In 1992, Americans spent $163 dollars on groceries for every $100 spent dining out. But today, reservations are becoming a must and spend is shifting. According to JLL research, “Americans now spend more money at restaurants than they do at grocery stores.”
It’s no surprise that appetite for restaurant real estate has been insatiable in recent months. In fact, JLL’s new Retail Trend Alert revealed that four out of the five fastest growing retail categories included food-related industries. The rise of foodie culture is creating new, lucrative opportunities for commercial real estate tenants and investors alike. JLL research projects that the influence of restaurant growth on real estate could impact the industry by 55.4 million square feet.
The new Retail Trend Alert dives into the rise of the “Foodie Nation,” and its impact across national retail sectors. Below, I’ve highlighted top trends identified in the report, as well as the current impact on our local market.