Jan 31, 2024 - Business
Charted: Des Moines' slump in new restaurants
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The number of new restaurant listings in the Des Moines metro fell 10% in 2023 compared to 2019, according to new Yelp data.
Why it matters: There was concern even before the pandemic that the DSM market had overbuilt with more restaurant seats available than demand, Jessica Dunker, president of the Iowa Restaurant Association, tells Axios.
- COVID-19 served as a catalyst to accelerate the pace of the expected recalibration in the market, she says.
By the numbers: 91 metro restaurants were newly listed on Yelp in 2023, compared to 101 in 2019.
- Meanwhile, new DSM-area businesses overall rose 34% from 2019, from 927 to 1,245.
The big picture: Nationally, the restaurant industry is showing signs of life after a brutal stretch brought on by the pandemic, Axios' Alex Fitzpatrick and Kavya Beheraj report.
- Nearly 53,800 restaurants opened their doors across the country last year, up 10% from 2022 and 2% from 2019, Yelp data shows.