Research by industry analyst, GlobalData Retail predicted that the wider hospitality sector could receive up to a £613.7 million boost due to the men’s European Football Championship.
While the commencement of the Premier League this weekend won’t rival the sums of money injected into the economy during the Euros, the hospitality sector must ride on the coattails of its success to see out a bumper year.
According to the British Retail Consortium (BRC)-KPMG Retail Sales Monitor, UK retail sales rebound in July with a boost from summer weather and Euro 2024.
The boost from improved British weather was welcomed by the hospitality sector, following the damp squib of preceding months. We’re yet to see how the sector will react to this week’s inflation rise, but the mood hasn’t dampened just yet.
Riding on the coattails of the summer of sport
While your average customer might not give much thought to the journey their drink or plate of food has taken to reach them, pubs, bars and restaurants face a significant challenge in anticipating how sporting events will impact the hospitality sector.
Now, with the start of the Premier League, hospitality leaders must take advantage of the summer of sport and put their faith in the British public to continue to flood venues ahead of the weekend.
Wholesalers are the unsung heroes
Maintaining a consistent advantage in meeting customer expectations is easier said than done, and wholesalers have the unenviable responsibility of ensuring food and drink establishments have everything at their disposal.
Customers now demand the same speed and level of service associated with retail, while wholesalers face challenges – product, price, speed of delivery, sourcing, inventory and fulfilment – compounded by inflation and labour shortages.
Behind the scenes, there are a myriad of unsung heroes, and by wholesalers being an integral cog in the supply chain, the hospitality sector can benefit from being fully stocked at the right times.
Stronger supply chain means a stronger hospitality sector
The recent successes of the hospitality sector are certainly something to celebrate, but they shouldn’t overshadow the crucial need for a resilient and adaptable supply chain. Unpredictable weather, as we’ve seen, can make or break a season, while global events can impact everything from ingredient availability to energy prices.
A robust supply chain, fortified by strong relationships with wholesalers and streamlined inventory management, is no longer a luxury, but a necessity. It’s the backbone that enables pubs, restaurants and venues to weather any storm, ensuring a seamless and enjoyable experience for patrons year-round.
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