![]() And we're going to play hip hop super loud and serve whatever we want and eat bone marrow. And then 2008, you've got the global recession in 2008 2009, which results in all these chefs from big fancy restaurants saying, well, I'm not going to be a partner here, because we have no customers, I'm going to open my own little 30 seat places. And within the independent chef driven award chasing genre of restaurant, you've got a cultural shift that has trended to calamitous rate in the last few years in particular, but basically, you've got, you know, starting in the early 2000s, this food television inspired generation of young people deciding to go to cooking school, because they wanted to be chefs, because they saw it on TV as a sort of a very celebrated creative, middle class job. I mean, I think you've got on one side, we just discussed the constant need for growth within the chain sphere and the pressure that puts on everybody else, a key pressure that puts on everybody else is the pressure to drive prices, and therefore wages downward. So, in the last two generations, what are the key changes in the industry that have resulted in your statements that are the end of restaurants as we knew them?ĬM: Sure. So, it's always about consuming more of the market to the point where it's less and less feasible for an independent operator to open their own little dream restaurant.ĬK: So, let's go back to the original question. Because for the chains and the franchises that are publicly traded and have shareholders to respond to they need to generate constant growth and growth means new locations, and growing sales at those locations. And, you know, I trace this back to the sort of post Milton Friedman era of profit and growth at all costs. If you or I open up our whatever restaurant like a 30- 40 place, when the large chain finds a piece of real estate, and they open a 200-seat restaurant, and they have ample parking, they just siphon all those customers away. And when I say there's too many restaurants, to be more specific, there are too many chains. But the unifying problem well, before the pandemic has been that there are too many restaurants for the number of people that we have, and they are all chasing the same dollar. So, look, the basic economic formula just seems like it's a mess.ĬM: That's always been a problem. So, we're talking about the end of restaurants as we knew themĬK: So, let's just discuss where we are there 700,000 restaurants in the states, the typical restaurant owner probably makes $45,000 a year, a third of all restaurants closed in their first year of operation. Corey, welcome to Milk Street.Ĭorey Mintz: Thanks for having me, Chris.ĬK: Pleasure. He's the author of The Next Supper, the End of Restaurants as We Knew them and What Comes After. But first, I'm joined by reporter Corey Mintz to discuss the current state of the restaurant industry. ![]() Yeah.ĬK: We'll hear more from them later show. So, this is something we all knew I'm more frugal. But Links palette is significantly less sophisticated than mine. We've done this format a number of times, and not that I needed this to be confirmed. ![]() Rhett McLaughlin: Well, especially if you're late. Link Neil: I mean, sometimes when you strip away all that pomp and circumstance, you discover that it's not worth the price. For example, Link says skip Nobu and get sushi from the grocery store. But they also give out practical food advice. On their online talk show, Good Mythical Morning Rhett McLaughlin and Link Neil are known for subjecting themselves to extreme taste tests of everything from deep fried lemons to frog ice cream. Christopher Kimball: This is Milk Street Radio from PRX. ![]()
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