking Shop workshop is a great platform for industry leaders to discuss their experiences with their peers and support them towards their road to success.

“Today, we heard from a number of successful industry experts who discussed how it’s possible for food brands to be ‘fashionable’. We know consumer behaviour is changing, and shoppers are looking at our centres as community destinations that offer far more than just a place to pick up the groceries.

“Now is the time for retailers to take advantage of this opportunity to redefine their position within a crowded marketplace, and ensure the longevity of their brand.”

Key themes that emerged from today’s Talking Shop Retailer Engagement Series ‘Food is the New Black’ event include:

  • Restaurants and food retailers have accounted for 45 per cent of all shopping centre expansions in the USA over the past five years.
  • Food outlets’ gross lettable area grew by around five per cent in Australian regional shopping centres in 2016.
  • Food and beverage sales in large regional centres are up by over 3.6 per cent, and sales in neighbourhood centres are up by 9.9 per cent.
  • 82 per cent of shoppers would spend as much or more if food experiences were designed to provide opportunities to relax and have time out.

 

Please login with linkedin to comment

Latest News

The Advertising ID Consortium Welcomes New Platform Partners
  • Advertising

The Advertising ID Consortium Welcomes New Platform Partners

The Advertising ID Consortium – the open identity solution for the digital advertising ecosystem – has announced new platform partners. Since the Consortium’s announcement in May 2017, the founding members have established a governance framework and product specification that includes an open and standardised cookie and accessible people-based identifiers, delivered in a secure, privacy conscious […]

Marketing Melodies Partners With Spotify-Backed Soundtrack Your Brand
  • Marketing

Marketing Melodies Partners With Spotify-Backed Soundtrack Your Brand

Australian in-store music provider Marketing Melodies has announced an exclusive reseller agreement with Spotify-backed Soundtrack Your Brand for the Australia and New Zealand markets. Founded in Sweden in 2013, Soundtrack Your Brand was developed to kill bad background music. Its flagship solution, Soundtrack Business, is a music streaming platform licensed for commercial and public spaces. The […]

Social Garden Becomes First Bronze Snapchat Certified Partner In Australia
  • Advertising
  • Marketing

Social Garden Becomes First Bronze Snapchat Certified Partner In Australia

Customer acquisition firm Social Garden has become the first business in Australia to achieve Bronze status on Snapchat. Among the new benefits Social Garden will receive as a result of its Bronze status is access to beta versions of Snapchat data tools, such as the Snapchat Conversion Pixel, as well as being among the first […]

Hypetap Appoints Nuffnang’s Chris Morfis As GM
  • Marketing

Hypetap Appoints Nuffnang’s Chris Morfis As GM

Influencer marketing player Hypetap has made its second senior hire in less than a month, appointing Chris Morfis as the company’s general manager. Joining from influencer marketing provider Nuffnang Australia, Morfis will guide Hypetap’s growing team, providing strategic direction to accelerate the company’s growth, as well as leading operations and managing relationships with key partners. Morfis’ appointment will […]

On Air sign in a studio broadcasting via radio, podcast or wireless transmission.
  • Media

ARN Announces Departure Of Content Director & Radio Veteran

Australian Radio Network (ARN) has announced that Charlie Fox, content Director for WSFM and The Edge, and WSFM morning announcer Ron E Sparks, have departed. Fox has been with ARN since 2005, and Sparks joined WSFM in 2002. ARN national content director Duncan Campbell said the departure of Fox and Sparks are part of the […]

OMD Announces New MD For Melbourne
  • Media

OMD Announces New MD For Melbourne

OMD unveils new Melbourne MD, and it certainly wasn't among any of B&T's picks. Not that we were picking, mind you.

Sydney Festival Chooses Brightcove To Enhance Online Video Content
  • Media

Sydney Festival Chooses Brightcove To Enhance Online Video Content

Video cloud service Brightcove has announced that Sydney Festival has selected the platform to improve its user experience through online video content. Brightcove will do so by removing third-party branding and pre-roll ads, as well as adding autoplay functionality, ahead of the event in January. Leveraging the Brightcove video platform to host and publish video […]

Does Your Christmas Marketing Suck?
  • Opinion

Does Your Christmas Marketing Suck?

Remember the old Palmolive soap ad that asked, "Don't wait to be told"? This is sort of similar, albeit sans any suds.

Opinion

by Peter Harris

Peter Harris
Queensland Anti-Porn Crusaders Cop Ad Ban
  • Campaigns

Queensland Anti-Porn Crusaders Cop Ad Ban

We have a strident anti-pornography policy at B&T. Earphones must be worn at all times and strictly no little people.

by B&T Magazine

B&T Magazine
Nature’s Way Celebrates Big Things Little People Do In UCG Videos Via Wavemaker & Storyful
  • Advertising
  • Campaigns
  • Marketing

Nature’s Way Celebrates Big Things Little People Do In UCG Videos Via Wavemaker & Storyful

Health and wellbeing company Nature’s Way is celebrating the achievements of kids in a series of relatable and entertaining online videos that tug at the heart strings of parents. Instead of using actors to tell the brand story of Nature’s Way’s Kids Smart supplement range, Storyful has helped Wavemaker to license user-generated content clips of […]

DEC PR Wins Hisense Account
  • Marketing

DEC PR Wins Hisense Account

Electronics and whitegoods specialist Hisense has announced it has appointed DEC PR to lead its strategic communications remit in the local market, following a competitive tender process. DEC PR will work to support its brand building activities and managing corporate communications. The agency’s work will integrate closely with Hisense’s other marketing partners. Andre Iannuzzi, marketing […]