16 Jul Fast-casual restaurant industry is set to continue booming
If you think there are more Chick-fil-A’s, Taco Bells, Bare Burgers, “artisanal” pizza spots and salad bars sporting 100 spins on the word “green” on city sidewalks, your eyes — and taste buds — aren’t fooling you.
Fast-casual and quick-service restaurants have accounted for a whopping 35% of all food-and-beverage leases in Manhattan since 2016, reports CBRE. The brokerage also noted that since 2015, F&B leases have made up nearly one-third of all retail transactions in Manhattan.
The figure was a mere 15% as recently as 2010.
More fast-casuals are coming: Chains that plan to expand here include Paris Baguette, Veggie Grill and David Chang’s fried-chicken favorite Fuku.
It’s a good thing New Yorkers like to eat on the run — or the dismal retail-vacancy picture would be a lot worse.
According to CBRE, New Yorkers spend 130% more on food outside their homes than do people anywhere else in the US. That works out to $8,082 per year spent on food outside the home compared to just $3,512 on average elsewhere.
The casual- and fast-food frenzy in the Big Apple is due partly to many more single-member households than anywhere else.
This is especially prevalent in Manhattan, where 46% of all households are single-person versus just 27% nationally. Men and women living alone and with tiny kitchens are inclined to go out or order in.
Moreover, New Yorkers are much more likely to walk than in other locales. Heavy sidewalk traffic makes for busier restaurants.
If you’re tired of so much food-on-the-go, consider the alternative: more “for lease” signs and more bank branches where the only bites come out of your account.