The Restaurant Industry in the Greater Toronto Area
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The Restaurant
Industry in the Greater
Toronto Area
This is the Greater Toronto Area (GTA)
The GTA is the largest
The GTA’s population of 6.1 million metropolitan area in
includes 2.3 million immigrants, making Canada, and 5th largest
in North America.
it one of the most culturally diverse
The GTA consists of 25
demographic in the world. municipalities, including
the City of Toronto and 4
region`s.
The GTA’s population will
increase by from 6.1
million in 2009 to 9.1 million
in 2036 (50% increase).
Area:
•7,000 square kilometers
(2,700 square miles)
The GTA’s Strong International Standing
Restaurants Industry Profile
“There’s something happening in Toronto. Top Ranked Cities of Opportunity
While so many cities lament the global
economic crisis and the dulling effects of New York 1,112
globalization, boutiques and restaurants
London 1,111
seem to open every week in Toronto, and
immigrant neighbourhoods still feel
Toronto 1,096
linguistically, gastronomically,
gloriously distinct.” Paris 1,073
Sarah Wildman, The New York Times, 2012 Stockholm 1,062
San Fransico 1,061
“While hotel development slumps in some
parts of the globe, one cosmopolitan location Singapore 1,045
is set to add a slew of luxury lodgings in
2012: Hong Kong 1,015
Canada’s financial capital, Toronto.”
Chicago 997
Forbes Travel Guide, 2012
Source: PwC, Cities of Opportunity, 2012
Restaurant Cluster in Toronto Restaurants Industry Profile • The City of Toronto has 8,100 restaurants, caterers and bars • The cluster generates $5.8 billion in revenues • Represent 6.5% of all businesses in Toronto According to Zagat’s 2012 Toronto Restaurants Survey • Torontonians dine out at an average of 3.1 times per week putting the city in the same ranks as Chicago (2.8), New York City (3.0), Las Vegas (3.3), and Los Angeles (3.4) • Dining out is up by 28% compared to 2011 • Online reservations are the method of choice for 53% of surveyors in Toronto, followed distantly by phone reservations at 37% • Restaurant marketing trends for 2012: here
The GTA – the center of luxury in Canada Restaurants Industry Profile New Luxury Brands and Retailers Choose the GTA • Nordstrom has secured retail space for its upcoming expansion into Canada. • Ann Taylor’s first two Canadian stores recently opened in Toronto. • Canadian high-end retailer Holt Renfrew recently expanded one of its Toronto stores by120,000 sq feet. • High-end department store Bloomingdale’s is looking to expand into Canada. Toronto’s luxurious retail strip on Bloor Street West was the only location in Canada to make the Top 50 in Colliers International’s world study of retail leasing costs. High-end Yorkdale Shopping Centre (right) recently completed a $220-million expansion; 6 of the 27 new stores made their Canadian debut.
Real Estate Boom in the GTA
Restaurants Industry Profile
Toronto Leads
the Western
Hemispheres
in high rise
construction
giving
restaurants the
flexibility in site
selection.
Toronto’s New Southcore Financial District Restaurants Industry Profile Toronto’s business district is growing and moving beyond the historic Financial District boundaries • Spurred by a robust commercial market, growing company sizes and limited office space in the financial core, developers are setting up closer to the water • The Southcore Financial District is responding to a new generation seeking to live, work and play in close quarters
Potential Restaurant Locations in Toronto: Financial District Restaurants Industry Profile The district is Toronto’s central point for law firms, investment banks, and the movers and shakers in Bay Street which is Toronto’s equivalent to Wall Street in New York City. • It is home to the Toronto Stock Exchange (TSX) which is the 3rd largest North America, has the tallest towers in the city, and a focal point for power lunch spots and private clubs. • Average annual income of $ 93,645 CDN • High traffic area on weekdays and weekends due to close proximity to Toronto Island Airport that brings tourist and business travelers, Roger’s Center sports stadium, Union station which is the city’s multimodal transportation hub, and multitude of events • Assumed target segments include: white collar, after work crowd, happy hour crowd, high net worth individuals (HNWI), and business travelers
Potential Restaurant Locations in Toronto: Yorkville District Restaurants Industry Profile Yorkville is home to a wide range of upscale restaurants, pubs, and luxury business establishments. More than 700 shops can be found on the 27 blocks that make up the Bloor-Yorkville Business Improvement Area, including galleries, museums and restaurants. • Year-round attractions include the Royal Ontario Museum, the Gardiner Museum of Ceramic Art and the Village of Yorkville Park. The district is also home of the annual Santi Wine Festival in May and events for the Toronto International Film Festival in September. • Average annual income of $ 203,150 CDN • Assumed target segments include: white collar, after work crowd, high net worth individuals (HNWI), Hollywood celebrities, and luxury tourists
Potential Restaurant Locations in Toronto: Entertainment District Restaurants Industry Profile The district consists of eight city blocks that houses every type of entertainment. The area boasts a host of dining choices from pubs and bars to upscale bistros serving everything from seafood to international entrees. The area has nightlife spots from dance clubs and live music venues to theatres like Roy Thompson Hall and the Royal Alexandra Theatre. Some of the city's biggest attractions like the CN Tower and the Rogers Centre sports stadium, and a myriad of shops, hotels and services are all part of the District. Average annual income of $ 110,684 CDN Assumed target segments include: white collar, after work crowd, happy hour crowd, high net worth individuals (HNWI), and live entertainment and music aficionados
Associations: Networking Channels for New Restaurants Restaurants Industry Profile Canadian Restaurant and Foodservices Association (CRFA) • The largest association in Canada representing the foodservices industry including restaurants, bars, cafeterias, coffee shops, and caterers Ontario Restaurant Hotel and Motel Association (ORHMA) • The largest provincial hospitality association in Ontario (City of Toronto is the capital) Food & Consumer Products of Canada (FCPC) • The Food & Consumer Products of Canada is a national association representing the food, beverage, and consumer products industry. Canadian Food Exporters Association (CFEA) • The CFEA is a voluntary non-profit industry association founded in September 1996 by a group of 14 companies with the aim enhancing the export efforts of the food and beverage industry, particularly on the part of small to medium-sized enterprises (SMEs).
