In 2025, the scarcest resource in F&B isn’t capital, but rather strategic discipline. Over the last few years, we’ve seen a lot more PE/VC growth investments to scale smaller F&B concepts nationwide. But one of the biggest risks of taking on capital to become the next nationwide megatrend is making the right long-term investments in real estate from a site selection and buildout perspective. This week, I teamed up with John Rabiner, Co-Founder at Prime Site Construction & Advisory, to identify prominent themes and analyze various expansion strategies within each. The three major buckets are: baked goods, regional pizza, and all-day cafés and their investors include the likes of Stripes Group, TSG Consumer, and TriSpan. When done properly, brands can successfully extend their concept outside of their home market and share their unique flair with a new audience. But when done improperly, brands run the risk of oversaturating a market, cannibalizing stores, and losing out to the next competitor.