Major changes are taking place on Albuquerque’s restaurant menu.
The weak economy has devoured a dozen restaurants just since January, providing an oversupply of space left vacant by troubled national chains. Successful local operators are possible candidates to fill it.
While all retailers are feeling the recession’s squeeze, restaurants are particularly vulnerable as consumers dine out less and, when they do eat out, opt for lower priced fare.
…..“The guys who can play now must have great credit and must have five years of experience in the business. They also must put 30 to 50 percent in the deal,” observes David Fite, who specializes in restaurants for NAI Maestas & Ward. “In commercial real estate, the restaurant category is the most difficult to get financed right now.”