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New York City’s high-end restaurants are disappearing

Discussion in 'Coffee Shack (Daily News/Economy)' started by Scorpio, Apr 16, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

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    New York City’s high-end restaurants are disappearing
    John Aidan Byrne

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    New York City’s higher-end restaurant scene is now experiencing what some national dining chains have been going through for the past year or so — closing the kitchen.

    Le Cirque, the tony French restaurant on East 58th Street, has just filed for bankruptcy; the Michelin-starred Public, a 14-year-old Nolita restaurant, will close in the next month or so; and Nick & Toni’s Cafe at Lincoln Center — an offshoot of the famed Hamptons eatery — shuttered earlier this year after 23 years.

    “The cost of doing business in the city no longer allows us to operate our business,’’ Nick and Toni’s managing partner Mark Smith told the Web site Eater.

    In an industry challenged by changing eating habits, rising labor costs and oversupply, the latest declines locally are also another stark sign of how the average American consumer is tapped out, according to analysts.

    Patrons are staying home, or are switching over to fast-food joints, which offer cheaper alternatives and special deals, data shows. And that’s not a good omen for the economy.

    Across the nation, more than a dozen restaurant chains with thousands of workers in hundreds of locations have collapsed or filed for bankruptcy in the past year.

    Bold-faced names include Bob Evans, Ruby Tuesday’s and Logan’s Road House.

    “It is a harbinger of a decline in the economy,” David Rosendorf, a restaurant bankruptcy attorney and food blogger, told The Post.

    “The restaurant industry is getting hard hit just like the retail sector, where consumers are pulling in their discretionary spending,” added Rosendorf, a partner at Kozyak Tropin & Throckmorton in Miami. “It’s a leading indicator of a pending recession.”

    While analysts are divided on some of the biggest negatives hurting restaurants — from over-saturation to shifting consumer tastes — none dispute that sales have plunged.

    Millennials, many working in the low-wage labor economy, are among the clientele staying home more often. Cowen analyst Andrew Charles, joining a chorus that sees an industry shakeout, with closures and consolidations lasting as long as a decade, says consumer spending pressures are an industry headwind.

    Those margins take a lot of work. The industry employs about 14 million Americans, and racks up $710 million in annual sales, about 4 percent of US gross domestic product.

    But thousands in the business could see pink slips in the months ahead. In the past 12 months, the total number of US restaurants declined by 2 percent, according to the NPD Group.

    “To manage growing costs, some full-service restaurants are consolidating jobs, using new technology to analyze and streamline the operations of their businesses, while cutting costs and trying not to reduce the quality of food and service,” said Andrew Rigie, executive director of the NYC Hospitality Alliance.

    Unfortunately, added Rigie, “there’s no magic recipe for success” in the restaurant industry.




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    Business journalist, news hound, New York Post contributor, Editor/Zicklin School of Business book series. Magazines, Newspapers, Mass Communications.







    nypost.com

    http://www.silverbearcafe.com/private/04.17/highend.html
     
  2. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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    Even if I was a millionaire you would never see me going to a place that charges 100$ a plate that has a teaspoon of beef and squiggly lines of sauce and a freakin flower petal on it.
     
  3. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

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    Those people go there to be seen, not to eat. I never could grasp that concept.
     
  4. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    The decay and slow death of the liberal cities makes me smile!
     
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  5. southfork

    southfork Mother Lode Found Mother Lode

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    The rich have most of the money and they know whats coming, they are not spending it. Joe Public has maxed out his equity line and credit cards trying to keep up with the jones, games over sorry.
     
  6. oldgaranddad

    oldgaranddad Gold Member Gold Chaser Site Supporter ++

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    Supposedly the hottest thing amongst the monied millennials in NYC are these pop up restaurant clubs. They are closed clubs that charge a flat fee and have event dinners in odd and offbeat places usually for 1 to 3 nights featuring well known chefs and food critics. The hit and run tactics avoid greedy landlords and health inspectors. Clubs go under the guise of raising some proceeds for charity hence it becomes a write off too.

    One of the clubs had a pop up by my work. One of our security guards worked it. By day the place was a dump of a defunct trucking transfer station. By night with all the decorations and unique lighting the place was something else complete with a first class lavatory trailer for the restroom. Supposedly a lot of caterers, set designers and lighting people work cut rate just to audition their talents and members of the clubs vie to bring the most interesting guests or celebrities.

    This is just an example of government overreaching creating a new industry.
     
  7. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    Sister in Law owns a high end place in Stowe VT. ski resort. Haven't heard from her this winter at all, wonder how they are doing? Yeah triangle plates with a ice cream scoop of food and fancy drizzle on the plate for $75.00 last time we were there.
     
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  8. Buck

    Buck Fabian Society Gold Chaser

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    How is it, all of a sudden, there's talk of an "over-supply" of food establishments?
    Doesn't matter the clientele, either

    Our economy is in such terrible condition that eateries, of all types, are closing their doors

    All this time, I thought that food was a comfort

    Bottom Line:
    It seems that even the government can f'up our comforts
     
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  9. Someone_else

    Someone_else Gold Member Gold Chaser

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    That's fine with me. The stupid rich can pay stupid high prices for stupid simple food. It's fine with me, bleed the stupid rich until they get smart.
     
  10. madhu

    madhu Silver Member Silver Miner

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    The main reason for the bankruptcy of restaurant business is that the land lords charge rents that are way too high in NYC or for that matter any major city. It is a matter of time before those rents will be negotiated down or vacancy rates of commercial rental space increases. And that is going to happen soon as mortgage rates climb up
     
  11. mayhem

    mayhem Другая перспектива Silver Miner Site Supporter

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    Problem is it is a big circle. The wealth just keeps going from one rich person to the next, never to trickle down to us peons. You think for a minute my wife will get but a token if anything if her sister dies? They won't even step into our house. It's like a travel trailer to them. I'd prolly throw them out anyway. Hard to believe two sisters are so opposite from each other.
     
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  12. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Probably lots of 'pizza' on the menu too
     

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