The amount of space dedicated to the Food & Beverage (F&B) sector has risen to 25% in some UK high streets, a trend that adviser Colliers International expects to see spread across Europe over the next 10 years, as the experiential factor continues to be a key driver in consumer decision-making.
According to Colliers International’s latest report The Retail Rollercoaster, which has been released to coincide with Mapic 2018, from 2015 to 2020, grocery spending will increase by €129.8 bn (11.25%), with spend on eating out increasing by €71.8 bn (12.73%).
'Engagement is no longer achieved through product features but through experience, which has led to an increase in venues that focus on or blend with a food and drink offer. And, while the experience economy may drive the lifestyle shift towards eating out, disposable income growth will facilitate it,' said Damian Harrington, director of EMEA Research at Colliers International.
Colliers’ research shows a marginal but year-on-year increase in eating out expenditure across Europe over the last 12 months and this is expected to continue, with a 1% increase expected over the 10-year period from 2015 to 2025, rising from 32.9% to 33.8%, indicating a shift away from home cooking.
'Changing consumer behaviours are transforming our retail areas,' said Paul Souber, co-head of EMEA Research, Colliers International.
'As our cities continue to evolve, and in many cases "pedestrianise", we expect high-streets to be brought back to life as part of more liveable, working environments. Successful environments will need to incorporate a blend of goods, services and F&B to help create sustainable, attractive and experience-driven locations and destinations.'