New York City — Newmark Retail has signed a 2,230-square-foot lease at 885 Eighth Ave. for the newest P.F. Chang’s To Go. This marks the fifth such lease in the city in the past 18 months as P.F. Chang’s expands its off-premise dining concept throughout the country.
P.F Chang’s began to grow its new To Go concept in 2019, before the pandemic, and has strategically continued openings throughout 2020 and into 2021. Open P.F. Chang’s To Go locations in New York City include 240 West 40th St., 630 Third Ave., 60 Fulton St. and 938 Third Ave. The need for off-premise dining accelerated at the onset of the pandemic amid enforced dining room closures. The brand’s latest location at 885 Eighth Ave. is a corner location in Midtown West, serving the Midtown West and Columbus Circle markets. The new restaurant will allow more guests to experience the P.F. Chang’s brand via online ordering, takeout, catering and delivery using DeliverSafe eco-friendly packaging to ensure guests receive their meal just as it was prepared in the restaurant.
P.F. Chang’s To Go model focuses on dense urban areas that offer smaller real estate footprints, allowing the chain to enter larger markets and reach a variety of customers. It complements P.F. Chang’s full-scale restaurants in suburban markets. P.F. Chang’s To-Go locations measure approximately 1,500 to 2,000 square feet, compared to the 7,000 square feet in a typical full-service P.F. Chang’s. The kitchen duplicates the back-of-house capabilities of a full-scale P.F. Chang’s restaurant.
“Off-premise dining for notable food purveyors had been a growing category pre-pandemic; however, since last March, this asset class has only accelerated due to demand from many folks as the shelter in place restrictions were implemented,” says Newmark’s vice chairman, Ariel Schuster, who represented P.F. Chang’s. “In addition to the brand’s newest location in Manhattan, we are currently helping P.F. Chang’s explore real estate in several other markets nationwide as they continue to pursue their elevated approach to off-premise dining.”
According to Newmark Research, quick service and food purveyors represent about 40% of the tenants in the market looking for space since the onset of the COVID-19 pandemic. Since last March, there have been 45 quick-service deals for 25% of the overall new retail leases signed over the past year.
SOURCE: Newmark Retail