Virginia is for Lovers (and restaurant owners!)
Hoping to buy one of our Virginia Restaurants for Sale? You're in the right place. Browse this page for more information on the state's economy, state of its restaurant industry, and more. Then, view more resources, browse Virginia Restaurants for Sale, and connect with a Certified Restaurant Broker® near you to take next steps.
Virginia has a population of over eight million people, and it is growing rapidly. The state's population is expected to reach nine million by 2040. Virginia's population is diverse, with a large number of young people and families. You'll be able to feed this crowd when you find the right restaurant for sale in Virginia.
With a GDP of $477 billion and an unemployment rate of only about 3%, Virginia's economy is strong. The state's GDP has been growing steadily over the past few years, and Virginia is currently ranked as one of the top 20 largest economies in the United States. The state is also home to a number of major tourist destinations, including Virginia Beach, Williamsburg, and Richmond. In 2019, the state hosted nearly 40 million visitors, who spent $80 million dollars while visiting. Where are tourists spending their money? Besides the various visitor destinations, those weary travelers need somewhere to eat!
Besides the healthy tourism industry in the state, Virginia is home to many colleges and universities. There are 86 colleges and universities in Virginia amounting to over half-a-million students enrolled. These educational institutions bring in students and staff from all over the country, providing a consistent customer base for Virginia restaurants.
Virginia is also home to numerous businesses and industries. The state is a leader in agriculture, forestry, fishing, mining, and manufacturing. Virginia's location on the East Coast makes it a prime spot for many businesses. The state is within a day's drive of over 60% of the U.S. population, making it an ideal location for distribution centers and warehouses. Virginia is also home to the headquarters of many major businesses, including Amazon, Capital One, Hilton, Northrop Grumman, and more—speaking to it's strong business economy.
Overall, Virginia has solid ground for you to buy a restaurant and bring your concept to life when you are ready to invest in Virginia Restaurants for Sale.
Virginia's restaurant industry is booming, with sales growth of over four percent in the last year. The restaurant industry in Virginia is worth $10.5 billion, and it employs over 280,000 people. According to the Virginia Restaurant, Lodging & Travel Association, there are over 23,000 restaurants in Virginia, employing over 400,000 people. The VRLTA also reports that the average Virginia restaurant generates $725,000 in annual sales.
Virginia's restaurant industry sales were expected to reach $11 billion by 2020 although the event of 2020 did halt growth momentarily. Today. the industry is expected to recover and grow in the coming years.
Virginia's diverse population and growing economy make it an ideal place to buy a restaurant for sale. With so many colleges and universities, Virginia is also a great place to find a steady stream of customers. When you're ready to start your search, browse our Virginia Restaurants for Sale and find a Certified Restaurant Broker® near you to begin your journey to restaurant ownership!
To help you prepare for the journey, take advantage of the resources below and more. Read also our free Guide to Buying a Restaurant. Then, browse through out current listings to see all Virginia Restaurants for Sale.
Are you looking to buy a restaurant? If so, you're in luck! In this article, we will outline the complete process in nine steps that will help make the process easier.