Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 220 of 342

216 • SHOPPING CENTER BUSINESS • MAY 2015 uled to open this month in the Dallas sub- urb of Richardson. One other location is planned in Dallas and one in the Houston area is expected to open in late 2015. Millennial iMpact Many in the restaurant industry believe Millennials, an 80 million-strong genera- tion ranging between the ages of 18 and 34, according to the U.S. Chamber of Commerce Foundation, are a driving force behind the growing popularity of fast casual restaurants. "Millennials will spend above what their financial income tells us they should spend on food," says Cheek. "Millenni- als are more food-conscious than older generations." Cheek says there is also more readily accessible information about the source of foods served in fast casual restaurants compared to fast food restaurants, both online and through television food chan- nels, which has driven customer demand for higher-quality products. As Millennials age and their influence in the marketplace increases, fast casual restaurants are expected to continue grow- ing rapidly during the next several years. SCB 800.874.9026 on business the sun shines here st. petersburg, fl 2nd Largest consumer market in Florida $400 Million value of new construction 1,200+ New residential units downtown 5.8 Million visitors downtown Inside Newk's, one of the newer entries to the growing fast casual segment. Chipotle has had strong success by serving food that is health conscious in a quick service format.

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