Food halls—eating destinations that include several small, locally developed restaurants and typically a bar—emerged from the pandemic in relatively good shape. Of the 82 food halls opened since March 2020, only 15 were shuttered, a closure rate of 18%, according to Cushman & Wakefield data compiled for Bisnow. Contrast that with the 20% to 22% closure rate for independent restaurants in their first year, Phil Colicchio, food, beverage, and entertainment expert at Cushman & Wakefield, told Bisnow in January.
The number of food halls now nets at 321 operating across the country, with another 145 under development. Part of the success stems from the business model. Even if food hall vendors close at a similar rate to independent restaurants, the food hall is likely to survive, experts say.