Avalon Hits $1k/SF in Sales?
Avalon's “captive audience” is helping its lineup of retailers and eateries see in excess of $1k/SF in sales. During our 2nd Annual Atlanta Restaurant Summit last week, North American Properties' Dotan Zuckerman told our audience of more than 120 that there are waits in all Avalon's restaurants. Plus, the developer was picky about its lineup, refusing one NY-based upscale dining concept that wanted in. “We actually decided to pass on them because we felt that their concept of NY would not resonate well in the Alpharetta market,” Dotan says.
Atlanta restaurateur Federico Castellucci says Downtown Atlanta should be where restaurants focus—not the 'burbs. With millions of visitors annually, there's an untapped audience within the ITP confines. And while suburban cities are attempting to attract more Millennials and be unique, the prospect for restaurant success there is limited. “Unless you're doing something big like Avalon, it's very challenging to create density,” Federico says.
And Table & Main's Ryan Pernice (second from right with our restaurateur panel, including Legacy Restaurant Partners' Jeff Sime, CohnReznick's Stephanie O'Rourk, Unsukay's Ryan Turner, Fifth Group Restaurant's Robby Kukler and Federico) says as a restaurateur, you have to be welcoming to all tastes and dietary restrictions, which he described as “tribes.” If you appeal to those tribes—like the paleo dieters or the gluten-free fans—you win loyalty. And if you reject any of them? “Tell a person with a gun that they're not welcome in your restaurant, and see how the gun-toting community hears about that,” he says.