Looks like it’s not just New Yorkers who are eating out a lot. Restaurant sales have surpassed supermarket sales for the first time in nearly two decades — and landlords are making changes.
“It changes the landscape of retail real estate fundamentally, because what we have is a really fundamental shift in the different categories that are performing well and those that are struggling,” Melina Cordero, CBRE’s head of retail research in the Americas, told CNBC. “With restaurants that are coming in with strong, high growth, they’re sort of the saving grace for landlords of these retail spaces to come in and drive traffic and sales.”
Landlords are now looking to food trucks, ‘grocerants,’ food halls and celebrity chef restaurants to keep their retail afloat, according to a CBRE report.
“Food trucks are basically the pop-ups of the restaurant business. They come in, they can set up, low cost, and they’re constantly changing,” Cordero said. [CNBC] –Christopher Cameron