In about a 20 block stretch, the market has added a significant amount of new food options:
-Wingstop (26th & Minnesota)
-Jim’s Burgers (former KFC building)—coming in 2016
-HyVee Market Grille
-Gilberto’s (former Long John Silvers)
-Z’Marik’s (Noodles-type concept coming in 2016).
The last two replaced a Burger King that decided to give up its ground lease at the site and make way for a demolition and construction of a new strip mall.
That is SEVEN new concepts to our market! There is cause for concern when we see this much expansion in one sub-sector of our market.
How long can Sioux Falls sustain this type of restaurant growth? I’m guessing we will see additional new concepts in 2016, but it will start to taper in the next 24 months.