Food Halls Key Segment in Ready to Eat Market Expected to Grow $71.69 Billion by 2026

Block Eatz aims to establish a network of food hall incubators to helps local food entrepreneurs move forward in a retail environment.

Back in August, Genesis Block announced a partnership with Cape Fear Community to launch Block Eatz. Block Eatz is a food hall incubator aimed at supporting local food entrepreneurs with marketing, entrepreneur training and a high traffic retail environment to strengthen their ventures.

In recent years, food halls have increased in popularity thanks to media, consumers wanting local, fast affordable options and pop culture’s newfound obsession with street food and unique vendors. In contrast to food courts primarily located in malls with national fast food chains as tenants, food halls focus on highlighting local chefs and food vendors. According to Technavio, the ready-to-eat food market will grow globally by $71.69 billion between 2021 and 2026, largely due to a restored appetite for in-person activities, a surplus of commercial real estate, and generous funding.

USD 71.69 Bn growth expected in Ready To Eat Food Market | North America to occupy 36% global…

Market research suggests that consumers are now in search of unique eating experiences that are convenient, fast and affordable.

“The Block Eatz concept aligns the financial interests of the model to the success of the entrepreneur. The majority of businesses that we service are diverse owned and 41% of restaurant firms are owned by minorities — compared to 30% of businesses in the overall private sector. Block Eatz helps local and diverse owned businesses lower their start up costs and provides a more predictable foot traffic pattern with the location being at the McKeithan Center on the north campus of Cape Fear Community College, says Genesis Block CEO Girard Newkirk.

So, if you are an early stage food entrepreneur or chef, what would be the benefits to partnering with Block Eatz or any other food hall?

1. Drastically reduces startup costs. According to a survey from Restaurant Owner, restaurant startup costs can range anywhere between $175,500 and $750,500. The no cost upfront/revenue sharing model at Block Eatz, reduces costs for the business owner and aligns the financial interest of all stakeholders.
2. Free marketing and publicity. The McKeithan Center, with its central location, provides a platform that gives business owners more exposure, without additional marketing efforts.
3. Lower risk, higher reward. Licenses and flexible short term agreements, mean there’s a lower risk for getting started or trying out new ways to grow your current restaurant.
4. Consistent foot traffic. With over 1200 students/faculty on campus and limited food options surrounding, Block Eatz eliminates some of the uncertainty of not knowing how much business you’ll do as an early stage entrepreneur.
5. Getting launched faster. Local chefs, vendors and food entrepreneurs can set up shop faster because you have a foundation, fewer things to worry about, and require less upfront capital.

Block Eatz provides a platform that gives you more exposure, without additional marketing efforts.

Are you a local chef, vendor or food entrepreneur that wants to test your concept? Apply to become a member of the Block Eatz community to strengthen your venture and build your dream.

Apply here https://zfrmz.com/Ynag4MZkw5Z5jSJlz94v

Converting Conversations to Contracts offers a trade show style environment for diverse small business owners, potential trade partners, procurement professionals, financial partners and others to build meaningful partnerships that will lead to transactions and economic activity.

We are only 21 days from our next Converting Conversations to Contract event. Have you registered yet?

Register here https://genesisblock.zohobackstage.com/ConvertingConversationsToContracts

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Greater Wilmington Business Journal: https://www.wilmingtonbiz.com/insights/girardnewkirk/237