April 13, 2017 Comments Off on Tables Turn(ing) to Restaurants at Malls Views: 4099 National News, Top National

Tables Turn(ing) to Restaurants at Malls

A new report by JLL Retail’s research team predicts that by 2025, as much as 20% of space in many shopping centers will be occupied by food and beverage (F&B) concepts. A shift from transactional to experiential retail is reflected in consumer spending, with foodservice now outpacing grocery, as well as all retail spending.

Here’s a few key takeaways from JLL’s report:

    • Biggest challenge for landlords: understanding that support for restaurant operators differs from responsibilities to traditional retailers.
    • Technology is improving operational efficiency and service; enables “hyper personalized” experiences; creates game-changing online delivery services; and contributes to risks already facing industry.
    • The rental gap is closing between restaurants and retailers, requiring better model rent practices.
    • Restaurant leases tend to be shorter than conventional retail leases — just 5-to-10-years. Landlords will need to understand how this impacts their merchandising mix.
    • F&B tenants require owners learn new ways to drive footfall, dwell time, spend and overall sales growth.

Read more at JLL

Connect With JLL’s James Cook

Subscribe to Connect Daily National

For comments, questions or concerns, please contact Dennis Kaiser

Tags: ,

Comments are closed.