Destination food replacing department stores as traffic draw

Food-and-beverage operators need to create an experience to stand out in a crowded field, restaurateur David Chang told CNBC. Chang founded the Momofuku Group, which operates 25 restaurants worldwide and is sought after by landlords that want a dining attraction at their properties. "I remember trying to find leases, and people were like: 'No — we don't want a restaurant in our building; it's going to decrease the value, because of problems with smells, or whatever,' " Chang said, recalling the first restaurant he tried to open in 2004 in New York City. "And now everyone wants a restaurant. Restaurants now are anchor tenants in buildings." 

Today food-and-beverage establishments might occupy between 20 and 40 percent of a shopping center, up from 10 or 15 percent, according to CBRE Group. This means that the food has got to be top-notch, and so has the experience. Chang travels the world searching for new dishes to bring to his diners and to keep them coming back, he says. "The problem is, there are too many restaurants," Chang said.

"In the old days, food courts had indistinguishable food," said Jerry Storch, CEO of retail advisory firm Storch Advisors. "Now they have destination restaurants, upscale and fine-dining restaurants. People go for the food."