Pre-pandemic, the operative model for many hotels was to generate core earnings through the rooms division with more-or-less break even or slightly positive support from one's F&B offerings.
As COVID-19 plows through the hospitality industry, it's carving new paths to profit along the way. Moving forward, hotel food and beverage (F&B) services will be among the most transformed departments in the post-COVID-19 world.
This is the continuation of the article 'Data analysis, learn the basics'. The rules of the game are still the same. The next three data-driven tactics have a higher degree of complexity to be applied. Ming-Tai Huh, a famous restaurant owner said, "It is easy to open a restaurant, the hard part is to run it and make money over a long period of time". Technology is the enabler of long-term success. Now that the cost of mobile app and cloud data dashboards are drastically decreasing, small restaurants can take the guesswork out of their daily routine and base their decisions on data.
Dr. Philippe Masset and Dr. Jean Philippe Weisskopf are both associate professors at EHL specializing in Empirical Finance and Wine Economics. They are founding members of the Alliance for Research on Wine & Hospitality Management and have written extensively on the subject. Here they share with us some useful tips on vital pre-learning material for any potential student of economics, equity, finance and management.
"All sorrows are less with bread", 16th century Spanish novelist and poet, Miguel De Cervantes. Few can argue the importance of this 30,000 year old foodstuff that is the most widely-consumed comestible product in the world. Despite the increase in gluten-intolerance and low-carb diets, bread - in all its varied guises - is still top of the shopping list and continues to be considered “the staff of life”.
The winds of change have never blown so fiercely - ripping and tearing through our communities, our businesses, and our lives - feeding on disruption in the midst of chaos and leaving millions of people reeling in shock.
Big data helps companies identify new opportunities in the realms of cost reduction, faster and better decision making, as well as in creating new products and services. In highly competitive industries where there is the need for quick decisions in order to stay competitive, the right set of technologies to analyze trends and business performance is crucial to staying ahead of the curve.
When 2020 is over and done with (could not come sooner, right?), "social distancing" will be the frontrunner for buzz term of the year. It doesn't even matter that the World Health Organization has lobbied vigorously for the phrase to be dropped in favor of "physical distancing."
Calling foodie fans and would-be students of all things F&B. Members of the EHL award-winning Culinary Arts department have given us a peek at their favorite books on the theme of gastronomy. Their titles range from traditional subjects like recipes and cuisine theory to the etymology of gastro vocabulary and the science of pots and pans. Truly fascinating insights into the literature that got them excited about entering into and mastering their culinary profession. So why not put Harry Potter and the Dark Arts aside and dedicate your summer reading to the magically infinite world of the Culinary Arts instead?
Like so many elements in the fascinating world of wine, the concept of sweetness is often open to debate. For some connoisseurs, a wine may only be considered sweet if it falls among those categories boasting the highest levels of residual sugar, such as Tokaji and Passito wines. For others, wine is a decidedly 'dry' invention and talk of sweetness has no business here at all. As always, personal taste reigns supreme, so let's stick to the facts. We spoke to the Lukasz Kolodziejczyk, Head of Fine Wine at Cult Wines, to find out how the sweetness of wine is measured.
Could coronavirus close the hotel buffet breakfast for good? International hotel adviser Russell Kett says "the breakfast buffet is likely to become a thing of the past."
The COVID-19 crisis led to major structural and operational changes for the restaurant industry, from the implementation of new health standards to adaptation to new customer expectations. We offer 100 ideas to allow independent restaurateurs or operating in hotels to meet these challenges and choose from this list the most suitable ideas for their activity.
It's been difficult for many operators and the only past experience we can use to best understand how to come out of this situation is the learnings from past recessions or economic downturns. And common sense would tell you that starting a business in hard economic times is a bad idea. As the current situation has caused businesses to close and now needing to re-open, this is no different to starting a new business during hard times. Something one would normally advise against. Overcoming this challenge will truly define the entrepreneurs amongst us.
On Monday 11th May, restaurants and bars were among the few public establishments in Switzerland allowed to reopen. The move was preceded by lengthy Federal Counsel regulations made available to all restaurateurs setting out the now rather familiar guidelines: 2m distances between tables, maximum 4 people at a table, strict hygiene measures, service staff in masks and required contact details of each customer.
Who said that setting up shop in a central, fancy location with state of the art decor was the way to secure a Michelin star? These three examples showcase the fact everything is possible, award-wise, if your produce is top quality, carefully-sourced, imaginatively put together and consistently delicious.
COVID-19 has officially been a pandemic only since March 11, but its effects on the economy are already dramatic. For several industries, the current crisis is likely to become the most severe since the Great Depression. This is notably the case for the travel & leisure industry. In this article, we investigate the impact of COVID-19 on the fine wine market which represents the upper segment of the wine market and which is closely connected to the hospitality industry.
In the 2 to 3 years it could take for the economy to get back on its feet, restaurants have an opportunity to restructure their venues to match the "new normal." Here are some of the changes I believe we will see as the world reopens for business.
Sous vide, the French term for "under-vacuum," is a method of precision cooking in which food is vacuum-sealed, then submerged in a water bath at a specifically regulated temperature and gently cooked. The process, expounded by food scientist Bruno Goussault in 1971, has many positive aspects, most notably maintaining food textures and flavors without compromising its natural integrity.
If you are a manager of a private club, restaurant, or other foodservice business, you may be wondering what you can do right now, or how you should proceed with your business during COVID-19. This is an unprecedented occurrence; however with thoughtful planning you can nurture a more productive outcome.
It's Friday evening and virtually everyone in the whole country is at home. On a regular Friday, people would go out, meet friends, drink beer and celebrate the weekend. Not today thanks to coronavirus.