ONLY 5% OF NYC DINERS COME BACK. YOU UNDERWROTE THE OTHER 95%.

Most NYC restaurants are now built on acquisition, not retention. Of every 100 people who discover a concept, only 5 return. The other 95 were one-time visits driven by algorithm, press, or word of mouth.

That means your tenant has no durable revenue floor. Every week starts at zero.

A loyalty-driven operator can weather a slow month. A discovery-driven one cannot — the moment the algorithm stops sending people, the acquisition engine stalls and the margin disappears fast. That gap between a bad month and a missed rent payment is shorter than most leases account for.

Customer acquisition dependency is not an underwriting variable. It is the underwriting variable nobody is tracking.

Marco Shalma has spent 20 years tracking ground-floor retail behavior at street level across New York City. The Streetscape Risk Protocol identifies tenant default risk before it reaches the rent roll. We Eat Here

Retention data based on NYC Dining Access Funnel analysis. Streetscape Risk Protocol proprietary observation, 2026.