Betting on Ghost Kitchens: - WFAA

Michele's take

The ghost kitchen model continues to attract capital and curiosity, but the headline says it all — this is still being framed as a "bet," which tells you everything about where we are in the maturation curve of this channel. After years of hype, consolidation, and high-profile failures, any operator or investor entering this space today needs to demonstrate unit economics and demand density before committing infrastructure, not after. The model can work, but only when it's built around proven demand signals, disciplined cost structures, and a clear path to customer acquisition that doesn't rely on third-party delivery margins eroding profitability from day one.