Another epidemic is people claiming all a business needs is execution. They should try running a restaurant for a while. "The circumstances no longer exist to operate a profitable restaurant” said chef Thomas Keller. “His rent started at $106,000 a month” bloomberg.com/news/articles/…
"Les Halles drew many pilgrims due to association with the late Anthony Bourdain. In the first three months of 2017, the restaurant lost $80,000 on sales of $387,000, according to documents on file in its bankruptcy case. It closed five months later.” marketwatch.com/story/what-ant…
Wholesale transfer price! The advantage of classic Manhattan restaurants that remain is usually that they own the building. Said a chef: “the golden number is rent at 8% of revenue...achieving that is usually impossible in a place like Manhattan.” 25iq.com/2016/11/18/why…
"Razor-thin does not even begin to describe just how slender the margins are in the restaurant business, and that’s if you’re one of the fortunate few that don’t go under in the first year. If you’re lucky, small single digits." google.com/amp/s/25iq.com…
"[A restaurant] is one of the dumbest businesses you could possibly get into. There’s the common misconception that restaurants make a lot of money. It’s not true. If you look at maybe the top chef in the word they make as much money as a crappy investment banker.” David Chang
