Industry description and outlook
This market needs an upscale restaurant, specifically a steakhouse. The restaurant industry is flourishing as a whole and there is no stopping it. The restaurant industry will reach some landmark numbers in 2015 – more than $709 billion in sales, one million locations and 14 million employees - according to the National Restaurant Association's 2015 Restaurant Industry Forecast released today.
Total restaurant industry sales are expected to advance at a 3.8 percent rate this year. Sales in the table service segment are expected to reach $220 billion in 2015, a 2.9 percent gain over 2014 sales, while sales in the quick service/fast casual segment are projected to grow by 4.3 percent and reach $201 billion (www.restaurant.org).
$709.2 billion: Restaurant industry sales.
3.8%: Restaurant industry sales increase in nominal terms.
1.5%: Restaurant industry sales increase in real (inflation-adjusted) terms.
1 million: Restaurant locations in the United States.
4%: Restaurant industry sales share of the U.S. gross domestic product.
$1.9 billion: Restaurant industry sales on a typical day.
14 million: Restaurant industry employees.
1.7 million: New restaurant jobs created by the year 2025.
10%: Restaurant workforce as part of the overall U.S. workforce.
47%: Restaurant industry share of the food dollar.
Nine in 10: Restaurant managers who started at entry level.
Eight in 10: Restaurant owners who started their industry careers in entry-level positions.
Nine in 10: Restaurants with fewer than 50 employees.
Seven in 10: Restaurants that are single-unit operations.
The target market will consist of the following geographic, demographic, and behavior factors:
The immediate geographic target is the county of Erie, PA with a population of 278, 443 (http://quickfacts.census.gov).
A 20 mile geographic area is in need of this service.