CommBank is also a sponsor of many of Melbourne’s key sporting, fashion and culture events – of which food and beverage is an integral part. Its specialised bankers have a deep understanding of the opportunities and challenges the hospitality sector faces, which makes for a productive partnership with its clients.
“When we meet with our customers, they want to know that their banker is across any issues impacting the supply chains for food and beverages, whether its floods impacting vegetable production, or global coffee price volatility. They want us to be deeply embedded into that business community, so they don’t feel they’re having to educate somebody who’s perhaps a good banker but does not understand their sector, specifically,” says Luther.
“For example, we know that the industry has high overheads and that continuing to reinvest in venues is really important. You can't just build a venue and it’ll be fine for 10 years: you need to keep updating it to make it appealing to your target market.”
Lucas Restaurants has embraced sustained innovation, with a stream of new ventures keeping patrons coming back for more and pop-ups of its famed establishments across Australia.
“There’s a reason why there’s constantly a line and a booking process to get into their restaurants,” says Craig McQuillen, General Manager, Major Client Group, CommBank.
“The wine lists and the quality of the food is spectacular, but it’s also because they're always doing something new, which keeps them front of mind. Just when you get used to the Grill Americano, for example, then Maison Bâtard opens up and it’s a new venue for people to go and enjoy and talk to their friends about.”