Nerdwallet.com, a finance and business website, has compiled a list of the best places to open a new restaurant.
They examined 530 U.S. cities with a population of at least 50,000. They used U.S. Census Bureau data to calculate the score for each location based on demand for new restaurants and local economic conditions that could affect the success of those restaurants.
To analyze demand, they looked at population growth and density, and factored in median annual income and income growth, as well as restaurant sales per resident and the number of new eateries.
To assess economic conditions, they looked at payroll costs, growth in labor and median monthly housing costs.
After crunching the numbers, they determined that Franklin is the 3rd best city to open a restaurant.
What NerdWallet Says About Franklin’s Restaurant Industry
“The restaurant boom that has prompted chefs from across the nation to open up shop in Music City has extended to Franklin, as well. Residents in this wealthy suburb have a median annual income of about $60,000, and enjoy spending their hard-earned cash on a meal out. The number of restaurants in Franklin increased nearly 50% over a five-year period, while sales in the eateries top $190 million annually, which works out to over $3,000 per resident.”
NerdWallet’s findings are evident as you drive through Franklin. Throughout the city, new restaurants are constantly popping up.
New Franklin Restaurants
The Honeysuckle (pictured above)
Connor’s Steak & Seafood, CoolSprings Galleria (opening Winter 2015)
Tito’s Mexican Restaurant, in Berry Farm (opening Nov/Dec 2015)
Mafiazo’s, The Factory (to open fall 2015)
Moe’s Original Bar B Que, (opening 2nd Franklin location in late August)
Kings Bowl Opening, CoolSprings Galleria (dining & entertainment venue to open in fall 2015)
Other cities that made NerdWallet’s list were Cedar Park, Texas (ranked #1), Alpharetta, GA (ranked #7) and Southaven, Mississippi (#10).
See the entire list from Nerdwallet and read more about how they created their list here.More Franklin News