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The Secret Sauce: Why Retail and Mixed-Use Projects Need Local Chefs
- 1. THESECRET SAUCEWhy Retail and Mixed-Use Projects Need Local Chefs
- 2. There is an ESSENTIAL INGREDIENT to developing successful retail properties of the future.
- 3. WEWARNYOU. It can be expensive, hard to get and difficult to work with.
- 4. But none of that matters.
- 7. And PROPERTIES without it won’t have quite the right flavor…
- 9. Remember the days when retail tenants complained about restaurants hogging the parking lot?
- 10. There was a time when chain restaurants were all the rage.
- 11. But today, the tables are turned.
- 12. $11.8 million decrease in revenue 3Q14 3Q13
- 17. WHAT CHANGED?
- 18. A new class of consumers emerged.
- 19. They want good food
- 20. They want good food, local chefs
- 21. They want good food, local chefs and unique experiences.
- 22. 6OF10CONSUMERS More likely to choose dining location based on locally sourced items on the menu
- 23. 54% of people consider themselves foodies
- 24. nom nom nom 54% of people consider themselves foodies
- 25. Gone are the days when food was meant to be eaten and forgotten.
- 26. WEWATCHIT.
- 27. 1.7MILLIONtuned into Top Chef season 11 finale
- 28. WEBLOG ABOUTIT.
- 30. WEPINIT.
- 32. FOODANDDRINK Most popular category on Pinterest among both men and women
- 33. WE#HASHTAGIT.
- 35. Not only do we care about what is being served, we care about WHO it is being served by.
- 36. We live in a world where words like “celebrity” and “rockstar” are used to describe CHEFS.
- 38. POP QUIZ!
- 39. Who brings home the most bacon? GORDON RAMSAY JUSTIN BIEBER TOM BRADY LIAM NEESON
- 41. Retail developers and operators must woo the Gordon Ramsays and Mario Batalis of their communities.
- 42. But these deals aren’t easy.
- 43. Local chefs often lack the financial backing to build out their own restaurants, unlike bigger chains.
- 44. They are RISKY.
- 45. 30%of new restaurants fail within the first year
- 46. 30%close within the next two years Of those that survive, another
- 47. WOOTHEM ANYWAY.
- 48. Chef-driven restaurants provide immediate personality and credibility as a destination for shopping and dining in lieu of other, historical venues in the market. They are a critical element in establishing an identity in the marketplace for consumers. Dick O’Connell NewGate Retail Advisors
- 49. When North American Properties began developing Avalon in Alpharetta, Georgia, managing partner Mark Toro knew he needed the hottest chef-driven restaurants.
- 50. It’s time for a paradigm shift in how we think about retail development. Call it Retail 3.0 or experiential retail. Strip centers and malls are out. Mixed-use, vertically integrated communities are in. Gen Y wants an environment that is urban, walkable and connected. Gen Y wants a great experience, and landing local chef-driven restaurants is an important component to creating that experience. Mark Toro North American Properties Managing Partner
- 51. So, inquiring minds want to know… how exactly did he land those STARCHEFS?
- 52. By sharing the vision for
- 59. FIVE-STAR HOSPITALITY PROGRAMMED PUBLIC SPACESCHEF-DRIVEN RESTAURANTS WALKABILITY TOP RETAILERSA PLACE PEOPLE WANT TO BE 24/7 ENERGY
- 60. AN EXPERIENCE LIKE NO OTHER
- 61. The strategy started to work. CHEFSSIGNEDON.
