Manhattan Food and Bar Leasing Up Double Digits

Across the city, landlords want a seat at the table.  More specifically, they want the seats, and they want the tables inside their buildings.  Fast-casual restaurants, coffee shops, and juice bars are expanding across Manhattan, driven in part by a large millennial workforce and dense, wealthy demographic.

Also, though, as consumers behaviors have changed, opportunity has opened up for foodservice operators.  More and more retail and apparel is being purchased online, which has caused these companies to trim store sizes.  Now, with new inventory available, restaurants are building new locations even faster.  In 2015, the fast-casual segment grew to $44 billion nationwide–an 11.5% increase from 2014, according to Technomic.

Similarly, Manhattan lease transactions in the food and bar category increased 22% in 2015 over 2014, Cushman & Wakefield reports.  Meanwhile, drugstore leases were down 64% and apparel and accessories retails were down 22%.

Where banks and retailers once occupied large-footprint spaces, some landlords are building out food halls or dividing spaces into smaller units.  “You’re getting more [rent] than what a single tenant would pay,” said Brett Herschenfeld, SL Green Managing Director.

To read more, click here.

 

8/20 – 8/24: NY NOW at the Javitz Center

NYNOW2015-20151026023842968.jpgRegistration is now open for both exhibitors and attendees to the NY NOW Home, Lifestyle and Gift Exhibition at the Javitz Center. The event takes place over the course of 5 days, and will feature products from over 2,000 suppliers ranging from food and beverage to gifts and home goods. NY NOW is a unique opportunity to check out the latest in retail, often before it hits the shelves.

To learn more and register for the event, click here.

Tara Paige Travels: Bacchanal, New Orleans

bacchanal-5.jpgAt Tara Paige, we love summer in the city – the patio dining, food festivals and street fairs (not to mention the reduced lines at some of our favorite spots). But we still need to hit the road occasionally, and check out the concepts that have people buzzing all over the country. Which brings us to this special travel edition of our retail spotlight, on Bacchanal – a unique concept off the beaten path in New Orleans, Louisiana. Located in Bywater (just over the canal from the Ninth Ward), Bacchanal highlights the vitality of a city where music comes from every street corner, and great food and wine require no excuses or white tablecloths to enjoy.

The heart of the concept is a simple but rarely imitated one; Bacchanal is a wine and cheese shop with a large backyard, where local musicians play sets from lunch till late night. Guests can browse the shop, chat with the knowledgeable staff about vintages and cheese pairings, and then grab their chosen bottle and an ice bucket and head for the back, where a selection of mismatched patio furniture offers about 100 first-come-first-serve seats for watching the band. Servers will put together a plate of your chosen cheese and charcuterie, and bring it out to the table while you sip and listen. For those feeling a bit more peckish, there’s also a full dinner menu, served out of a small window in the back of the wine store from a kitchen barely big enough for the two cooks working inside. The tables fill up early in the evening, but most are large enough to share between multiple groups of friends, inspiring conversation and new connections.

When they began, Bacchanal was primarily a little-known wine shop on the outskirts of the city. After hurricane Katrina devastated the area, they began hosting guest chef pop-ups with live music each Sunday – helping revitalize the city by bringing its residents together around great food and wine in a neighborhood setting. As their website and owners describe, the business model was not without its legal hurdles, since Bacchanal exists somewhere at the intersection of wine store, restaurant, speakeasy and block party, and was not always licensed to be all those things. We’re glad they took the risk though, and the concept remained intact after their day in court.

The food “is dedicated to the ingredients themselves and the wine that flows with them, it is focused Mediterranean minimalism.” This is somewhat in contrast with the big Cajun flavors to be found in the heart of the French Quarter, for which tourists rightfully travel from thousands of miles. There’s no gumbo on the menu, but there is a fantastic ceviche and a delicate, garlicky bucatini. Many items are seasonal, and local produce is prominantly featured. No matter what guests ultimately order, the Bacchanal experience still captures the spirit of New Orleans: an unpretentious commitment to living life to the fullest, come rain or shine.

Bacchanal is located at 600 Poland Avenue, New Orleans LA, 70117. Visit their website at http://www.bacchanalwine.com.