Wednesday, August 01, 2018

Why Does My Neighborhood Restaurant Keep Failing?

There are certain parts of relatively central Philadelphia that have problems keeping adequate local establishments in business. Not huge parts, but little sections here and there. And the reason is very simple - these places don't have much foot traffic. There are "destination" retail corridors where visitors flock to, and there are destination establishments (that super well-reviewed restaurant) that also attract people from an extended area, but in the more residential neighborhoods - even fairly centrally located ones - local businesses depend largely on locals and local foot traffic. The only way to increase support for local retail is to reduce resistance to putting in some multifamily buildings (apartments/condos) here and there to increase the local population. Your local restaurant depends on it.