Nicole LaRusso, director of research and analysis for the tri-state region, CBRE
NEW YORK CITY—Real estate professionals have been looking at experiential retail—especially in the food & beverage sector to counter the decline of sales at brick-and-mortar locations. This is even more pronounced in New York City, where people spend 130% more than their peers across the US on restaurant and take-out food, according to a CBRE May 2019 retail report.
The brokerage firm reports New Yorkers spend $8,082 per year on restaurant dining compared to the national average of $3,512. They state F&B spending is expected to continue to outpace other retail categories in the next five years, in New York and across the country.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
