Restaurant Reboot - cochawaii.org · such as increasing destination appeal and creating “social...
Transcript of Restaurant Reboot - cochawaii.org · such as increasing destination appeal and creating “social...
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Kit MillanSenior Vice President, Asset ManagementAlexander & Baldwin
Restaurant RebootA P R O P E R T Y O W N E R ’ S P E R S P E C T I V E
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DISCUSSIONThe Impor tance of Restaurants
Communicat ion
Proper ty Operat ions
Proper ty Market ing
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I M P O R T A N C E O F R E S T A U R A N T S
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Restaurants are vital to retail centers
1M$900B15.6M
Sources: National Restaurant Association 2020 State of the Restaurant Industry Fact BookU.S. Census Bureau
JOBS
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50%
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Restaurants are vital to retail centers 25%
R E TA I L S A L E S F R O M F O O D & B E V E R A G E
I N D U S T RY
750MS Q UA R E F E E T
O F R E S TA U R A N T S PA C E
Sources: U.S. Census BureauInternational Council of Shopping Center, “The Successful Integration of Food and Beverage Within Retail Real Estate” (2017)
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Restaurant sales have outpaced all other retail for the past 20 years .
Sources: US Census BureauCBRE Research 2019 US Food In Demand Series: Restaurants, (November 2019)
H i s t o r i c a l R e s t a u r a n t S a l e s G r o w t h , 2 0 0 0 - 2 0 1 9
T H E B O T T O M L I N E
“….foodservice helps shopping centers remain relevant to the customer,generate excitement and experience and ultimately meet customerdemand...The “halo effect” can also drive additional shopper traffic, dwelltime and ultimately property sales, as well as some of the softer benefits,such as increasing destination appeal and creating “social glue” and acommunity space for a shopping center”
International Council of Shopping Centers, “The Successful Integration of Food and Beverage Within Retail Real Estate” (2017)
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C O M M U N I C A T I O N
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2 Vested interest in success
E XAMPLE: A MUSIC-CENTRIC STUDIO/RESTAURANT
Sharing successes, challenges and ideas
R E L A T I O N S H I P B U I L D I N G
Importance of understanding stakeholders
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C A N D O R
E XAMPLE: A RESTAURATEUR NEEDING SUPPORT/RESOURCES
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Promotes understanding
3 Transparency equals trust
Facilitates resolution
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Planning ahead
E XAMPLE: A YOGA STUDIO/RESTAURANT PARTNERSHIP
Adaptability
P R O A C T I V I T Y
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RESOURCES
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Clarifying reopening guidelines
Website updates
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P R O P E R T Y O P E R A T I O N S
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Creating safe environments is critical to making customers feel comfortablereturning to physical establishments.
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S A N I TAT I O N S TAT I O N S
C U R B S I D E P I C K U P /
P I C K - U P Z O N E S
S N E E Z E G U A R D S
S A F E T Y R E M I N D E R S
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Reimagining the physical environment
Reprogramming outdoor areas“Europeanizing” dining
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P R O P E R T Y M A R K E T I N G
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SHARE UP-TO-DATE
INFORMATION U p d a te you r m ar ke t i n g p l an1
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Pos t on s oc i a l m e d ia
U p d a te re v i e w s i t e s
Pos t i n fo r m at ion on re s ou rc e s i t e s
Sh a re p rom ot ion s w i th p rop e r t y m an ag e r /m ar ke t i n g
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“…I am convinced that America’s restaurant industry will not justsurvive but thrive, and, once the All Clear signal is sounded, it willhappen rapidly….More than with most leisure time endeavors,people want desperately to eat out again, and restaurants willrespond to that enormous appetite.”
John Mariana, Dining Contributor, Forbes