Food halls aren’t mall food courts. The food courts in shopping malls focus on large fast-food chains, but food halls include local mini-restaurants, assorted food shops and vendors, and even butcher shops.
Similar to the rise of food trucks in the late 2000s, these halls are becoming more and more popular as customers move away from large fast-food chains to support local eateries.
Over the next five years, food hall revenues are expected to increase 4.8% annually to $5.5 billion. Business plans are crucial for any business, but especially for food halls. Every market is unique, but we highly recommend following a clear structure.
An effective food hall business plan will maximize your chances of raising capital. You can use this document as a roadmap to help keep your business on track by laying out goals and strategies.
A Food hall business plan template should include the following sections. Let’s look at a food hall business plan template and discuss what each section should include.
Food Hall Business Plan Template
The Terrace Food Hall, LLC in Downtown Springfield, MA will offer spaces to local food and beverage artisans & eateries.
Sharing allows food businesses to reduce the high upfront costs of opening traditional brick and mortars while still maintaining an individual footprint.
The Terrace Food Hall will feature local eateries and restaurants, while offering cross-meal ordering in shared seating areas.
The company will offer food vendors gross rent structures. Rent includes real estate, janitorial service, and maintenance of common areas.
Also, the company will offer shared storage space, a freezer, and refrigerator. Carts in the lanes will also be rented to mobile vendors (such as candles and cell phones).
The Company will have third-party designers and architects on its panel. Tenants are responsible for their store design, architecture, kitchen, equipment, and management
There were 86 active food hall projects in the U.S. at the end of 2017 and 118 at the end of 2018. About 30 new projects have been added annually over the past few years.
Assuming no “rumored” projects, 180 food halls are likely to exist in the U.S. by the end of 2019, although the real number may end up being closer to 190. As we move forward, we anticipate 300 projects by the end of 2020
In a mall food court, there is a common seating area surrounded by food vendors. Fast food vendors typically provided mall food as an amenity to shoppers who were at the mall primarily for shopping.
Consequently, The Terrace Food Hall targets local artisans, restaurateurs, and eateries.
In contrast, food mall visitors are Millennials. About 80 million young men and women born in the 1980s and 1990s make up the millennial generation. They are:
The following is a listing of the primary competitive
advantages of the Company upon entering the market.
For more information about market strategies, click here to download the pdf
The Terrace Food Hall, LLC intends to deploy its funding to maximize growth and profitability. In the Income Statement table below, gross margin equals sales minus direct costs. The “bottom line” or profit (as measured before and after interest, taxes, depreciation and amortization) equals gross margin minus operating expenses.
A complete projected income statement can be obtained by downloading the PDF here
Want to learn how to make an income statement? Download our free income statement templates to make a stunning one for you.
You will learn how to write a plan that looks as elegant and professional as this one with our free real sample business plans.
Click to view the real food store business plan sample. Our experienced MBA business plan writers professionally write each business plan and work with you to develop a winning plan.
We will show you some real-world business plan examples so you may know how to write your own, especially if you are seeking a bank loan or an outside investment and need to use SBA-approved formatting.