Wanted: Tasty food plus good real estate
Upstart restaurateurs turn to landlords for help
From the November issue: Opening a restaurant in New York City is not an easy task. NYC & Company, the city’s official marketing and tourism board, reports that there are 18,696 restaurants in the five boroughs. And there are always more optimists: Each and every year, at least 200 new restaurants launch in the Big Apple. Yet the odds of success are low. “Few will survive their first year of operation, and less than 10 percent will be in business in five years,” said industry legend Alan Stillman, founder of T.G.I. Friday’s and Smith & Wollensky.
Even though it’s a food business, real estate is a main ingredient for those who endure.
After all, great chef or not, restaurateurs know a simple real estate truism. “The key to the success of your restaurant is your location,” said Phil Scotti, CEO of Clarke’s Group, owner and operator of P.J. Clarke’s. [more]