September 22, 2013
San Francisco is the perfect storm for small, single-concept food purveyors:
- Economics- according to SF Business Times, as of late last year, “Retail vacancies in the San Francisco metro area trickled down to 3.1 percent in the second half of the year and are projected to drop even lower before 2013, according to real estate investment research firm Marcus & Millichap. The market is being driven by an 8.6 percent jump in retail spending, which is slightly better than the national rate of 8.1 percent. The tight market has led asking rents to climb 2 percent to $32.80 per square foot, while effective rents pushed up 2.4 percent to $29.75 per square foot”.
- San Fran food scene- simply put, one of the hottest in the country. According to a HuffPost article last year, “Not only did San Francisco come in as number one with the most restaurants per capita, no other city even came close. At 39.3 restaurants per 10,000 households, San Francisco has nearly 50 percent more relative restaurants than the second place city”.
- Amazing local pantry- no doubt about it, we have the best backyard in the country. No need to quote anyone, we all know it. This attracts creative chefs, which means creative food concepts. Here are some of note: