How First Watch’s expansion is outpacing casual dining growth

Core Insights - First Watch is poised for significant growth, expecting to open nearly 60 company-owned locations this year, already halfway to that goal, with a total addressable market of 2,200 units [2][6] - The company is capitalizing on second-generation real estate opportunities as other casual dining brands close locations, allowing for quicker build-out times and access to prime real estate [3][4] - First Watch's average unit volume stands at $2.3 million, enhancing its appeal to landlords and enabling the company to be selective in location choices [5] Growth Strategy - The company focuses on finding the right locations based on visibility and access rather than size, allowing for flexibility in unit prototypes ranging from 3,500 to 6,000 square feet [4][5] - First Watch has improved operational efficiency and team retention, contributing to a stronger brand and better restaurant performance [6] - The chain is expanding into new states, having recently opened its first restaurant in Idaho and entered Nevada with a location in Las Vegas [6]