Establishing a restaurant requires a number of resources in order to become successful. In addition, a number of factors must first be considered so as to adapt the establishment to current market and business trends. Thus, a feasibility report must first be done so as to assess the potentials of the project to succeed and to last. In this feasibility report, the project on a medieval-inspired bar and restaurant will be assessed based on the restaurant market and sector in the United Kingdom. Moreover, the problems that could possibly be encountered during the construction process as well as how these challenges can be resolved will be included in this report.

Initial Assessment

          Based on the project description, the plan for a medieval-inspired restaurant and bar is a good establishment within the UK business industry. Considering the continuous progress of the UK restaurant sector, the project plan for the medieval-inspired restaurant and bar is likely to succeed. In the UK, an estimate of 5.5% growth in annual sales had been registered for its restaurant sector in 1999. The sector had even reached substantial sales of £10.15 billion. Though fluctuations in sales growth had been observed in the UK restaurant market, the sector remained dynamic as menu transitions and new brand innovations had been introduced by various establishments. A number of factors are also significant for the growth of the UK restaurant industry. Among these include the progress of tourism in the country, increase in disposable income as well as work and home pressures. Due to these factors, a number of consumers have increased preference for going to cafes and restaurants. In addition, restaurants are also viewed as good alternatives for home cooking or for celebrating special events and occasions. Within the UK food establishment industry, the restaurant sector is the largest in the country. Various range of outlets from small, less costly operations to branded outlets are also present in the country. Burger establishments are the second largest sector in the food establishment industry, which is then followed by pub, pizza and pasta and roadside restaurants (Chiltern Magazine Services, 2000). Based on the consumer studies, eating at restaurants is now part of most consumers’ lives in the UK. In fact, the Target Group Index (TGI) has shown that 62% of its respondents have stated that they eat out during the evenings, whereas 50.8% of the respondents eat out during the day. These socio-economic factors have greatly contributed to the boosted sales acquired during the past years. From these aspects, it is apparent that the restaurant sector in the UK has high possibilities of further growth and development in the future. Thus, the project plan for a restaurant-bar with medieval influences is likely to succeed in the industry.

The Challenges

          Though the restaurant market in the UK setting is strong and established, certain challenges can still affect the success of the planned restaurant business. For instance, the location of the establishment should be greatly accessible to the market. Aside from physical location, the food or menu offered by the restaurant, the new innovations as well as the service style of the restaurant should also suit consumer needs and tastes. All of these criteria should be taken into account so as to develop practical resolutions to overcome possible business challenges.

Accessibility

          The accessibility of the restaurant project is a broad aspect to consider. However, it is important to take note that in this criterion, the consumer is the focal point. Since the restaurant project will be placed in the city area, the place will be highly accessible to employees working within the city’s work sites. In terms of people volume, it is particularly high in this case as it will be near buildings and establishments were a lot of people are working. As a lot of people are driving their own private cars to work, there should be an allotted space for parking. Hence, the place should be built in such a way that the area is maximized for eating and parking spaces. In addition, there should be efforts by the builder to make the place accessible for the handicapped. For these problems, the project team should ensure that the total area is well-divided to house all required amenities. Restaurant designers and builders should have the necessary expertise to make the place highly accessible for the consumers.

Cultural Diversity and Individual Preferences

          Consumers are highly diversified at present, making it difficult to meet every consumer preference (Marcheso, 2004). In UK, as tourism is high, cultures are also diverse. Hence, the overall ambience, cost and food offered by the planned establishment should be able to meet different consumer standards. Though this is a problem, the set up of the medieval-inspired restaurant and bar is good considering that the plan was able to combine both past and present influences. In particular, it was able to put homey furnishings and decorations along with modernized sound equipment and various features. This is particularly important since it will appeal to both old and young consumers. In addition the type of food that will be offered by the restaurant is also medieval-inspired. Medieval foods which mainly include grain, bread, vegetable, fish and salted meats, also helps in resolving the problem on varied preferences and cultural origins (Medieval-Life.net, 2000). As medieval foods offers variety, it will be easier for the establishment to encourage consumers to eat in the restaurant and try the dishes offered.

Competition

          The competition within the food industry is high in the UK setting. One of the greatest challenges perhaps in this aspect is brand recognition. Since well-known fast food brand names had been introduced in the market, brand recognition has been significant in the country. Consumers are particular with the brand due to their need for quality, cost and convenience assurance. In addition, millions of Britons are going to the United States each year, making American brands appealing to local consumers (Marcheso, 2004). Brand indeed is a strong competitive advantage and at times difficult to overcome. However, one way of resolving this problem is by offering something different from what is offered by well-known brands. For instance, medieval foods are known for its simplicity and healthiness. These characteristics are not mainly offered by known fast food chains, hence, could be a valuable competitive advantage.

          In addition to being unique, these characteristics also help in complying with the plans of the Food and Standards Agency (FSA) in the UK. This plan encourages hotels and restaurants to show the caloric and fat content of the foods found in their menu (Marcheso, 2004). Aside from doing this in line with the goal of helping Britons fight problems on obesity, this new legislation is also compatible with the menu of the planned restaurant project. Hence, the increasing health awareness of the consumers will help in overcoming the competition within the restaurant industry.

Conclusion

          Putting up a restaurant business is a difficult task due to the number of factors one must consider. A number of challenges will be encountered during the process, which needs alternatives and immediate resolutions. Thus, in order to assess the potential of the business for success, it is important that various criteria are taken into account. In the case of the medieval-inspired restaurant and bar project, the UK market could help in making it a successful business. However, certain factors would have to be responded with immediate solutions to ensure smooth operations.

References:

Chiltern Magazine Services (2000, July). The UK Restaurant Market. Available at:           http://www.bizlib.com/ZMPRE.html.

Marcheso, M. (2004). Industry Sector Analysis on the UK Restaurant Market. Available at:           http://strategis.ic.gc.ca/epic/internet/inimr-ri.nsf/en/gr110097e.html.

Medieval-Life.net (2000). Medieval Food. Available at: http://www.medieval-life.net/food.htm