Sources said there was a potential £3 billion in growth up for grabs by 2025 and managed, branded, or franchised pubs and restaurants were set to be the biggest winners. Brands like wagamama Frankie & Benny's and Chiquito Restaurant, Bar and Mexican Grill or Greene King, Oakmann Inns & Restaurants Ltd and Adnams.
Then in March sources predicted the ‘food to go’ market would also see significant growth of +£1.7 billion by 2025 the majority in travel, coffee shops/cafés and street food. Greggs, Costa Coffee and Pret A Manger are already making moves to capitalise on this.
In the last 6 months though new, unexpected challenges have appeared for the sector with the cost-of-living crisis, staffing problems, high inflation, and supply chain issues.
Just this month Andy Hornby, CEO of The Restaurant Group plc, said while people were still eating out, they were “starting to tighten their belts”.
But these current economic challenges are familiar foes for the Food and Beverage sector.
COVID proved the resilience of the hospitality sector at local level. Once tools were provided by Head Offices, it showed significant agility & innovation in the face of diversity. Using technology and agility it survived social distancing and even multiple locks downs.
This digital transformation has begun. But it can’t stop there. The economic challenges of the next few years require further investment by brands to enhance their local network’s abilities. It’s already proven that it will pay back dividends.
A recording of the webcast 'Successful Brand implementation and activation in the Food & Beverage sector' is available to watch here. Alternatively you can listen to it as a podcast on Spotify and Apple Music. If you are in Food & Beverage or Hospitality it will be 30 mins well spent.
Or if you'd like to read more about Local Marketing have a look at our blog page "Local Thinking': https://www.weareacuity.com/local-thinking-our-blog
Or get in touch with us today to learn about growing your local business. You can book a FREE 30 minute chat here.