The state of the economy dominates daily headlines and generally, the news is gloomy. In particular, the restaurant industry has been hit hard. However, Sundance Square, the premier entertainment and retail district located in downtown Fort Worth, has a different story to tell and it is bright and sunny.
With more than 20 full-service restaurants in Sundance Square, one of the country’s leading mixed-use developments, the restaurant business is on solid ground. Retail space in Sundance Square is 97 percent occupied. On average, restaurants in Sundance Square are performing better than $500 per square foot. Through November 2008, restaurant sales in the full-service category in Sundance Square increased 4.5 percent over 2007.
According to the National Restaurant Association, restaurant operators nationwide reported negative same-store sales in November 2008 for the sixth consecutive month. Only twenty-six percent of restaurant operators reported a same-store sales gain between November 2007 and November 2008, down from 29 percent who reported a sales gain in October 2008.
“Sundance Square is a vibrant development where people live, work, or visit,” said Johnny Campbell, president and CEO of Sundance Square. “The success of our restaurants clearly demonstrates the appeal of Sundance Square among all our constituents. We have a perfect variety of full-service restaurants in our mix. However, we are always exploring dynamic new concepts that will have a strong following.”
Simply Fondue recently opened in Sundance Square’s Woolworth Building featuring a timeless concept that combines sauces and a variety of foods. The restaurant continues to build traffic since opening last September and is meeting the sales expectations set before opening.
Daddy Jack’s opened a new patio area, which can accommodate up to 36 people. The seafood concept has been in Sundance Square since 2000 and has just renewed their lease.
More than half of the full-service restaurants have been in Sundance Square an average of 14.7 years. Billy Miner’s has made Sundance Square home for the last 25 years. Right behind it are Riscky’s with 17, Uno and Razzoo’s with 16 years, and 8.0 has been in Sundance Square for 14 years. Mi Cocina and Flying Saucer moved in more than 13 years ago with Cabo Grande and Chop House each taking up residence more than 11 years ago.
Piranha Killer Sushi moved into Sundance Square more than three years ago and continues to thrive in downtown Fort Worth. This innovative concept continues to generate the highest sales per square foot of all restaurants in Sundance Square.
The National Restaurant Association projects national sales in 2009 will only increase one percent over 2008.
“We believe Sundance Square’s restaurants will continue to outpace their competitors in 2009,” remarked Campbell. “We have a strong line up of establishments with proven records. We hope 2009 will also bring one or two new concepts into the development. For Sundance Square, the future is very positive.”
About Sundance Square
Located in the heart of downtown Fort Worth, historic Sundance Square is a 35-block commercial, residential, entertainment and retail district where people work, live, shop and dine. Sundance Square’s beautiful landscaping, red-brick streets and turn-of-the-century buildings make it a pedestrian’s delight. Named after the famed Sundance Kid, who used the Fort Worth area as a hideout, Sundance Square has been hailed as a monumental achievement in urban redevelopment.
Sundance Square is comprised of restaurants, three live theatres, an AMC theatre, Bass Performance Hall, two museums, three art galleries, numerous retail shops and boutiques, as well as two upscale residential complexes, and some of Fort Worth's prime office space.
Parking is free Monday – Friday after 5:00 p.m. and all day throughout weekends and holidays. A customer validation program during weekday business hours provides up to 2 ½ hours of free parking. More information can be found at www.sundancesquare.com
Information from Sundance Square Press Release