Aaron Jodka
Nicole Larson
- Restaurants, bars, and coffee shops accounted for roughly 20% of all new retail leasing over the past year.
- Americans spent more than $100 billion at restaurants and coffee shops in July 2025 — up 5.6% year over year and nearly 50% higher than pre-pandemic levels.
- The top 50 quick-service restaurants (QSRs) opened 2,722 net new locations in 2024, a nearly 20% rise from 2022–2023 levels.
- Labor shortages, rising food and wage costs, franchisee profitability pressures, and shifting consumer preferences are all emerging as industry challenges.
- As experiential retail continues to outperform, investors and owners should consider tenant mix to maximize their reach into consumer spending.
Americans continue to have a strong appetite for dining experiences. Store visits to fast food and full-service restaurants have remained resilient over the past 12 months, reflecting consumers’ prioritization of dining out despite inflationary pressures. This trend is driving strong growth in retail demand, with restaurants, bars, and coffee shops representing about 20% of all retail leasing during the same period.
Starbucks, Krispy Krunchy Chicken, Jersey Mike’s, Wingstop, and Chipotle top the list of brands adding locations at the fastest clip. QSRs have generally led traffic growth, supported by convenience, lower price points, and expanded digital ordering channels. In fact, chains with strong brand equity and digital engagement — such as mobile apps and delivery integration — captured a greater share of visits compared to independents or slower adopters. Meanwhile, value offerings, combo meals, and loyalty programs have been key drivers of fast-food visits, while experiential dining and menu innovation have helped sustain traffic at dine-in restaurants. Casual and sit-down concepts have seen steady but more modest growth, with visitation closely tied to local economic conditions and discretionary spending.
Quick-service restaurants focused on chicken and burgers dominate the list of highest average sales per location. Chick-fil-A and Raising Cane’s lead the pack, followed by In-N-Out. Whataburger, McDonald’s, Shake Shack, and Culver’s all post similar unit volumes. McDonald’s, Chick-fil-A, Taco Bell, Wendy’s, and Burger King each serve more than 1 billion visitors per year, with McDonald’s topping 7 billion. Among full-service operators, Chili’s, Texas Roadhouse, Olive Garden, Applebee’s, and Buffalo Wild Wings serve between 233 million and 313 million visitors annually.
With market-leading visitation and sales, these brands are frequently sought after by net-lease buyers. At the same time, investors and owners who can strike the right balance between dining and retail stand to benefit from still strong consumer spending.
