This study aims to examine the survival of restaurants, which represent a significant portion of small businesses in South Korea. The study was conducted in Haeundae-gu, Busan, South Korea, and utilized data from 5,457 restaurants that were operational between 2009 and 2019. To estimate the survival rate of the restaurants, the Cox proportional hazard model was employed, using a set of explanatory variables consisting of both operational and locational characteristics of the restaurants. Additionally, the study considered different types of restaurants and focused on the impact of walkable access to various destinations. The findings revealed that operational and locational attributes significantly influenced the survival of restaurants, with walkable access to destinations such as waterfront spaces and commercial clusters being a crucial factor. Notably, the survival of restaurants also varied significantly by type. The findings provide a valuable set of policy implications and environmental strategies that can be implemented to revitalize the local market for the restaurant industry.