Staying Competitive
The process of writing this blog allowed me to explore the Nashville restaurant space in greater depth, with research surrounding the whole industry. I learned a lot from the informational interviews I conducted with chefs and managers, and from my external research.
Going forward, I think in order to remain competitive in the restaurant space, M Street must adhere to the three guiding principles I outlined in my previous post related to hiring. Especially as they venture into the hotel/hospitality space, M Street will have to be excellent at finding and retaining the best people. There is no shortage of open hospitality positions in Nashville, so M Street must keep in mind the speed, coordination, and promotion principles I wrote about.
Additionally, through my research I have seen how saturated the restaurant space is in Nashville. It is difficult to think of cuisines that are not already available in the city. Nashville is known for its food and drinks, which makes it even more difficult to remain competitive. M Street is positioned well in this market, having a variety of restaurants that can presumably perform well during different economic times. Additionally, as the owner of some of the first fine-dining restaurants in Nashville, M Street has many regulars and excellent name recognition, seeing people are aware of their restaurants and brands.
Despite these advantages, I believe that M Street will be challenged significantly as Nashville continues to grow and as they take on new projects. I think that being innovative will be key in order to succeed; M Street must keep in mind the exceptional experience they promote for guests and ensure that this is a standard. Also, I believe in the importance of using evidence-based research to find talent and design strategies for the restaurants going forward.
Keeping these things in mind, M Street should be well-positioned for success in the restaurant industry in Nashville going forward. It will take nothing less than exceptional talent and strategy to remain competitive and successful in this space.