MAPIC Shoppers who eat during a trip to the mall spend more
- In Research Hub
- 14:21, 15 November 2017
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Shoppers who eat during their visit to a shopping centre make 25% more transactions; spend 12% more and stay 35 minutes longer in a mall compared to shoppers who don’t stop to dine, according to new data from European prop-tech business Coniq.
The report was released on the first day of the Mapic retail real estate fair in Cannes.
Landlords are aware of the tangible benefits of F&B and leisure in traditional shopping destinations, with recent research from real estate consultancy JLL suggesting that leading shopping centres will allocate up to a fifth of floor space to the sector by 2025, up from 10-15% currently.
‘While the model of combining retail and leisure is one high street brands are increasingly moving towards in a bid to enhance the consumer experience, shopping centres have been embracing this for many years,’ commented Coniq’s CEO Ben Chesser. ‘And, as consumers increasingly want ‘experiences’ built in to their shopping trips, F&B is transforming the mall landscape – allowing forward-thinking centres to capitalise on the increased revenue opportunities that incorporating F&B options presents.’
In recent years, more money has been spent on eating out than ever before, and this trend looks set to continue, according to Ian Hanlon, local director of Foodservice Consulting at JLL. ‘Millennials in particular are more willing to spend their money on a great experience rather than ‘stuff’, and as a result, retail schemes across the world are increasing their allocation to leisure and F&B and introducing innovative food operators and concepts. The right F&B offer can help attract new and different audiences and enhance the profile of a retail place,’ said Hanlon.
Coniq’s data comes from more than 700,000 transactions in shopping centres across nine European countries between October 2015 and November 2017.