Opening a restaurant in Richmond, VIC: Market & Competitor Analysis (2026)
Richmond, VIC currently has 68 active restaurants businesses. Based on ABS demographics and Google Places competitor data, Richmond scores 38/100 on the Strategique Score™ for anyone weighing up opening a restaurant here.
Choosing where to open or how to compete in Richmond? Compare the nearby restaurants businesses and local demographics before committing time or money. Check these market signals against your own costs, customers and plans.
Richmond restaurants market snapshot
| Strategique Score™ | 38/100 |
|---|---|
| Active restaurants businesses | 68 |
| Local population (ABS) | 17,671 residents |
| Median weekly household income (ABS Census 2021) | $2,577/week |
| Data updated | July 2026 |
What this means for a restaurants business in Richmond
Richmond's income profile. Other referenced figures: $2,577. Treat this pricing or positioning recommendation as a hypothesis to test, not proof of premium pricing, profit, margins or guaranteed market share. Household income is context, not actual customer spending or willingness to pay. Restaurants here can build menus around $40-plus mains and structured wine lists without pricing out the local base. The risk isn't affordability, it's boredom: this crowd eats out often enough that a static menu gets stale fast, and repeat visits depend on rotating specials rather than a fixed carte.
Household income is demographic context, not actual customer spending or willingness to pay.
Top-rated restaurants in Richmond
| Business | Rating | Reviews |
|---|---|---|
| Love Letter | 4.8★ | 304 |
| Ms Parker | 4.4★ | 130 |
| Flour Child Richmond | 4.8★ | 1,179 |
65 more restaurants businesses are mapped in the full Richmond report.
Choose what to tackle in the Richmond restaurants market
Opening a restaurant in Richmond: common questions
how many restaurants are in Richmond right now
68 restaurants operate in Richmond. That's a high saturation level — effectively one restaurant per 260 residents. In practical terms, there's intense competition for customers within a small geographic area. Most suburbs of comparable size carry 30-40 operators, so Richmond runs roughly double that density.
is Richmond a good place to open a restaurant
Mixed outlook. The market opportunity score is strong at 89/100, suggesting demand exists. However, the Strategique Score sits at 38/100 — indicating substantial barriers to success. The competitive density of 100/100 reflects an oversaturated market. Richmond favours established firms; new entrants face a difficult entry.
who are the main competitors I'd be up against
Flour Child Richmond leads with 4.8 stars across 1,179 reviews — a significant footprint. Love Letter (4.8★, 304 reviews) and Ms Parker (4.4★, 130 reviews) are also well-established. The Competitor Strength Index of 57/100 shows these operators have solid market positions, though not overwhelming dominance individually.
what kind of money do people in Richmond actually spend
Median weekly household income is $2,577. That's close to greater Melbourne's average, suggesting a mainstream middle-income customer base with moderate discretionary spending. Most households here support casual and mid-range dining rather than premium fine dining, which shapes your concept options.
what do I actually need to do first to open a restaurant in Richmond
First: audit the 68 existing operators to identify gaps — the market opportunity score suggests unmet demand exists, but you need specifics. Second: secure a location in the main trading strip where foot traffic and visibility matter most in a saturated market. Third: start council pre-engagement on planning and liquor licensing early, as Richmond's density means less available suitable premises.
Restaurants markets in nearby suburbs
- Restaurants in Adelaide CBD
- Restaurants in Alstonville
- Restaurants in Armadale
- Restaurants in Balcatta
- Restaurants in Ballarat
- Restaurants in Bathurst
Other business markets in Richmond
How will you stand out in Richmond?
Compare nearby competitors and local demographics before choosing where to open, what to offer or which opportunity to test. This market snapshot is a starting point, not a business-specific recommendation.