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re: Three good friends I thought would be safe fired/laid off Friday
Posted on 4/19/20 at 10:53 am to Joshjrn
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.
1
Posted on 4/19/20 at 11:00 am to notiger1997
quote:
And part of the issue was the lease/rent has soared at the same time.
That's definitely an issue I've been seeing. From people I've spoken to, rents have become so expensive that it's nearly impossible to be successful at this point. You just can't work a high enough margin/volume to make the numbers worth your time and effort. Until entrepreneurs realize that math really does apply to their dream, landlords will continue charging crazy rents, knowing that the next idiot will simply replace the previous one.
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