Opening a Restaurant
The Industry
The restaurant industry is both risky and highly profitable. This combination is explosive and attractive. An original culinary concept can catapult you to success in no time, generating incredible profit margins. But success, whether it comes quickly or takes a bit longer, will always arrive, and you must know how to manage it.
The foundation for success in this industry is understanding the complexity and importance of making critical decisions. This business is not just about the food; it's also about building an efficient structure and having the information and expertise on hand to create a work plan focused on saving time and money.
Miami's Restaurant Industry
The projected gross sales in restaurant business will exceed 9.5 billion dollars.
Miami's tourism sector is rebounding, driving demand for restaurants.
Average rent for prime commercial restaurant space (per square foot): $80.
Growth in alternative business models like ghost kitchens: 30%.
More than 130 thousand people will be employed in the restaurant industry.
The industry is continuing to recover from the impacts of the COVID-19.
New food and beverage business openings projected for 2024: 300.
Percentage of restaurants using digital ordering systems: 70%.
