The restaurant industry is going through some significant upheaval as demographic cultural trends have moved the target for consumer’s tastes. The last several years have seen an explosion of new restaurant concepts and categories reflecting these shifting preferences. Whether it’s the advent of fast-casual restaurants, the ongoing challenges of established chains such as Olive Garden and Red Lobster, or the growth of chef-driven concepts, we’re seeing a desire for fresh, locally sourced food that doesn’t break the bank. In this edition of Retail Rap, I discuss the wide variety of new dining options and the ways they are changing the restaurant landscape.
I don’t think it’s a coincidence that these new concepts have emerged as specialty food trucks have taken off: both allow people to eat out more while spending less, and to do so without feeling guilty about consuming fast food. From bakeries to “breastaurants,” unique is in and innovation is being rewarded, but it may make for a few tumultuous years on the real estate side as these changes solidify.
Check out the full article from my recurring column, Retail Rap at Chain Store Age.