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Winsight LLC: Joe’s Stone Crab Named No. 1 on List of Highest-Grossing Independent Restaurants
CHICAGO, Nov. 20, 2019 /PRNewswire/ — Restaurant Business magazine has released its annual ranking of the Top 100 Independents, an important benchmark for industry operators that highlights the highest-grossing nonchain restaurant concepts in the United States. This year’s list includes 13 newcomers and a number of different multiconcept operators (MCOs) from across the country. While these independents represent a variety of cuisines and locales, they are managing to succeed in the face of the many challenges facing the restaurant industry.
“Even the top independents aren’t immune to the mounting concerns in today’s restaurant climate. Just like chains, independent restaurants—even the most successful ones—are up against labor shortages, rent hikes, increased competition and more,” said RB Content Director Sara Rush Wirth. “Those concepts that are able to survive, and even thrive, are focused on hospitality and delivering a top experience for today’s consumer.”
In particular, MCO groups such as Tao Group, Lettuce Entertain You Enterprises, Gibsons Restaurant Group and Farmers Restaurant Group—which all have restaurants on the list—continue to perform well. Gibsons Restaurant Group has six restaurants ranked, including two in the top 10. Its latest concept, Gibsons Italia, was the highest-ranking newcomer to the list at No. 24, bringing in $20.4 million in total sales in 2018 after opening the year prior.
Overall, revenues for this year’s Top 100 remained relatively flat from last year’s list, totaling about $1.8 billion in 2018. But in an industry where chains are seeing sales decrease, some independent operators view flat as a win. Food and beverage revenues ranged from Joe’s $38.4 million to $11.6 million for Urban Farmer in Portland, Ore., a newcomer to the list.
Urban markets—often known for bringing in tourist dollars—are home to many of the restaurants on this year’s ranking. New York City leads with 21 restaurants, and the Chicago area has 17 restaurants on the list.
The top 10 independents and their 2018 revenues are as follows:
|
Restaurant |
City |
2018 Sales |
|
Joe’s Stone Crab |
Miami Beach, Fla. |
$38,400,000 |
|
Carmine’s (Times Square) |
New York City |
$36,889,370 |
|
The Boathouse |
Orlando, Fla. |
$35,499,910 |
|
Old Ebbitt Grill |
Washington, D.C. |
$33,291,280 |
|
Lavo Italian Restaurant & Nightclub |
New York City |
$27,521,650* |
|
Smith & Wollensky |
New York City |
$25,474,000 |
|
Gibsons Bar & Steakhouse |
Chicago |
$25,167,986 |
|
Balthazar |
New York City |
$25,100,000* |
|
Bryant Park Grill & Cafe |
New York City |
$24,700,000 |
|
Junior’s |
New York City |
$23,661,885 |
*RB estimate
The full Top 100 Independents feature is published in the November/December 2019 issue of Restaurant Business magazine. To view more restaurants on the ranking, visit
RestaurantBusinessOnline.com/top-100-independents-2019
About Winsight LLC
Winsight LLC is a business-to-business information, event and market intelligence company serving the restaurant and noncommercial foodservice, convenience and petroleum retailing and grocery industries. Winsight provides research and analytics, branding solutions, face-to-face opportunities, lead generation initiatives, and content marketing services through products including subscription data products, reports, research tools, research programs, fully custom studies, conferences, custom marketing services, meetings, print and digital trade media.
Winsight LLC is a portfolio company of Pamlico Capital.
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Kirsten Boyle
Marketing Specialist
Winsight LLC
kboyle@winsightmedia.com
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