Owning a business is difficult. One of the trickiest parts of being an entrepreneur is maintaining your current rate of return while also increasing your revenue. Restaurant owners have a particularly difficult job in order to accomplish this as expansion requires leaving your current restaurant in order to grow and build another location. One way to help reduce the difficulty of this challenge is to pick a good market to expand in as this increases the likelihood of success.

Here are five markets in the greater Charlotte area that have expanding populations, a healthy median income, but are limited in restaurant options available, making them ideal spots to expand an existing restaurant concept or to try something new.

1. Waxhaw, NC (25-30 miles south of Charlotte)

Waxhaw is the third oldest town in Union County when it was chartered in 1889. It has a well kept historic district with many maintained old buildings.

Residential Growth: Population doubled from 9,859 to over 20,000 (100%+), now ~22,000.

Subdivisions like Millbridge (1,000+ homes) raised home prices from $600,000 to $780,000

(2022-2023).

Lack of Restaurants: 20-25 options (one per 900-1,100), one per 2,000-2,500 broader (pop.

50,000+).

Disposable Income: $100,000-$110,000 (county: $88,000).

Why It’s Great: Top-tier growth and incomes with minimal dining, perfect for upscale ventures.

2. Fort Mill, SC (18-20 miles south of Charlotte)

Fort Mill is another old town established in 1873 and has a historic district with buildings from the 1800s. The South Carolina town was originally known for being a textile manufacturing hub, but the primary companies in that industry have left and have been replaced by a more diverse range of businesses and industries.

Residential Growth: Grew from 10,811 to 25,000 (130%+). County up 22% (226,073 to

282,090, 2010-2020).

Developments like Springfield (500+ homes) raised home prices from

$400,000 to $500,000 (2020-2024).

Lack of Restaurants: 50-60 options (one per 400-500), one per 2,000-2,500 broader (pop.

50,000+).

Disposable Income: $85,000-$90,000 (county: $72,000).

Why It’s Great: Explosive growth and high incomes near Charlotte, a traffic magnet with dining

gaps.

3. Kannapolis, NC (30-35 miles northeast of Charlotte)

Like Fort Mill, Kannapolis was historically known for textile manufacturing. Today, there has been massive investment in the North Carolina Research Campus which was a project started in 2008.

Residential Growth: Grew 24.6% (42,625 to 55,000, 2010-2020), now ~55,000.

Developments like Kannapolis Crossing (400+ homes) raised home prices from $230,000 to $310,000 (2020-2024).

Lack of Restaurants: 40-50 options (one per 1,100-1,375), one per 2,000-2,500 broader (pop.

100,000+).

Disposable Income: $65,000-$70,000 (county: $65K-$70K).

Why It’s Great: Strong growth and robust incomes with a dining shortage, enhanced by

Revitalization.

4. Lancaster, SC (35-40 miles south of Charlotte)

Near Waxhaw, Lancaster is an old town with lots of history. Most notably being the town where the US seventh president Andrew Jackson grew up.

Residential Growth: County grew 25% (76,652 to 96,016, 2010-2020), now ~100,000.

Developments like Sun City Carolina Lakes (3,000+ homes) raised home prices from $245,000

to $325,000 (2020-2024).

Lack of Restaurants: 30-35 options (one per 300-350), one per 2,800 county-wide (pop.

100,000).

Disposable Income: $62,000-$75,000 (county: $62,000).

Why It’s Great: Huge growth and a stark dining gap with solid incomes, ideal for mid-range

Options.

5. Denver, NC (25-30 miles northwest of Charlotte)

Denver is a town on the west side of Lake Norman and promotes itself as a quiet little lake town while also still being a hub for business growth as road expansion projects like NC rt 16 from Newton to Charlotte help improve commutes.

Residential Growth: County grew 11% (78,265 to 86,810, 2010-2020), now ~90,000.

Developments like Trilogy Lake Norman (1,300+ homes) raised home prices from $400,000 to

$500,000 (2020-2024).

Lack of Restaurants: 15-20 options (one per 175-233, local pop. 3,500+), one per 1,500-2,000

broader (pop. 20,000-30,000).

Disposable Income: $70,000-$80,000 (county: $58,000).

Why It’s Great: Lake-driven growth and wealth with minimal dining, great for upscale eateries.

Expanding a restaurant is never an easy decision, but choosing the right market can make all the difference. As a supplier to many successful restaurants, we understand the challenges that come with growth, and we hope this list provides valuable insight into high-potential areas around Charlotte. Whether you’re looking to introduce a new concept or bring your existing brand to a fresh audience, these markets offer strong demographics and a clear demand for more dining options. If you’re planning your next move, APS is here to support you with the supplies you need to make your expansion a success!