Based on the empirical evidence from OP, this seems correct. But there's a theoretical argument for why "good location" and "actually good" should be positively correlated:
1. Good locations are more expensive.
2. People are willing to pay more for better food.
3. Therefore (all else equal), better restaurants earn more revenue.
4. Therefore, better restaurants have a higher willingness-to-pay on rent.
5. Therefore, better restaurants will outbid worse restaurants for good locations.
1. Good locations are more expensive.
2. People are willing to pay more for better food.
3. Therefore (all else equal), better restaurants earn more revenue.
4. Therefore, better restaurants have a higher willingness-to-pay on rent.
5. Therefore, better restaurants will outbid worse restaurants for good locations.