VSAG Feature: Bringing a Restaurant to Life 

Always willing to take part in a conversation focused on sharing ideas, building relationships, and DanSimons_vert2zoom_E.BradyRobinson_6358therefore bettering our business, Founder Dan Simons (*photo: right) was happy to participate in a recent industry trends panel.

The Focus: DC Retail & Restaurant Industry.

Hosted by: Bisnow, a leading international commercial real estate team focused on local-market networking, reaching their millions of savvy retail industry fans through their annual conferences, e-newsletters, and outreach.

Topics Covered: Consumer demand and trends facing the restaurant & hospitality industry, including: the art of creating a successful concept, finance and development strategies, design and construction best practices, and effective e-commerce outreach and marketing.

Dan’s Take: Having experience on both sides of the restaurant business, as concept developer and restaurateur, Dan is confident communicating on important industry topics from consumer trends and navigating today’s market to financial models and business plans. Here’s his take on the current industry outlook: “I just don’t see the profit architecture of a lot of these restaurants being able to handle the total upending of the business model as tip minimum wage rises,” Dan said to the panel. “I think there’s a substantial amount of risk under the surface out there.”

Final Thoughts: Dan knows that this industry is marked by ebbs and flows, but he sees the increased competition of outside restaurateurs entering the market, combined with the likelihood of minimum wage hikes, weighing heavily on operators — especially the viability of smaller restaurants.  The takeaway? Taking the time to set a budget toward networking, researching local area demographics, cost analysis, and creating a concise, consistent business plan will help today’s restaurant & hospitality operators develop a successful playbook.