Report: Philadelphia area is promising for restaurant business
4/16/2013 | Real Estate Blog
The restaurant industry, as our readers may know, can be fickle. To stay in the business in the long run takes smart investing, hard work, and good business sense. That said, those who follow restaurant openings know that the Philadelphia region has been very active recently with restaurant openings. According to Nation’s Restaurant News, a trade publication, Philadelphia is among the 10 hottest restaurant markets in the United States.
The report, which looks at data attributed to ChainLinks Retail Advisors and Terranomics Retail Services, mostly covers the chain restaurant business. Nationwide, many retail chains have already populated desirable highway and mall locations and are looking to grow in other untapped market in cities. Restaurants, as well, are always looking for ways to appeal to tourists, theatergoers and city residents.
Many traditional mall retailers are beginning to adapt to urban environments. In spreading out and developing, landlords have to weigh unique locals versus chains who are able to pay more. Ultimately, landlords know they need projects with a mix of both.
Philadelphia, being between Washington and New York, makes it an good location for trying new restaurant concept, especially in the casual sector. The report in Nation’s Restaurant News said that Philadelphia was a key city for any company planning to expand into the Northeast.
Another advantage for Philadelphia, according to some, is that the Philadelphia region seems resistant to the economic extremes that impact other cities and make it hard for restaurants to survive. This is certainly good news for restaurateurs looking at the Philadelphia area.
Source: Philadelphia Inquirer, “Phila. area is a hot site for restaurant concepts,” Michael Klein, March 25, 2013