Looking For Some Insight

I just wanted to pose a question. Me and my wife are interested in opening a place that is in a college town the total population of that area is about 27,000 with 6000 students enrolled at the University. Together we both have around 20+ years experince in the restaurant industry with me especially with pizza but this will be our first go at our own place. We plan on being open during the week until 1 and weekends until 2:30 or 3. I know the amount of money you have to put into it is a big deciding factor but I was wondering from everyone’s experince here which would be better choice to open-a delivery/carry-out or dine-in/carry out? We want to serve gourmet pizzas with fresh homemade dough and then depending on the concept add more menu items. Any help would be greatly appreciated.

You ask several questions, I will just respond to the one that got my attention.

If you are going to be doing high-end pizza and there is another place in the market doing cheap pizza late at night, there is no reason to open after midnight. Late night customers = cheap customers. Also 6000 studuents is not a big number. The university shops that have a good late night business serve larger campuses. Unless you have this market to yourself, I would suggest a second look at the planned hours.

I would think that if you are hoping to get students orders (since you will be open late into the night) you should deliver. I live an hour from State College, PA. The successful pizza shops have great pizza. They have dine in, take out, and delivery. If you go with dine in you should have a bigger menu than just pizza.