There / It

there / it

There................                         it......................

We use there ... when we talk about something for the first time, to say that it exists:

Ex _ There's a new restaurant in Hill Street.
Ex _ I'm sorry I'm late. There was a lot of traffic.
Ex _ Things are more expensive now. There has been a big rise in the cost of living.

It = a specific thing, place, fact, situation etc.
Ex _We went to the new restaurant. It's very good. (It = the restaurant)
Ex _I wasn't expecting them to come. It was a complete surprise. (It = that they came)

Compare there and it:

I don't like this town. There's nothing to do here. It's a boring place.