Joe’s Crab Shack, located on the city-owned Daytona Beach Pier, recently completed its 12th lease year with the City of Daytona Beach, posting its highest annual gross sales since opening in 2012.
From July 2023 through June 2024, the popular beachside restaurant recorded $9.7 million in gross sales—an impressive increase of $560,597 compared to the previous year.
This milestone underscores the restaurant’s continued success and mutually beneficial public-private partnership with the city.
Under the terms of the lease agreement, Joe’s pays both a fixed monthly rent and an annual percentage rent. The percentage rent applies to gross sales exceeding a pre-established breakpoint, which increases by 1% annually. For this lease year, the breakpoint was set at $5,857,258.76. The city receives 8% of any sales exceeding that threshold.
Thanks to Joe’s strong performance, the city collected $614,746 in total revenue for the year—$306,808 in base rent and $307,937 in percentage rent. Looking at historical trends, Joe’s has experienced fluctuations in annual gross sales. Starting with $8.9 million in 2013, the restaurant saw relatively stable numbers until 2019, when sales peaked at $9.4 million. The COVID-19 pandemic significantly impacted revenue in 2020 and 2021, with drops to $6.8 million and $5.9 million, respectively. However, the business has rebounded strongly in recent years, culminating in this new sales record for 2024.
While the 26,000-square-foot restaurant entered its 13th lease year, early data from July 2024 through February 2025 shows a slight dip in revenue compared to the same period last year. Sales during those seven months totaled $4,121,958—a decrease of $435,913. Despite this decline, the numbers indicate a solid and steady performance that suggests stabilization in consumer behavior following the economic shifts of recent years.
Joe’s Crab Shack remains a cornerstone tenant in Daytona Beach’s tourist area. Its continued growth reflects a resilient business model and sustained consumer demand.