"Starting a Restaurant? Head Back to School"
By Rieva Lesonsky
Winging It
Millennials have changed their dining-out habits - and it's not good news for restaurant owners. According to a study by research group NPD, younger Millennials (ages 18 to 24) "made 27 fewer visits (per person) to restaurants between 2009 and 2012," though this has ticked up a bit in the last two years.
There are a few bright spots, however. The first is in the fast-casual sector, where fresh food and friendly services are attracting younger Millennials.
Another positive sign can be seen on college campuses. If you own a restaurant (or want to) you might think a campus location is the last place you'd want to be. After all, how much can students spend on food?
For Matt Friedman, the CEO of Wing Zone, who co-founded the chain in a fraternity house at the University of Florida, being located on or near a college campus is smart business. There are currently 14 "college" Wing Zones, with plans "to open at least 10 more within the next 18 months."
Wing Zones on campus (and the company's military locations) are, says Friedman, "the best performers within our system" with average ticket prices the same as non-college locations.
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