Nation's Restaurant News: Real estate prices continue march upward

As many brick-and-mortar stores continue to close, real estate agents are now offering marquee sites, formerly used by major shopping centers, to restaurants. Companies like Starbucks have taken notice and are planning to open more destination-oriented Roastery and Reserve stores. According to Nation's Restaurant News, this destination mindset this is a common trend.

“Brick-and-mortar will not go away, but it is certain to continue to evolve — often rapidly,” shared Chris Briggs, senior vice president at Buxton. “Keep nimble and quick to strike on opportunities and mitigate threats as they emerge. Know your customer and keep that knowledge contemporary and close at hand always.”

Malls are evolving in order to market themselves as destination and lifestyle centers in an effort to recruit the highest quality stores and restaurants. There is a lot of inventory available right now, but the competition for mid-market to higher-end retail space remains high. If a franchise is able to land one of these sought-after locations, they can plan on spending seven to eight percent of sales on rent.

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