Closed Restaurants: How Their Data Opens New Opportunities

Although not easily accessible by just searching through Google Maps there are databases that can provide you with all the data concerning closed restaurants in the United States. One of the most powerful B2B databases that can provide you with a targeted data of closed restaurants is the B2B directory website Targetron.

Aside from instant access to finding closed restaurants using a B2B directory, there are other ways to find information like contacting the state where the business is registered. You can also inquire with the Better Business Bureau, and locate records through the Library of Congress, the SEC database, offline websites using Wayback Machine, and other notable resources for closed businesses.

How to Use Targetron to Find Closed Restaurants

General Statistics on Closed Restaurants

As mentioned in the introduction, Forbes reported that major restaurant chains have closed down locations across the US early this year 2024. Some of the reported reasons for closing down these popular restaurants were a mix of underperformance issues, financial pressures from inflation, changing consumer trends, and overall cost-cutting objectives.

• TGI Fridays shut down 36 underperforming locations. (Source)
• Denny’s shut down 57 restaurants in 2023 and announced additional closures for 2024. (Source: RestaurantDive)
• Boston Market will reduce restaurants from 300 to just 27 by March 2024 (Source: Pennlive)
• Buffalo Wild Wing to eliminate 60 locations in the US (Source: NRN)
• Pizza Hut Closing Restaurants in 2024 (List of locations) (Source: Timeout)
• Chili’s Shutting Doors Across America in 2024 (Source: MSN)
• International House of Pancakes will wind down 100 locations (Source: CTOL)

Why Do Restaurants Close?

Restaurants are often seen as neighborhood landmarks no matter what country you are residing in, these are favorite spots where friends gather and families make memories. However, even the most beloved eateries sometimes close their doors for good. We are going to explore the reasons why this happens, along with the ripple effects that restaurant closures have on communities and local economies.

Common Reasons for Restaurant Closures

1. Rising Rent and Operational Costs: High and rising expenses can make it unsustainable for restaurants to stay open.
2. Competition and Changing Dining Trends: Shifting consumer preferences and increased competition pressure restaurants to adapt or risk closure.
3. COVID-19 and External Factors: The pandemic and other unexpected disruptions, like labor shortages, heavily impacted the industry.

Impact of Restaurant Closures on Local Communities

1. Job Loss: Restaurant closures eliminate jobs, impacting local employment and income.
2. Reduced Foot Traffic: Nearby businesses often see fewer customers when a restaurant closes.
3. Cultural and Emotional Loss: Restaurants often serve as social hubs, and their absence can leave a void in community life.
4. Changes in Business Landscape: Closed spaces create new opportunities for other businesses to emerge and innovate.

What is a Temporarily and Permanently Closed Business?

Businesses that close temporarily versus those that are permanently closed experience different challenges and their impacts on their communities. Temporarily closed businesses or restaurants often do so to address short-term issues like renovations, seasonal slowdowns, or unexpected disruptions, such as natural disasters or regulatory changes.

While they may disrupt local services, those closures are generally planned with a return date, which helps retain staff and customer loyalty. Many of these businesses can even use the closure period to rebrand or update their offerings to attract more customers once they reopen.

In contrast, permanently closed businesses typically shutter due to sustained challenges like economic hardship, competition, or insurmountable operating costs. These closures often leave a more significant void, impacting local jobs, reducing neighborhood foot traffic, and erasing familiar community hubs. When businesses close permanently, they can open doors for new ventures to repurpose the space, creating fresh opportunities in the business.

Leveraging Closed Restaurant Data with B2B Directories

A B2B directory aggregates detailed information about businesses, including closed restaurants, making it a valuable tool for investors, developers, and entrepreneurs looking to leverage these closures.

1. How Can It Help?
   • By using the B2B directory, users can easily access data on closed restaurants in specific regions or places, enabling them to analyze past locations and operational details, identify high-potential spaces, and gauge market opportunities.
   • This B2B data can guide decisions on repurposing spaces or launching new ventures in areas with previous demand, allowing businesses to make strategic, data-driven choices based on regional trends and former business performances.
2. Business Opportunities with Closed Restaurant Data
   • Repurposing Spaces: Potential for converting these spaces into new eateries, cafes, retail spots, or co-working spaces.
   • Supply Chain and Equipment: Restaurant closures often leave valuable equipment and supplies that can be resold, leased, or reused to cut startup costs.
   • Real Estate Investments: Targeting closed restaurant spaces as ideal real estate opportunities based on location demand.
   • Franchise and New Concepts: Using data to understand what types of restaurants previously operated and where new concepts might succeed.

Steps for Using B2B Directories for Closed Restaurant Opportunities

1. Selecting the Right B2B Directory
   • A directory should have updated listings, and detailed data points, and should be recommended by users, and known for reliable, and comprehensive data.
2. Strategies for Turning Data into Actionable Insights
   • As a business owner, you should have a guide on evaluating which closed restaurant spaces could be profitable for new ventures.
   • B2B data could be used for networking with former restaurant owners for business insights and available equipment.
3. Supporting Local Business Renewal
   • B2B directories could encourage business opportunities supporting and revitalizing the local business landscape, like starting a business or repurposing restaurant spaces.
   • It could provide data to build businesses that help communities recover and thrive.

How to Use Targetron to Find Closed Restaurants?

1. Sign up or log in with your Targetron account.
2. Select Business Directory and choose Restaurant in the business category, followed by locations in the United States. 
3. Click Advanced Filters and choose Business Status options. You can then select Permanently Closed or Temporarily Closed from the drop-down menu.
4. You can select other options such as Company Type, Email/Phone, Preferred contacts, websites, and other relevant options.
5. Download the data from Targetron and upload it to your CRM of choice. The closed restaurant data that you downloaded from the B2B directory could help you start new business opportunities.
   

   Sample Data of Closed Restaurants in the US

Conclusion

Restaurant closures, while challenging for communities, can also spark new business opportunities through the use of tools like B2B directories. These platforms, such as Targetron, allow entrepreneurs and investors to access detailed data on closed restaurant spaces, providing valuable insights for new ventures.

Data from closed restaurants offers strategic advantages, enabling cost-effective repurposing of spaces and access to restaurant equipment, which reduces setup costs. Additionally, identifying high-potential locations with existing infrastructure allows new businesses to launch quickly and efficiently.

Real estate investors can use B2B data to analyze factors like foot traffic and local demographics, guiding decisions on profitable acquisitions. This data-driven approach helps align new business concepts with local demand, fostering resilience and success.

Ultimately, B2B directories support community revitalization by filling vacant spaces with businesses that restore local economic activity. Repurposing these areas thoughtfully renews foot traffic and community connections, transforming the impact of closures into opportunities for growth and development.