Usually, talking about finances in the restaurant industry leads to a discussion of what an excruciatingly difficult business it is—especially in New York City, where the vast majority of new places never make it past three years. But that’s not to say that some people don’t kill it in the food business.
Of course, many chains and franchises do extremely well—it’s not hard to see that Cheesecake Factory is practically a money machine. But a look at Restaurant Business Magazine’s new rankings of the top-grossing independent restaurants in America reveals that there are many models of financial success in the industry. Unsurprisingly, the high-volume party palaces of Vegas (Tao, Lavo) make bank selling Kobe meatballs to mooks. But there are also places like the Bavarian-themed Zehnder’s of Frankenmuthin, which pulled in more than $13 million last year in sales with an average check of only $14.
In New York, steakhouses (Smith & Wollensky, Sparks) and tourist traps (Junior’s, Virgil’s) dominate the top spots, but there are also serious fine-dining institutions like Daniel and and Gotham Bar and Grill that hold their own. Del Posto proves you can have it all, with four stars in the New York Times, respected chefs like Mark Ladner and Brooks Headley in the kitchen, and gross sales in 2013 topping $16 million (that $130 average check certainly helps).
And, needless to say, Guy’s American Kitchen & Bar is a total cash cow, ranking #26 with $16 million in sales. Even an epic Pete Wells slam couldn’t stop that train.
The 5 Highest-Grossing Independent Restaurants in America
1. Tao Asian Bistro
City: Las Vegas, NV
2013 sales: $64,600,000
Average check size: $75
2. Joe’s Stone Crab
City: Miami, FL
2013 sales: $35,324,729
Average check size: $65
3. Old Ebbitt Grill
City: Washington, D.C.
2013 sales: $26,687,861
Average check size: $40
4. Smith & Wollensky
City: New York, NY
2013 sales: $25,470,115
Average check size: $92
5. Lavo
City: Las Vegas, NV
2013 sales: $24,000,000
Average check size: $65
Top-Grossing New York City Restaurants
RESTAURANT
2013 SALES
TOP 100 RANK
Smith & Wollensky
$25,470,115
4
Tao New York
$22,770,515*
7
Buddakan
$21,500,000*
9
Sparks Steak House
$17,600,000*
16
’21’
$17,119,818
19
Del Posto
$16,500,001*
21
Balthazar
$16,500,001*
23
Grand Central Oyster Bar & Restaurant
$16,150,000*
24
Guy’s American Kitchen & Bar
$16,000,000*
26
Quality Meats
$15,782,812
29
Spice Market
$14,800,000*
39
Junior’s (Brooklyn)
$14,500,000*
40
Blue Fin
$14,400,000*
43
The Sea Grill
$14,100,000*
44
Coffee Shop
$13,800,000*
45
The Four Seasons
$13,800,000*
46
Virgil’s Real Barbecue
$13,600,000*
49
Rock Center Café
$13,250,000*
55
Blue Water Grill
$12,950,00*
60
Cafe Fiorello
$12,700,000*
64
Junior’s (Times Square)
$12,500,000*
67
Keens Steakhouse
$12,400,000*
68
Daniel
$11,800,001*
72
Bryant Park Grill
$11,800,000*
73
Trattoria Dell’Arte
$11,650,000*
77
Gotham Bar and Grill
$11,200,002*
81
Maloney & Porcelli
$10,727,779
91
Redeye Grill
$10,700,000*
93
Morimoto
$10,500,000*
96