In the latest episode of Hospitality Hangout, Michael Schatzberg “The Restaurant Guy” and Jimmy Frischling “ The Finance Guy” are bringing their listeners a “Best Of” season series with all of your favorite segments. Frischling says, “ We are bringing back Best OF old favorites such as Top of the Tech Stack and Which Came First as well as tried and true favorites Talking back and The Crystal Ball Moment. And of course – we can’t leave out the most popular segment (at least according to Schatzy…) The Branded Quickfire.” This episode features the Best of The Crystal Ball moments, with special guest, the Amazing Kreskin. They ask their guests to put on their “Kreskin Hat” and predict the future as it relates to hospitality and technology. And now I’m going to ask you the same question. Where do you see hospitality and technology in 2 years from now?
Hospitality Hangout kicks off the Best Of with Brian Anton, Managing Director at Citi, who was the first official guest to get the official Crystal Ball moment on season one, episode ten. Anton’s response to the question was, “People will want to go back to dining in person… and experience more valuable 2 years from now. People will want to be with their friends and share terrific experiences. BUT behaviors for dining in person will shift as customers now value convenience and technology. Friction points around health and speed will shift – fewer menus will be printed… it will be easier to pre-pay… and more menus will be on the phone.”
The next guest Andrew Smith, Managing Director of the Savory Fund, answered the question and said, Restaurants will strengthen their foundation, have a better tech stack, more touchless, less interaction with humans. On the menu side…food qualities will improve and we’ll see more foreign ingredients. On the experience side…. People will enjoy being together in person…. He believes everyone wants to get back in person and restaurants will thrive better than ever.
Kimberly Grant who is now with Four Seasons Hotels and Resorts as the Global Head of Restaurants and Bars at the time of the episode she was with FAST Acquisition Group, said during her crystal ball moment, there will be continued blurred lines between fast casual and dining. Think of a food hall with a diverse business model. Her prediction is that hotels, movie theaters and retail are going to move to new models in how they serve food – whether that is operating something similar to food halls, or host virtual kitchens or allowing outside food via delivery. Lines blurred in how we consume and source our food and experiences. Also hopefully that restaurants can still provide beverage experiences through delivery.
To hear all of the guests’ crystal ball moments, including Robert Earl owner of Earl Enterprises, Brita Rosen Partner at Culterra Capital and Bryan Solar, General Manager of Restaurants at Square check out this best of episode on Hospitality Hangout.
