Most cities around the world have distinct neighbourhoods known for their culinary scene, and Toronto is no different. When you think of local foodie hotspots, a few places probably come to mind. Areas like Kensington Market, Queen West and the Entertainment District have long had a reputation for being home to some of the city’s best restaurants. Both locals and tourists alike flock to these neighbourhoods in search of their next favourite spot.
When it comes to opening a restaurant, location is an essential detail. From local foot traffic to neighbourhood demographics, where you choose to open your restaurant will have a big impact on its long term success.
However, opening a restaurant in a popular location can come at a high cost. And a growing number of restaurateurs who want to stretch their dollar are looking toward up-and-coming neighbourhoods for the perfect place to open up.
What Does ‘Up-And-Coming’ Mean?
An up-and-coming neighbourhood is typically a community that displays signs of early commercial growth and slowly budding popularity. This could refer to an area that is starting to see small-level gentrification, however, there are other influential factors involved. An area’s unique history, architecture or local character could all contribute to increased foot traffic or business development in the area down the line.
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Save On Property Costs
In Toronto, the long-rising property costs have impacted both home and business owners in recent years. For many local entrepreneurs, finding a business space that meets their needs and budget is not easy. This is especially true in trendy, high-demand areas.
Whether buying or leasing, properties come at a premium in the city’s culinary hotspots. However, by identifying the next “it” neighbourhood early, you can land a great deal on your restaurant space while still enjoying the locational advantages in the future.
Dreaming of opening a restaurant? Don’t forget to download our Ultimate Guide to Opening an Eatery.
Become a Neighbourhood Staple
When it comes to building a brand and legacy for your restaurant, sometimes word-of-mouth recommendation is just as good as traditional advertising. By being part of a neighbourhood’s first wave of attractive amenities, you have the opportunity to build a strong reputation for your restaurant as the neighbourhood grows.
As an early investor in the community, you’ll have reduced competition for satisfying the appetites of local residents during the first few years. Then, by the time your neighbourhood is bustling with food snobs, hungry locals and tourists, your restaurant will be highly recommended as a must-try.
In search of helpful tips for running your restaurant? Check out these resources from our blog.
- Pricing and Inflation in the Restaurant Industry
- Restaurant Menu Pricing 101
- How to Retain Restaurant Staff
How to Find the Next Hip Neighbourhood
Although you may not have extensive knowledge of local neighbourhoods or real estate trends, thankfully, there are experts who do. Just like a home, finding the perfect space for your restaurant means working with a real estate agent. However, as a restaurateur, you’re going to need specialty help and will want to work with a restaurant real estate agent.
A great restaurant broker can incorporate their knowledge of the local market to determine which neighbourhoods are showing early signs of gentrification. They’ll help you find the best location for your restaurant based on your unique vision and can ensure you buy at the right time for the right price. Plus, their additional expertise in restaurant management and vast industry connections can be an asset to you as you start your business journey.
As experienced commercial agents, we can help you find the perfect location for your next restaurant. Reach out today to get started.
