Urban markets have long been an important lifeline for restaurants because they generate a consistent traffic flow, particularly during the critical lunch and dinner dayparts. Further, they tend to complement other urban businesses, creating a compelling destination for economic activity.
Of course, that activity went away in 2020 and then stalled again in 2021 with the delta and omicron variants. But now a comeback seems to be underway, and restaurants with a strong urban presence are experiencing some momentum accordingly. Consider Shake Shack, for instance, which calls New York City its hometown. The city’s office occupancy rates increased by more than 10% in September – the highest point since the pandemic began – and that trend has played a major role in the chain’s continued recovery.
Hear more about the urban revitalization from Alicia Kelso.