NORTH PLAINFIELD, NJ—In response to shifting consumer preferences, restaurants–particularly fast-casual concepts–remain among the most active retail tenant sectors, according to Levin Management Corporation. In fact, the commercial real estate services firm has logged 13 leases and openings totaling approximately 38,500 square feet with dining tenants over the past 12 months in its Northeast-focused shopping center portfolio.
“Dining is an important part of today's retail experience, and restaurants comprise a larger percentage of typical shopping center tenant mixes than ever before,” says Matthew K. Harding, Levin president. “These valuable additions not only are significant traffic generators, but contribute to a shopping center's appeal by creating a 'one-stop' atmosphere for consumers.”
Much of Levin's restaurant leasing activity in 2017 and early 2018 has involved concepts looking to establish or expand their presence in the regional marketplace. Recent grand openings include James Joyce Pub at 35-71 South Ocean Ave. in Patchogue, NY, and Cheeburger Cheeburger at Aldrich Plaza in Howell, NJ.
Breakfast and lunch chain Famous Toastery will soon be opening a new location at Mayfair Shopping Center in Commack, NY, while Patsy's Pizzeria will join James Joyce Pub in Patchogue. At Twin City Shopping Center in Jersey City, NJ, Popeye's Louisiana Kitchen is gearing up for its imminent opening, while Taco Bell just signed a lease.
Fractured Prune Doughnuts also recently signed on at Bradford Plaza in West Chester, PA. Additionally, T.G.I. Fridays—a long-time tenant at Blue Star Shopping Center in Watchung, NJ, and Somerset Shopping Center in Bridgewater, NJ—has significantly renovated both restaurant locations to create vibrant, more contemporary dining experiences.
“In addition to its contribution toward the health of retail properties, the restaurant industry is an important driver of the economy as a whole,” Harding says. “The level of activity we are seeing bodes well in that respect.” In fact, the National Restaurant Association estimates that 48 percent of current US domestic food spending is in the restaurant industry. With an anticipated $799 billion in projected sales in 2017, the restaurant sector represents approximately four percent of the US gross domestic product.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
