Coffee Shops and Restaurants Lead Retail Expansions
When it comes to commercial real estate growth around the globe, restaurant and coffee-shop chains are the top picks for commercial real estate investors and landlords, reports World Property Journal. A new report from CBRE, the commercial real estate services and investment firm, says restaurants and coffee shops captured a larger share of retail debuts in new countries in 2017, at 25 percent. This is compared to 18 percent in 2016.
Food and beverage retailers expand in top international markets
CBRE’s annual “How Global Is the Business of Retail?” report crunched data from 123 cities across 47 countries. Restaurant and coffee shop expansion accounted for 25 percent to half of new entrances in Taipei, Tokyo, Phnom Penh, Abu Dhabi and Dubai. The article notes that in 2017, London saw the opening of its first P.F. Chang’s China Bistro franchise, while Abu Dhabi welcomed Le Petite Maison, the French fine-dining brand.
Landlords embrace food and beverage for better consumer experiences
“Restaurants, along with fashion, always have been among the most exportable retail concepts,” Anthony Buono, global president of retail for CBRE, told the news outlet. “That’s even more the case now that shopping center owners across the globe are actively embracing the role of food and beverage in creating compelling consumer experiences that draw in and retain shoppers,” he said. Buono added that food and beverage shops were finding a greater foothold in the Americas, Europe and even much of Asia.
U.S. retailers active in global expansion
The article reports that U.S. retailers were the most active global expanders into foreign markets, with 19 percent of retailers entering foreign markets from the U.S. The United States also attracted 32 new international retailers to the country last year, including Italy’s Nutella Cafe restaurant chain and Germany’s Lidl grocery store chain.