FOOD HALLS

Retail Landscape is CHANGING

MILLENIALS:

Spend more time at work, and less time at home

vs

Eat out 10% more often than their older peers

+10%

Yet retail occupancy has fallen over 15% since the Recession

-15%

WHY?

Consumers care about experience more than ever before

Ecommerce is a superior

SHOPPING experience

Lower Prices

Greater Selection

Convenient Delivery

Food Halls are a superior

LEISURE experience

Not just food, but “Five Sense” goods – including flower arrangements, craftsman soaps, specialty beer

Food

Miscellaneous

General Merchandise

Apparel and Hobby

Furniture and Home Goods

Electronics

31%27%

25%24%

16%17%

15%16%

10%14%

2%3%

2015

2005

Accordingly, Food Service is the fastest growing retail sector:

Compared to conventional restaurants,

FOOD HALLS OFFER:

Better PricesSmall, specialized vendors,

low overhead

$

Better SelectionDozens of individual vendors

Multiple vendors allow consumers to choose their own experience

40% of millennials want to try something new, even if they are visiting the same place

40%

Dining is inherently social, while shopping is not – as much as we enjoy food,

we enjoy food more together

Food Halls are exactly what the consumer wants:

activity, authenticity, variety, and choice.

Meals at food halls take exactly as long as consumers want them to.

CONCLUSION

Food halls have drawn more customers than other types of retail because they

offer a superior experience

1

Food halls have generated outsized returns because they have more

efficient cost structures

2

“Experiential” retail developments succeed because they leverage intelligent

design principles to drive bottom line efficiencies and create deeply engaging

consumer experiences

3