The Third Place Comeback
Patryk@solofunk
+4.2%
since Sep 30
The idea
I believe the next decade favors real places over screens, as people push back against an increasingly AI-mediated life by spending more time and money where they can actually be around other humans. Rather than betting on one-off concerts or trips, I built this around the everyday habit: gyms, bowling nights, long dinners out. It spans restaurants and third places, fitness and social clubs, eatertainment, landlords who collect rent no matter which chain wins, and a small sleeve of enablers, weighted toward steadier operators with some cash held back.
What it owns
- Restaurants, bars, and coffee shops are where everyday gathering happens, and ownership of these venues captures the steadiest version of the trend. · Texas RoadhouseIt operates sit-down restaurants where people choose to gather for meals with friends instead of ordering delivery at home., StarbucksIt built its brand around being a third place between home and work, and its strategy focuses on bringing back in-person seating and lingering over coffee., Darden RestaurantsIt operates multiple sit-down dining brands that depend on guests choosing to eat together in restaurants rather than at home., Brinker InternationalIt operates casual-dining restaurants that pull people into booths for shared meals and time together., Cheesecake FactoryIt operates full-service restaurants where people gather for birthday dinners and long catch-up meals.35%
- Gyms and fitness clubs are paid memberships that put members in the same room several times a week, building habitual in-person routines. · Life Time Group HoldingsIt sells memberships to upscale fitness and social clubs where members return several times weekly to work out and spend time with friends., Planet FitnessIt operates the most affordable gym membership, making regular out-of-the-house visits a weekly habit for a broad membership base., Xponential FitnessIt operates boutique fitness studios where the class and the community of regulars form the membership appeal.21%
- Bowling, golf, arcades, and casinos offer a direct alternative to spending an evening at home on screens. · Dave & Buster's EntertainmentIt combines dinner with arcade games and entertainment, offering an in-person alternative to staying home for entertainment., Red Rock ResortsIt operates neighborhood casinos with gaming, restaurants, and entertainment that locals visit regularly as their weekly gathering place., Six Flags EntertainmentIt operates regional theme parks where families return repeatedly on season passes, building in-person gathering as a recurring habit.17%
- REITs that own experiential real estate collect rent on the in-person gathering trend regardless of which operator succeeds. · EPR PropertiesIt owns real estate leased to theaters, eat-and-play venues, ski hills, and other experiential destinations, collecting rent regardless of which operator succeeds., VICI PropertiesIt owns real estate under major entertainment and gaming destinations on long-term leases, benefiting when those venues attract regular visitors.15%
- Businesses that equip or organize in-person activities benefit from the shift toward gathering without depending on any single venue type. · Dick's Sporting GoodsIt sells gear for recreational sports and participatory activities while operating experiential stores that draw customers who want to try activities in person.5%
- Cash7%