Restaurant Entrepreneurship & Development Roundtable
By Christina McDowell, Senior Lecturer and Interim Academic Director, Pillsbury Institute for Hospitality Entrepreneurship
Participants gather around National Harbor architectural model to learn more about project developments.
The Leland C. and Mary M. Pillsbury Institute for Hospitality Entrepreneurship hosted a Food & Beverage Roundtable at the Hyatt Place National Harbor/Washington DC area titled, “Restaurant Entrepreneurship & Development Roundtable: Are We, Should We, Be Developing Differently?” The discussions from the industry attendees were centered around current factors impacting restaurant operations, new opportunities for value creation, and plans for the future of the industry.
The roundtable included over 24 entrepreneurs, presenting different backgrounds from restaurant operators and consultants, architecture and design, to communication executives and gaming. Beginning with discussions about the most pressing issues in the food and beverage industry, the participants spoke about challenges with labor and talent as well as the elevation of costs within operations, which are often mitigated through layoffs or decreasing menu options. This discussion ended with recognizing the necessity of communicating a culture of care. “If you care for employees, then you care for them,” said Ellen Yui, P’14&’16, founding principal of Yui+Company.
Beyond cost struggles, the industry still strives to create experiences at the core and bringing in ambassadors for company, as a means of connection and retention of the customer. This includes “revision[ing] concepts and portfolios,” said, Jason Spillerman ’92, P’25, co-founder and principal of Vibrant Development Group. However, as important as branding is to the participants, they mentioned a potential over emphasized branding approach, where the industry “needs to catch up on what needs to be planned” to avoid oversaturation in a specific location, as stated by Kent Digby, executive vice president, Asset Management & Operations, Peterson Companies, National Harbor.
The entrepreneurs also dove into value creation for the customer, which recapped on cost saving ideas presented in earlier sessions. This time, the participants discussed the necessity of returning to certain foundations to get ahead in the industry – the need to redefine what a career in hospitality looks like. “The answer is authenticity,” said Grace Van Hollebeke ’19, founder and CEO, Lucia. Views of technology and creating value led participants to comment on the use of AI, but it was clear the true essences of the hospitality industry is and will always be connecting with people.
The inspiring food and beverage roundtable close was a conversation surrounding the intricacies of the future for restaurateurs and hospitality. Participants anticipate an uptick in dynamic pricing throughout the industry. Dining expectations have evolved, revealing an opportunity to explore ways to enhance connection and increase the way consumers feel valued. In addition, there was discussion around using different channels to ease supply and vendors.
The roundtable discussed improvements and future goals of the food and beverage industry to bring forth innovation and positive change, while keeping in touch with the roots that formed this profession in the first place. Together, this event provided an outlet for those in the restaurant entrepreneurship and development arena to assess current practices and hone future success and inspiration for generations of hospitality entrepreneurs to come.