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Nicole LaRusso Nicole LaRusso, director of research and analysis for the tri-state region, CBRE

NEW YORK CITY—Real estate professionals have been looking at experiential retail—especially in the food & beverage sector to counter the decline of sales at brick-and-mortar locations. This is even more pronounced in New York City, where people spend 130% more than their peers across the US on restaurant and take-out food, according to a CBRE May 2019 retail report.

The brokerage firm reports New Yorkers spend $8,082 per year on restaurant dining compared to the national average of $3,512. They state F&B spending is expected to continue to outpace other retail categories in the next five years, in New York and across the country.

Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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