Swiss supermarket chain, Migros, has just launched what is being called the first store in Switzerland to not have any employees. The concept, called the Voi Cube, is a small container-like outparcel space that is open 24/7 and offers about 500 or so everyday items. You enter using their app, you grab what you need, and then you check yourself out. (Presumably the doors don't open back up until you've paid.)
The concept is being positioned as a convenience add-on to its existing grocery store business. Swiss federal labor laws still prohibit retail staff from working on Sundays, and so this is a clever way for people to shop for essentials during that time. They just got rid of the labor component. It also begins to show just how flexible and adaptable grocery stores can be as the retail landscape continues to evolve.
According to a recent Wall Street Journal review of property and corporate records, Travis Kalanick's ghost kitchen startup, called CloudKitchens, has spent over $130 million over the past two years buying more than 40 properties in about two dozen cities.
Travis is co-founder and the former CEO of Uber and this latest startup provides commercial kitchens to restauranteurs who are looking for a low-cost way to launch delivery-only food concepts.
In some ways, it can be compared to coworking spaces for delivery-only restaurants. Instead of renting a full restaurant space, you lease 200-300 square feet of real estate at a lower cost address. CloudKitchens then handles all of the distribution and fulfillment, effectively lowering the barriers to entry for food startups.
Some of the properties that they have been buying include a vacant restaurant space in Miami Beach for $9.2 million (May 2020) and an industrial property in Queens, New York for $6.6 million (March 2020). They've also bought in cities like Portland and Las Vegas.
As you might imagine, now is a pretty good time to be buying some of these properties. And if you think about it, there are some real cost advantages to what they are doing, not to mention some co-working-style arbitrage on the real estate.
The company is apparently going to great lengths to conceal what and where they are buying. But what is perhaps more interesting is their asset-heavy approach. They're buying lots of real estate, which is inline with what companies like Opendoor are doing, but is distinct from Uber's asset-light approach.
It is also different from what many other ghost kitchen startups are doing. It seems that most are leasing their spaces. There has to be a reason for this difference.
https://twitter.com/donnelly_b/status/1289943840644792323?s=20
There is evidence to suggest, according to this recent Bloomberg Green article as well as many other sources, that we may be hitting "peak meat." That is, the global production of animal proteins appears to be declining. It declined last year in 2019 and that was only the second time since 1961 in which that happened. And this year, the same is projected to happen, which is supposedly unprecedented in modern times.
Swiss supermarket chain, Migros, has just launched what is being called the first store in Switzerland to not have any employees. The concept, called the Voi Cube, is a small container-like outparcel space that is open 24/7 and offers about 500 or so everyday items. You enter using their app, you grab what you need, and then you check yourself out. (Presumably the doors don't open back up until you've paid.)
The concept is being positioned as a convenience add-on to its existing grocery store business. Swiss federal labor laws still prohibit retail staff from working on Sundays, and so this is a clever way for people to shop for essentials during that time. They just got rid of the labor component. It also begins to show just how flexible and adaptable grocery stores can be as the retail landscape continues to evolve.
According to a recent Wall Street Journal review of property and corporate records, Travis Kalanick's ghost kitchen startup, called CloudKitchens, has spent over $130 million over the past two years buying more than 40 properties in about two dozen cities.
Travis is co-founder and the former CEO of Uber and this latest startup provides commercial kitchens to restauranteurs who are looking for a low-cost way to launch delivery-only food concepts.
In some ways, it can be compared to coworking spaces for delivery-only restaurants. Instead of renting a full restaurant space, you lease 200-300 square feet of real estate at a lower cost address. CloudKitchens then handles all of the distribution and fulfillment, effectively lowering the barriers to entry for food startups.
Some of the properties that they have been buying include a vacant restaurant space in Miami Beach for $9.2 million (May 2020) and an industrial property in Queens, New York for $6.6 million (March 2020). They've also bought in cities like Portland and Las Vegas.
As you might imagine, now is a pretty good time to be buying some of these properties. And if you think about it, there are some real cost advantages to what they are doing, not to mention some co-working-style arbitrage on the real estate.
The company is apparently going to great lengths to conceal what and where they are buying. But what is perhaps more interesting is their asset-heavy approach. They're buying lots of real estate, which is inline with what companies like Opendoor are doing, but is distinct from Uber's asset-light approach.
It is also different from what many other ghost kitchen startups are doing. It seems that most are leasing their spaces. There has to be a reason for this difference.
https://twitter.com/donnelly_b/status/1289943840644792323?s=20
There is evidence to suggest, according to this recent Bloomberg Green article as well as many other sources, that we may be hitting "peak meat." That is, the global production of animal proteins appears to be declining. It declined last year in 2019 and that was only the second time since 1961 in which that happened. And this year, the same is projected to happen, which is supposedly unprecedented in modern times.
The big change is that people are eating a lot less beef. In fact, per capita beef production peaked way back in the 1970s and has been slowing declining ever since. The growth over the years has really been coming from chicken. In 1961, 39% of all meat production was beef. As of 2018, that number had declined to 20%. Pork as a percentage of all production has remained more or less consistent. But chicken has basically tripled from 11% to 34%.
From an environmental and climate change standpoint, this is a very good thing. As most of you know, greenhouse gas emissions from the production of beef are vastly higher (about 10x) than for pork and chicken. Chicken is the lowest (see above). At the same time, big bets are being made that this growing love of chicken isn't enough. In the first 7 months of 2020, over $1.4 billion of venture capital was raised for "faux meat" startups (source). This is already a significant increase compared to 2019.
This money is expecting the future of meat to be plant-based and cell-based.
All charts from Bloomberg Green.
The big change is that people are eating a lot less beef. In fact, per capita beef production peaked way back in the 1970s and has been slowing declining ever since. The growth over the years has really been coming from chicken. In 1961, 39% of all meat production was beef. As of 2018, that number had declined to 20%. Pork as a percentage of all production has remained more or less consistent. But chicken has basically tripled from 11% to 34%.
From an environmental and climate change standpoint, this is a very good thing. As most of you know, greenhouse gas emissions from the production of beef are vastly higher (about 10x) than for pork and chicken. Chicken is the lowest (see above). At the same time, big bets are being made that this growing love of chicken isn't enough. In the first 7 months of 2020, over $1.4 billion of venture capital was raised for "faux meat" startups (source). This is already a significant increase compared to 2019.
This money is expecting the future of meat to be plant-based and cell-based.
All charts from Bloomberg Green.
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