- 62. I have an audience of people in this community who have followed me. Moving to a development like this, where you have a movie theater and a Whole Foods, is exciting to me. It’s like a one-stop in-town experience. Shaun Doty Bantam + Biddy Co-Owner and Executive Chef
- 63. Then, more chefs joined…
- 64. I’m a big believer in local talent, local business operators, local chefs who run their own restaurants. I told Mark [Toro] that I would do it but that they had to get the right people out here… and the people they got are just amazing. Ford Fry The El Felix Chef and Owner
- 65. Resulting in six of the Southeast’s top chefs choosing
- 66. FORDFRY JAMESBEARDAWARD SEMIFINALIST RESTAURANTOFTHEYEAR -ESQUIREMAGAZINE BEST PIZZA I’VE EVER HAD. TRUE NEAPOLITAN. HUGH ACHESON, TOP CHEF JUDGE #4 ATLANTA’S MOST ICONIC DISHES FEEDING REALPEOPLE EALFOOD Ford Fry Giovanni Di Palma ! Steve Palmer Shaun Doty Brian Lewis Ciaran Duffy The El Felix Antico Pizza Napolitano & Caffè Gio The Oak Steakhouse Bantam + Biddy Bocado Burger Bar Bantu BESTPIZZAIN23U.S. CITIES-ZAGAT STEVEPALMER JAMESBEARDAWARD SEMIFINALIST
- 67. It has not gone unnoticed...
- 68. WHEN AVALON OPENS IT WILL BE THE SOUTHEAST’S PREEMINENT EXPERIENTIAL DEVELOPMENT. – NORTHFULTON.COM SEVERAL IN-TOWN RESTAURANTS ARE MOVING OUTSIDE THE PERIMETER FOR THE FIRST TIME WITH AVALON. – 11ALIVE Avalon lands more retailers– Atlanta Business Chronicle Bantu to open in Alpharetta in October – Atlanta Magazine EMPIRE BUILDER OF THE YEAR, FORD FRY, REVEALS DETAILS ON HIS FIRST SUBURBAN RESTAURANT COMING THIS FALL TO ALPHARETTA SWANKY MIX-USE DEVELOPMENT AVALON.
- 69. Avalon’s high social media engagement shows one thing: PEOPLEARE EXCITED.
- 70. RETWEETS 624 MENTIONS 3,375 REACH 17,839,780
- 72. It’s not only the smart developers that want chef-driven restaurants.
- 73. The biggest retail tenants are demanding top restaurants in their leases.
- 74. I had never seen the term “chef-driven restaurants” in a lease until about two years ago. Now I am seeing co-tenancy clauses in upscale mixed-use communities in Ohio, California and Georgia. In some cases, retailers are going as far as naming the top local restaurateurs in the lease. Peter Hartman Partner, Hartman Simons Leading Commercial Real Estate Law Firm
- 75. The new-class consumer expects great offerings like walkability, five-star service, a sense of community and…
- 76. DELICIOUS FOOD.
- 77. CHEERS!
- 78. This SlideShare brought to you by
- 80. Feel free to share it with your friends or leave a comment, and let us know what you think! DIDYOUENJOYTHIS PRESENTATION?
- 81. Flickr / “Banana Republic” by Prayitno Flickr / “The Grove in Los Angeles, from above,” by Eric E. Johnson Shutterstock.com / Crowded Parking Lot Flickr / “Ruby Tuesday” by Mike Mozart Flickr / “Olive Garden” by Mike Mozart Flickr / “Red Lobster” by Mike Mozart Shutterstock.com / Seared Scallops Flickr / “The Optimist” by Peter Bond Shutterstock.com / pcruciatti (Image ID: 150368063) Flickr / “Everywoman's, 1955" by alsis35 (now at ipernity) BravoTV / Top Chef S11E1 Shutterstock.com / Chef of the Future FOX / Gordon Ramsay, Kitchen Nightmares Getty Images / Justin Bieber by Ethan Mille Flickr / “Tom Brady” by Keith Allison Getty Images / Liam Neeson by Larry Busacca Shutterstock.com / Piggy Bank Shutterstock.com / Coffee Shop Blurred Background Angie Mosier Avalon CREDITS Slide 6 Slide 7 Slide 9 Slide 10, 11, 12 Slide 13, 14 Slide 15, 16 Slide 19, 20, 21 Slide 23, 24 Slide 25 Slide 27 Slide 37, 38 Slide 39, 40 Slide 43 Slide 74 Slide 76 Slide 77