Another economic index: top 10 new restaurants that failed

[c1ue]

Or: The rich people going to the hot new restaurants aren't suffering...

FIRE wins!

(yes yes, likely just time passing is a big factor)

1993: Cafe Marimba (now Mamacita); Bizou (now Coco500); China House Bistro (now King Sing); Stars Oakville (razed); Alain Rondelli (now Chapeau)
1994: Eliza's Potrero (now Pera); Rubicon (soon to be a Tyler Florence extravaganza); PlumpJack (still waiting to hear about the new concept); L'Ami Donia in Palo Alto (now Vero); The Heights (no longer a restaurant); Rumpus (Azul, closed New Years Eve); Chez Michel (now Gary Danko)
1995: Vertigo (in the TransAmerica Pyramid; no longer a restaurant); 42 Degrees (razed); Vivande (soon to be Citizen Cake); Hawthorne Lane (soon to be French Laundry's Cory Lee's new place); Yoyo (now O Izakaya)
1996: Kasbah (now Gaspare's Pizzeria); Mecca (empty)
1997: Freestyle, Sonoma (backed by Drew Nieporent; most recently Shisho)
1998: Spago Palo Alto (no longer a restaurant); Tavolino (now Pinocchio )
1999: Gordon's House of Fine Eats (now Circolo); Ondine, Sausalito (open for private events); Pintxos (now Ramblas); Stars (an empty shell after Trader Vic's went belly up)
2000: Elizabeth Daniel (now Chiaroscuro); Jianna (now Mangarosa); Dine (Now Fluid Ultra Lounge); Azie (empty); Le Bistrot (empty after Watergate closed); Chez Nous (now SPQR); Alfy's (was Ava; now closed); Mucca (now Bluegrass Bar and Grill)
2001: Grasshopper in Oakland (now Wood Tavern); Manzanita; Merenda (now Capannina); Roux (now a retail store); Spoon (was Bar Johnny, now closed)
2002: Jeanty at Jack's (empty); Julia (now Cassis); Roxanne's in Larkspur (now Picco and Pizzeria Picco); Zax Tavern (last known tenant, Maritime East)
2003: Baraka (now Sunflower); Kabuto A&S (now Kabuto under new owner); Tablespoon (was Bar Johnny, now closed)
2004: Pearl, Oakland (empty); Frisson (now 5A5 Steakhouse); La Suite (no longer a restaurant)
2005: Myth (now Quince); Budo, Napa (now Cuvee); Citizen Thai and the Monkey (King of Thai Noodle House)
2006: Poleng Lounge (closed New Years Eve)
2007: Cafe Majestic (now Uptown Joe's); Laiola (now Tacolicious)
2008 and 2009: All are still around.

[globaleconomicollaps]

Re: Another economic index: top 10 new restaurants that failed

Let me tell you, as a guy that eats out quite a bit, the restaurants are PACKED. You cannot get a table at a popular restaurant at all! This is the best depression in 100 years! bring on more of these!

There may be some utility to the list though. My boss owned Frisson which shut down some time ago. The place was marginally profitable, but the stress of making payroll every month was too much. It most likely would still be open if the advertising business was healthy.

You have no doubt heard the statistics, that most restaurants are out of business in 5 years. I think this is due to several factors. First , a restaurant is typically a small family run operation. If the principle retires or decides to move on there is usually no value in keeping the existing "branding" or menu the same. If after 5 or 10 years a restaurant closes and sells all the fixtures and so-forth, he will be called a "failure" by the restaurant critics, but this is wrong. To see a successful restaurant close and another one open in the same space should be regarded as a net economic status quo rather than a sign of civic decline. Second, for many ( not most ) restaurateurs a restaurant is like a lottery ticket. A successful place in a good location can let you retire early with millions in the bank. It is, as far as i know, the only way that a guy with a high school education can work his way up, get a million dollar loan and leave the rat race. This is why so many otherwise uneconomic restaurants open up. If those places close down this should be seen a a net positive for the city.

