Five ideas for the hospitality sector to help generate revenue
Here are our top 5 ideas for the hospitality sector to help generate new revenue streams for 2023
1. Speakeasies
The speakeasy trend — a hidden bar with a distinctive vibe — is hot right now. In fact, the winner of The World’s 50 Best Bars is a Barcelona-based speakeasy. Whether they’re a separate space in your restaurant or a pop-up you set up in a partnership with another local business, speakeasies will undoubtedly attract attention in 2023.
The best speakeasies are hidden spots, where customers enter through an unexpected door, a bookcase, a phone booth, or a secret location at a nearby shop. Their design is typically different to the restaurant or store that houses them and usually has a lounge feel. The menu is essential: think specialty cocktails and small bites for customers to enjoy in this tucked-away space.
2. Street food
Favourite dishes from international carts and stands are making their way to the dining room. Street food is an alternative to traditional restaurant menus and provides customers with the chance to sample new flavours and cuisines from around the world.
Asian street food, in particular, is taking off in popularity, e.g. dishes from Cambodia, India and Vietnam. Some of these dishes include sandwiches and snacks like spring rolls that are usually eaten on the go but can be prepared more elaborately for a sit-down meal. Customers also seek vegan options, West African cuisine, Venezuelan dishes, Japanese fried chicken, and sweet snacks such as churros and gelato.
Images: The Coconut Tree
3. Emerging cuisines
As the global community becomes more interconnected, new cuisines and traditions are emerging more into the mainstream dining options. Research from Bidfood’s 2023 Food and Drinks Trends showed that over one in three people now say that emerging world cuisines have replaced more established ones. Cuban, Sri Lankan, and Pan-African cuisines scored highly when consumers were surveyed about different cuisines that they would like to try but can rarely find restaurants that serve those kinds of cuisines.
Many UK consumers are eager to try cuisines that can transport them to a new place simply by the delicious meal in front of them. A new generation of chefs are willing to take on these flavorful dishes with a unique combination of ingredients that excite diners. The great thing is that you can start with a familiar dish and put a global twist on it to entice eaters. As Mintel reported, familiar dishes with a twist have encouraged 46% of world cuisine eaters to to further explore the cuisine from which the ‘twist’ originates.
4. Customer-friendly tech
Younger customers are well-versed in using technology to make purchase decisions. They want to make these decisions quickly and customise them to their preferences. We’ve seen that reflected in the rise of hospitality technology, such as QR code menus for ordering and payment, takeaway apps, and reservation systems.
It’s time to bring that technology to all aspects of your business, especially events. Self-booking options that allow customers to choose the date, capacity, meal options, and amenities for their events and catering make it easier for the patron and the business to manage these services. Consider implementing more customer-friendly technology tools in 2023 that will make it easier to drive revenue.
5. Cultural halls
Everyone is familiar with food halls at this point, but a newer collective experience is popping up that you should keep on your radar. It didn’t take long to realise that people love to gather in food halls and have a shared dining experience while sampling and tasting a variety of food and beverages together. Now we are seeing wider cultural halls popping up — more than just a place for food and drink, these venues have live music, DJs, comedy shows, film — you name it! There is an incredible opportunity to host events in these spaces for both corporate events and social gatherings.
Often these spaces take over abandoned industrial projects that can revitalise an area and put money back into the community. It's also an opportunity to bring new revenue streams to established restaurants that are looking for another avenue to promote their business.
Images: Spicer+Cole featured by Refurb Projects
Want to see more of Spicer+Cole? View the project case study here.
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Credit
Big Hospitality, TripleSeat, Mintel, Bidfood, The World’s 50 Best Bars.