Nadj Villaver | Negosentro.com
Planning to start your own food business? Or currently running your own restaurant? The recently concluded Philippine Restaurant Investment Conference (PRIC) had a lot of takeaways for you. Held on June 29, 2016 at the Edsa Shangri-la Hotel, this one day comprehensive event revealed the state of the restaurant industry – from the latest trends to the upcoming developments coming from different perspectives such as the government, food and beverage companies, dining out establishments, education and property developments.
If you weren’t able to attend PRIC, don’t worry because we’ve rounded up some of the inspiring words from key influences in the restaurant market:
Dining and Eating Out Trends in the Asia Pacific and in the Philippines
Before anything else, it’s important that as a restaurant owner or before you start your food business, you need to know the industry ends. This will enable you to make significant decisions on how to manage your restaurant. According to studies, Philippines is the country in Asia with the youngest population. So, what does this mean for your business?
The future will be defined by millennials. So it is important that we give them a unique experience by integrating technologies such as social media while they are consuming our products and services.
For fastfoods, novelty is no longer enough. It should be tasty and healthy.
Before, people asks “Where’s the beef?”; now, the question is “Where does the beef came from?”
More mouths to feed will not mean automatic growth in the food & beverage industry. We need to understand the trends and culture. In depth understanding of your target market will make you the winner.
– Gary de Ocampo, Kantar Managing Director
The State of the Quick Service Industry
Surverys showed that from 2008-2014, we have an unsustainable price-driven growth. This was broken by the 99 peso barrier and the rise of convenience stores.What is the implication of this in the quick service industry?
People nowadays don’t go for speed anymore. They are willing to wait – swinging from pure practicality to some style.
Look before you eat. Social media is taking word of mouth to another level.
– Meredith Ngo, President / Owner, Adobo Connection, Sisig Society, Chopstop
The Casual Dining Industry Situationer
If you’re planning to compete with restaurant that serves moderately-priced food in a casual atmosphere, take note of these:
To independent players, you dominate the casual dining industry. You don’t have to envy us. – Mark Gamboa, Corporate Marketing Director, Max’s Group
Restaurants not enveloped in a unique user experience is useless. – Raymund Magdaluyo, Managing Director, Seafood Island
Food has become the subject of a story. (That’s why,) Make the dish instagrammable please- Eliza Antonino, CEO, The Moment Group
Success Factors in Operating Chef-Conceived and Chef-Driven Restaurants
One of the interesting discussions during PRIC was the last topic. Most restaurants are operated by businessmen. But ever wondered how does it operate when a chef is the boss?
If you’ll be operating a business as a chef, you’ll surely face challenges. But it’s important that you’re staff share these challenges. It’s gonna be a great synergy in the kitchen. – Chef Josh Boutwood of Bistro Group
A chef as a businessman, you must be on top of the product and of the business.
Cook great food and let the product market itself.
Negotiate prices, not quality.
Good food is a right, not a privilege.
– Chef Robby Goco, Executive Chef/Owner, Cyma and Green Pastures
These are only some of the great insights and tips from PRIC’s speakers. These tips may not only be applicable to only one industry per se but to any food and beverage business you run or might open. If this article left you craving for more tips in managing your business, we’ll be publishing more articles soon.
I’d like to end this article with these words from Eliza Antonino, which I believe, is the most essential.
The most important ingredient in a successful restaurant is its people.