Food franchises are constantly seeking the most exciting domestic markets in which to discover future franchisee talent. Interestingly, a new study has outlined the ten states that are poised for restaurant growth in the coming years.
Given the high rate of restaurant failure, it's important for franchises to have a pretty clear strategic plan before expanding into new markets. Restaurant Management magazine has outlined in a new article the ten states most likely to experience growth in the restaurant sector in the near future. They are:
- South Carolina
There's plenty of interesting data backing up these claims here. The big factors in restaurant growth at a state level are long-term growth in population and disposable personal income. Hooters CEO Terry Marks added that: "We are much more likely to be interested in opening new restaurants in states with policies that are supportive of business.” As a result, the states that made list are generally away from the big population pockets in the Northeast and closer to what we might call America's heartland.
Franchise Direct offers comphrehensive state-by-state franchise analysis, which we'd recommend all franchisees look at before the invest a franchise brand.