NYC restaurants slammed by financial crisis. (MSNBC via Food Dude)
Sanz, like other restaurant owners in New York City, is seeing the first wave of the financial crisis rocking Wall Street and the world. Industry analysts say people are dining out less often, and when they do they are spending less per check.
Business at full-service restaurants is declining nationwide, according to Technomic, a Chicago-based restaurant consultancy. Preliminary figures for the third quarter show that sales at restaurants open at least one year fell 2.6 percent from year-earlier levels, despite higher prices. The figure is based on restaurants that are part of publicly traded companies.
Adding to the malaise is the soaring cost of food — about 9 percent over the last year according to the Bureau of Labor Statistics — as well as a fear that the tourism dollars that have buoyed New York’s economy may disappear as the crisis goes global.
I couldn’t help but notice the first ad in the right column: