News: Restaurant Finance Insider
January 16, 2026
Investment banker Susan Miller told attendees at the recent Restaurant Finance & Development Conference that she sees a renewed focus by investors on new-unit returns. She said when debt costs were low and real estate was plentiful, it was easy to make “B” and “C” choices. But now Miller sees investors zeroing in on returns. “In terms of key metrics, investors are drawing a line in the sand for $2.0 million for fast casual and QSR average unit volumes. For full serve, the line in the sand is a $3 million AUV. From a bottom line that translates into a 14%-to-16%, four-wall margin which is good. We’re starting to see some concepts exceed their pre-Covid margins,” said Miller.