Restaurants and Food Services Conferences in 2013 Restaurants Industry Profile Canadian Foodservices and Restaurant (CFRA) Show 2013 (over for this year) The CRFA Show attracts 12,000 industry professionals and puts them face to face with exhibitors showcasing all their latest products. From new trends in foodservice through to the latest in energy efficient equipment, restaurant owners, operators and buyers will find everything they are looking for at this convenient, one-stop marketplace. • Date: March 3 - 5, 2013 • Conference Location: Direct Energy Centre 100 Princes' Boulevard Toronto, ON M6K 3C3 SIAL Canada 2013 SIAL Canada is one of the top notch conference in Toronto for the food and beverage industry. Around 200,000 visitors will be visiting in the show from over 200 countries. • Date: April 30 - May 2, 2013 • Conference Location: Direct Energy Centre 100 Princes' Boulevard Toronto, ON M6K 3C3 The 3rd Canadian Food Summit (2013) The Conference Board of Canada is hosting a two day Food Summit conference. Canadian food system leaders, retailers, senior government officials, food organizations, and national and international experts will discuss the latest research, share insights from other jurisdictions, and determine how to address Canada’s major food challenges and opportunities. • Date: April 9 - 10, 2013 • Conference location: Metro Toronto Convention Centre, 255 Front Street West, Toronto ON, M5H 2W6 2013 Canadian Restaurant Investment Summit The primary objective of the conference is to provide a learning and networking forum for attendees from the Canadian restaurant industry. • Date: May 29 – 30, 2013 • Location: Hilton Toronto Hotel, 145 Richmond Street West Toronto, ON M5H 2L2
Information Links Restaurants Industry Profile Best restaurants in Toronto: here Choosing a location for the restaurant: here Starting a restaurant business in Toronto (Canada Business Ontario): here What it takes to open a restaurant in Toronto - the policies, regulations and the taxes: here Article 1: Restaurant deals sizzle in Toronto’s Core by the GlobeandMail.com - discusses the restaurant boom in downtown Toronto Article 2: Creating a Scene by Amy Rosen /November 2012 - features the growth of the luxury market including high-end hotels and restaurants in Toronto due to a strong Canadian economy
Growth & Business Opportunities
Restaurants Industry Profile
Main Drivers Growth and opportunities
5th Largest Metropolitan City in North America Boom of high-end retail & hospitality in next 2-5 years.
• The multi-cultural population of the GTA is expected to • In 2012, Ann Taylor, Loft, Ted Baker London and Kate
reach 9 million people by 2036. Spade New York made their first entry into Toronto
Substantial infrastructure growth • In 2014, Nordstrom is moving into Toronto - its first
• As of 2011, Toronto has the most new skyscrapers under expansion into the international market.
construction amongst the 26 cities included in the PwC’s • Anthropologie, Express, Free People, Intermix, J. Crew,
Cities of Opportunity report. Marshalls, Topshop, Topman and Tory Burch are among a
Low Risk Business Environment host of other high-profile U.S. and international brands
• Toronto’s financial services industry remains strong despite that have established storefronts in Canada.
the economic crisis. • In 2011, Toronto welcomed the Ritz-Carlton and the
Access to Market Trump Tower to add to the collection of its luxury hotels.
• Toronto is located within an 800 kilometers (500-mile) Executive lunch and happy hour
radius of 135 million people. •Profit for Toronto restaurants are driven by the business
Supported by strong culture & entertainment lunch and happy-hour crowd. Liquor consumption can
• Toronto is ranked fourth in the world as a place to easily become the main source of revenue. The main
experience culture, following London, Paris and New drivers support the longevity of dinner clientele.
York. Attractive market for tourists and HNWI
• Toronto is the only Canadian city with representation in •High net worth individuals (HNWI) and tourists will be
seven major league sports. attracted to the upcoming retail and hospitality boom.
Society Trends
• Drinking and Driving is closely monitored in Toronto,
channeling a live/work/play environment into the
downtown core.Let us help you succeed in the
Greater Toronto Area!
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