[Jay]

Re: Another economic index: top 10 new restaurants that failed

That's the thing, living in a city during rough times can be dangerous, but all the reflationary efforts end up there and, additionally, if energy costs go up drastically, a safe place in the city will be where to be. It's either that or on a self sufficient farm. Either way suburbia gets hit and you are left with a polarized world. No suburbs and no middle class.

Maybe that should be the theme for the future: polarization.

[don]

Re: Another economic index: top 10 new restaurants that failed

Polarization- the New Global Warming, as things heat up....;)

[MulaMan]

Re: Another economic index: top 10 new restaurants that failed

What you can't have a middle class in the city? without suburbs?

Your definition of "middle class" is obviously retarded.

Ever been to Europe, it is on the other side of the Atlantic Ocean.

[chr5648]

Re: Another economic index: top 10 new restaurants that failed

Let me tell you, as a guy that eats out quite a bit, the restaurants are PACKED.

I'm surprised how packed they are around my neck of the woods too, and I mean lines out the door packed. (NJ)

[FRED]

Re: Another economic index: top 10 new restaurants that failed

Your definition of "middle class" is obviously retarded.

That is not how we talk to each other here at iTulip.

[dcarrigg]

Re: Another economic index: top 10 new restaurants that failed

That is not how we talk to each other here at iTulip.

Hear, hear! :mad:

[Alvaro Spain]

Re: Another economic index: top 10 new restaurants that failed

What you can't have a middle class in the city? without suburbs?

...

Ever been to Europe, it is on the other side of the Atlantic Ocean.

An interesting point. I am starting to understand that in the USA, living in the suburbs is actually a good thing. Possibly the difference lies in the much greater car usage that US-americans make. In Europe (at least in the countries that I know), most of the upper middle classes live on the city. Of course there are also suburbs for the wealthy but this is not where the majority of them live (I believe).

When I was a child, in the seventies, I was living in Paris and I had an US-american friend. I asked him "Where do you live?" He answered "New York. Suburbs". And I thought that he probably belonged to the lower classes, and that his father was a chimney cleaner or something like that

Alvaro

[Jay]

Re: Another economic index: top 10 new restaurants that failed

What you can't have a middle class in the city? without suburbs?

Your definition of "middle class" is obviously retarded.

Ever been to Europe, it is on the other side of the Atlantic Ocean.

Easy, you might hurt my feelings Mula. I'm used to hearing something like "you bald headed prick" or even much worse at work. ;)

Unless the historically large debt-deflation we are presently in alters course, the social structure of cities will be vastly different in the near future, in the US and Europe (and yes I have been many times, thanks). What we call middle class living in cities today will have a drastic reduction in its standard of living. It will be worse out in the suburbs. All will lose out to a small few.

I guess if you want to think of that future society as still having a graduated income scale which, of course, it will to an extent, you could still technically say cities will have a middle class. It just won't be the same.

[flintlock]

Re: Another economic index: top 10 new restaurants that failed

Along the same lines. My company does electrical work on residential remodeling and upgrades. I have seen an uptick in the number of people remodeling their kitchens and finishing out high end basements. But they are not the same type that did this stuff in the past, using HELOC loans and living way above their means. Instead they are either higher income or older couples who you can tell lived well within their means and are ready to turn loose some of their savings. I think many have decided that with the housing market like it is, they are going to end the constant home moves and stay put. So they are ready to sink some money into a home they plan to stay in for a long time. And they think the cost will probably never be lower.

I've also seen a move to quality, with people ready to pay more for good work instead of the price shopping of the last 5 years.( a very welcome change to a company that emphasized quality work over shortcuts) Perhaps that is why you see the high end restaurants full. :confused:

[ThePythonicCow]

Re: Another economic index: top 10 new restaurants that failed

That matches my experience, flintlock, from the other side, as a customer of a few local companies providing quality work. I figure it's as cheap as it will get, that some of them may be out of business in a while, and that I'll be here for many decades.

But I've quit going to high end restaurants. I can eat healthier food for less money at home.