Tier II & III to set New Dimensions for Restaurant Growth

India’s restaurant sector, pegged at Rs 3,09,110 crore ($48 billion) is growing at a CAGR of 10 per cent to Rs 4,98,130 crore by 2021 as tier-2-3 regions is all set to drive new growth and innovations. The Second Edition of Restaurant India, West India held on 9^th June 2018 in Mumbai set a cult for the business makers and chefs from the region by inviting them to discuss and debate on thought provoking trends and culture.

“Mumbai is a dream and an ideal market for any restaurateur who wants to build a good, significant business,” shared Ritu Marya, Editor-in-chief, Franchise India and Entrepreneur Media, adding that Mumbai has given a culture of eating out to the rest of the country and has been a trendsetter when it comes to setting up new formats and culture in Indian restaurant scenario.

Restaurateurs, chefs and industry leaders including Chef and Restaurateur, Hemant Oberoi, Akshay Bector, Chairman & MD, Cremica Food Industries Ltd, Celebrity Chef Vicky Ratnani, Celebrity Chef and twice Winner of Asia’s 50 Best Restaurant, Dharshan Munidasa of Ministry of Crab- Srilanka, Deepinder Batth, COO, Gourmet Investments which owns PizzaExpress in India, among others attended the event.

Restaurants in tier-II cities are likely to achieve break-even much faster on lower lease rentals and attrition rate than metro cities, despite having lower market size to penetrate and are much better than metro cities as the pressure of high lease rentals and labour attrition does not take a toll on the operations.

“This business has made me a restaurateur two years back which I haven’t thought working with Taj for almost four decades,” shared Oberoi who believed in staying ahead of the time by starting Zodiac Grill in 1989 as the first fine-dine restaurant in India.

Sharing his view on the restaurant growth, Akshay Bector, Chairman & MD, Cremica Food Industries Ltd, said “Restaurant business is a very tough business. Continuous innovation and consistency is very important as it makes or breaks the business and it is something which is controllable and manageable in-house.”

The Restaurant India Mumbai also celebrated and honoured victory of chefs and restaurateurs who have made a difference in the business with their offerings by staying ahead of the curve. Best Chef led Restaurant of the Year : Hemant Oberoi, Food - Fusion Leadership Award, Chef Harpal Singh Sokhi; Celebrity Chef and Director; Turban Tadka Hospitality Private Limited, Night Life Creator of the Year, Priyank Sukhija; Chairman, First Fiddle Hospitality to a name of few.