Over the years I have talked a lot with my valued connections, clients, and students involved in retail or (physical location) service businesses about the value of being located near at least one restaurant. The "Where can I go to grab a bite?" factor can be big for coffee shops, like the "Where can take the kids while we wait?" factor is great for a fast food or ice cream shop.
My view is that commercial real estate is also about "location location location", and having a restaurant or an entity which could help attract your target audience can bring value to your potential customers or clients. One example is an auto repair shop in the Chicago area which is located directly across the street from the parking lot of a commuter train station. They are open earlier in the morning than most other shops, and with good reason. Their customers can easily drop their car off in the morning and go across the street to catch their train. When they return later that afternoon, they pick up their car, without losing more than a few minutes.
Chances are that the convenient location has added significant revenue to their business over the years, even though the commuter train has nothing to do with the car repair business. Now, as the below linked story confirms, we see some restaurant brands are upping the offer on appetizers and increasing emphasis on "Happy Hour" times which used to be down time.
There are lessons to be learned for real estate and business owners and sellers. Having a nearby business which includes your target audience could be a key selling or buying point. For marketers, there might be situations where non-competitors could team up and cross promote.
Being aware of your surroundings could make you "first in" on increasing or improving your business!
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