An article in The Wall Street Journal this week regarding the financial squeeze fast casual restaurants are experiencing references a statistic that fast casual restaurants accounted for just 6 percent of the restaurant industry in 2008, and today makes up 15 percent. These statistics mirror the trend that occurred from 2008 to 2019 in Chicago’s Loop, the second largest CBD in the country

In 2008, fast casual restaurants occupied 607,732 square feet within 165 storefronts. Pre-Covid in 2019, the fast casual restaurant category increased its square footage occupancy by 84,000 square feet within an additional 68 storefronts.

During this 11-year period, the character of Loop restaurants changed as fast casual restaurants gradually replaced fast food restaurants. Local fast casuals such as Potbelly, Sopraffina, Hannah’s Bretzel, BenjYehuda and Caffé Baci, along with the nationals Chipotle, Pret A Manger, Sweetgreen and Just Salad replaced fast food restaurants like Taco Bell, Popeyes Chicken, Burger King and McDonald’s.

In 2008, there were 222 storefronts occupied by fast food vs 165 occupied by fast casuals. In 2019, the numbers flipped with 143 storefronts occupied by fast food vs 233 storefronts occupied by fast casuals.

We expect this trend to continue in the post-Covid era as fast casual restaurants accelerate their interest in the Loop to accommodate the increasing number of employees returning to the office. John Vance William Winter

https://www.wsj.com/business/hospitality/america-loves-a-13-lunch-bowl-dont-bet-against-it-5992f80e