What a rollercoaster ride 2024 has been for the restaurant industry! As we close out the year, it's time to reflect on the challenges, triumphs, and lessons learned over the past 12 months in the California restaurant scene and throughout the US.
When we look back at 2024, there are many layers to unpack within the hospitality industry, which directly affect our jobs as restaurant brokers. We watched our beloved industry try to slowly climb out of the pandemic and creep towards some level of operational and economic normality. Sadly, this climb in most areas, especially urban areas, has been much slower and more challenging than expected. But as you’ll hear today, there are other dynamics that have created some surprises this year.
In this special year-end episode, we sit down to discuss the state of the industry in 2024. We cover the ongoing impact of the pandemic, shifting consumer trends, and the resilience of restaurant owners and operators. You’ll learn about the hurdles faced by urban restaurants, the rise of suburban dining, and the opportunities that lie ahead in 2025.
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What You’ll Learn from this Episode:
How the pandemic continued to impact urban restaurants in 2024, especially in California.
Why suburban restaurants thrived while downtown establishments struggled.
The shift towards fast casual and grab-and-go concepts with approachable menus.
How labor shortages and rising costs forced restaurants to adapt their business models.
The importance of flexibility and staying on trend for restaurant success in the current climate.
Why 2025 holds promise for stability and growth in the restaurant industry.
The role of landlords in supporting restaurant tenants through challenging times.
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