The Great Food Hall Race
Food hall proliferation across the US – who will emerge victorious?
The number of major food halls in the US is expected to triple from 100 to 300 by the end of 2020. No deed that large will go unpunished – as HPI Partner Vin McCann notes in this month’s issue of the Mann Report, the proliferation of modern food halls in the US (think well designed, ethnic/local versus Panda Express and Mickey D’s) will likely become an exercise in Darwinism.
Those who make different mistakes instead of the same ones over and over will rise to the top. According to McCann, the most common blunders are all too obvious: failure to properly assess the market and plan/size accordingly, wobbly financial deal structuring, and of course poor curation and management.
While millennial appeal is real and the benefits of a successful hall are clear, few developers get it right in the first round or two; yet, many continue to look to diversify their offerings with the food hall play.