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re: Three good friends I thought would be safe fired/laid off Friday
Posted on 4/19/20 at 10:46 am to Penrod
Posted on 4/19/20 at 10:46 am to Penrod
quote:
We WERE in a big restaurant bubble, at least in NOLA. I have a friend who is an owner/managing partner of several French Quarter restaurants, and he’s been saying so for the past couple of years.
Restaurants have always had very high failure rates. If more people open restaurants, the failure rate will go higher.
But unless there was something artificially propping up demand, I'm not sure how you describe it as a bubble. Millennials aren't going to stop eating out any time soon. We're quite fond of it.
1
Posted on 4/19/20 at 10:53 am to Joshjrn
quote:
Restaurants have always had very high failure rates. If more people open restaurants, the failure rate will go higher.
But unless there was something artificially propping up demand, I'm not sure how you describe it as a bubble. Millennials aren't going to stop eating out any time soon. We're quite fond of it.
I guess bubble might not be the correct phrase, but Nola def. had a ton of restaurants opening up over the last few years and it was looking like several were struggling bigly before this crap even started.
And part of the issue was the lease/rent has soared at the same time.
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