The Unlikely New Real-Estate Darling: Restaurants The WSJ wrote a great article detailing the current state of restaurant real estate. See summary below: Total restaurant sales have never been higher. They are on track to top $1.1 trillion this year, a 5.4% increase from 2023’s record-high level, according to the National Restaurant Association, an industry group. Historically, restaurants have been perceived as risky tenants; however, with changing consumer spending habits caused by rising wages, low unemployment, and the emergence of “foodie culture,” food service leases have become a powerful force in the retail real-estate sector. In the past year, more than 19% of retail leases were allocated to food services, marking the highest proportion for any category since 2007. Further, food tenants have been favorable for landlords due to the influx of creditworthy chains and the proven track record of these establishments in boosting foot traffic to nearby businesses. https://lnkd.in/e_vB7cfu ___________________________________________________________________________ If interested in purchasing a restaurant I am currently selling a turn-key restaurant opportunity on W Atlantic Ave in Delray Beach. This deal comes with over 100+ parking spots, a liquor license, all the kitchen equipment allowing an operator to quickly open up their own concept. If you would like more details feel free to download the OM or reach out to myself or Robert Goldberg directly. https://lnkd.in/e26xJR_W
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SaaS Solutions Consultant for cloud transformation @SpotOn | HR/ Benefits transformation| Senior Business Development | Dad
What an insightful read. Certainly, the categories and costs may change depending on the restaurant, but very helpful to see the analysis from a comparison perspective.
As a chef and owner, our Restaurateur in Residence Scott Youkilis has opened four award-winning restaurants in San Francisco. Scott knows the most successful restaurateurs err on the side of caution and ensure they have enough capital to reach their break-even point. Here’s his full breakdown of how much money you'll need to get your restaurant from concept to profitability. https://lnkd.in/g7eRgGBp
How much does it cost to open a restaurant in 2024?
spoton.com
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Interesting article on the state of SoCal restaurants and the effects of rising labor costs, new law re: surcharges, outdoor dining and more. #restaurants #eatingout #servicecharges
The shocking state of the restaurant industry: 'We can't afford to be open. We can't afford to be closed.'
latimes.com
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If you made it to NOLA for NADA (or any other reason) and are uncertain about dining options, refer to this link tracking who is open, or will open, and when: https://lnkd.in/g6hQg-E4
These Restaurants Are Open During New Orleans’ Record-Breaking Snowstorm
nola.eater.com
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DC Restaurant Closures Surge in 2024 Amid Rising Costs and Declining Demand Washington, D.C., has seen a sharp rise in restaurant closures in 2024, with at least 64 eateries shutting down by December 4, surpassing totals from both 2023 and 2022. In the article below, Costar.com reports that according to a survey by the Restaurant Association Metropolitan Washington, factors such as soaring labor, food, and occupancy costs, coupled with reduced customer traffic, are squeezing operators across the city. More than two-thirds of respondents reported concerns about high rent costs, and 75% noted lower foot traffic compared to last year. Key contributors include rising minimum wages—now at $17.50 per hour for all workers—and the continued impact of remote work, which has reduced downtown dining activity. Despite these challenges, notable openings like Osteria Mozza in Georgetown and Michelin stars awarded to Mita and Omakase highlight some bright spots in the D.C. restaurant scene. Empty restaurant spaces present unique opportunities for commercial real estate investors and operators to reimagine these properties. If you’re ready to explore the potential of these dynamic locations, contact HannaCRE for expert guidance in navigating the shifting D.C. market. Let us help you turn challenges into opportunities! https://lnkd.in/d3zuepSb
Restaurant closings rise in DC area as industry faces 'extraordinary pressures'
costar.com
