Restaurants Face Traffic Plunge

Things apparently aren’t improving in the restaurant world. Traffic at chain eateries fell by 2.6% in the second quarter, the largest decline in 28 years, according to research firm NPD Group.

And all of this took place even as consumers spent more money. During the same period, average checks increased 2%.

Restaurants Prepare for a Tough Holiday

As retail centers brace for slower holiday traffic, so are their eatery tenants, says this WSJ article.

Sure, what chains aren’t suffering, restaurants or not? But one analyst, Oppenheimer & Co.’s Matthew DiFrisco points out something we hadn’t fully considered: “They live off the flow of traffic going to lifestyle centers and malls, and are trying to intercept you while you’re out shopping.”

NYC Lifestyle Center Giving Away Cash

How’s this for marketing?

The Shops at Atlas Park, in Queens, NY, is giving away $20,000. On President’s Day, center employees started giving $500 a day for 25 days at random public locations in Queens. And for 60 days in a row, they will hand out increments of $1 to $1,000 around Atlas Park.

Center owner Damon Hemmerdinger is reportedly using his own money to finance the campaign, which he says is an effort to stimulate the economy. He came up with the figure multiplying Atlas’ 400,000 sf by five cents. And now Hemmerdinger is issuing a challenge to other landlords.