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"Dining out has changed: In recent years, restaurants in major cities are getting harder and harder to book tables at," Isabel Fattal writes in the Wonder Reader, and local spots built for hanging out are harder to find. Certain credit cards now give people a leg up in the reservation competition, Saahil Desai reported this summer. Additionally, The Atlantic’s Lora Kelley reported that Americans’ growing preference for fast-casual chains or splurging on upscale dining has left TGI Fridays, Denny’s, and other restaurants in the country’s middle tier struggling. The fight for reservations and loss of mid-tier spots contributes to the lack of places for people to hang out and spend unstructured time with loved ones and strangers. “Whatever the restaurant calculus looks like where you live, it’s always worth trying to find a local spot where you can sit down and simply be with other people,” Fattal writes. Read more, and sign up for The Wonder Reader, a guide to new and classic Atlantic stories, published every Saturday: https://lnkd.in/eSxTTdzh
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TGI Fridays is the latest restaurant chain to file for Chapter 11, with over 100 locations closing in 2024. This trend of dine-in chains facing bankruptcy highlights a few key shifts: 🔹 Consumer Preferences: Many now prefer fast-casual, drive-thru, or delivery options over traditional sit-down dining. Restaurants that fail to adapt to these demands risk becoming obsolete. 🔹 Real Estate Opportunities: Vacant restaurant spaces are being repurposed, like former TGI Fridays locations now hosting drive-thru Starbucks. Adaptive reuse offers potential for investors and landlords to reimagine these spaces for today's market needs. 🔹 The Need to Innovate: Legacy brands that don’t prioritize tech-enabled ordering, menu flexibility, and quick-service models may struggle to survive. Takeaway: In a rapidly changing market, adaptability is essential. Restaurant real estate can thrive again, but only if reimagined with current consumer trends in mind. #RealEstate #RestaurantIndustry #AdaptiveReuse #ConsumerTrends #Innovation
TGI Fridays is the latest #restaurant chain to declare #bankruptcy Over 100 TGI Fridays restaurants have closed in 2024, including 50 in just the past week So now what happens now to this vacant #restaurantrealestate ? Some former TGI Fridays restaurants have already been subdivided into multiple spaces and now feature a #drivethru Starbucks While the repurpose of restaurant buildings once occupied by other casual dining chains like Bob Evans Restaurants, LLC, Outback Steakhouse, and IHOP provide unique #adaptivereuse examples Including new users (and uses) that may surprise ⬇
TGI Fridays Declares Bankruptcy And Closes 100 Restaurants -- What Will Happen To The Real Estate?
jasonmiller15.substack.com
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PEORIAELM.com SBA Loans- Term Loans- Lines Of Credit- Equipment Funding- Cash Advance- Startup Funding
This holiday season, don’t let cash flow challenges keep your restaurant or bar from reaching its full potential. Reach out to us today to discover how a line of credit can enhance your operations and help you capitalize on this festive period. Together, we can ensure your business flourishes during this busy time! #restaurant #bar #holidayseason #lineofcredit #businessgrowth
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Hospitality Specialist | Empowering Restaurants with award winning technology that works the way you work. Your business is personal, and I actually give a sh*t.
Following your dream as a restaurateur involves a lot of heart and hustle with multiple boxes to check. The secret to a profitable restaurant lies in giving yourself enough financial runway to see your establishment through to profitability and beyond. Let SpotOn make that part simple. #SpotOn
How much does it cost to open a restaurant in 2024?
spoton.com
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🔍💡 Did You Know? Growing the city's retail and restaurant base is not just about having more places to shop and dine. It's about creating local jobs and increasing city revenues that support vital services like parks and public safety. That's why the new retail and restaurant survey in Peoria is such a big deal! 🏢🍽️🌳 #ThePalmerTeam #PeoriaAZ #DidYouKnow #LocalJobs #CityRevenue #CommunityGrowth #SupportLocal #RetailExpansion #RestaurantSurvey #PublicSafety #Soldwithresults
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🌟 New restaurants face unique challenges, but established ones have their own pitfalls too. 🍽️ Before buying an existing restaurant, consider these key aspects to make sure your investment is sound. #RestaurantAdvice #SmartInvestment 💼✨https://lnkd.in/gXHVErmW
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