You can get a really good idea how the U.S. economy is doing by watching restaurants in your area. When the economy is booming, restaurant parking lots are full and chains are feverishly establishing new locations. But when the economy is struggling, restaurants get a lot less traffic and poor performing locations get shut down. Sadly, in 2024 it appears that a “restaurant apocalypse” has started to sweep across America.
Most people have very little discretionary income to spend as a result of our cost of living crisis, and that is particularly true for our young adults. Americans under the age of 40 love to eat out, but these days most of them are experiencing financial stress, and this is having an enormous impact on the restaurant industry.
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Americans are eating out less as inflation weakens the dollars in their pocket, which is leading to some harsh consequences for restaurants across the country.
Visits to sit-down restaurants were down nearly five percent in 2023 from the year prior, according to location analytics firm Placer.ai.
So this is a trend that has stretched on for over a year. People just aren’t eating out as much as they once did.
As a result, we are seeing a wave of closures all over the country. Even in the Big Apple, large numbers of restaurants are being shut down…
Even big metropolitan areas in the US known for their great dining spots are struggling to maintain an environment where it’s profitable to run a restaurant.
Eater NY reported that over 40 bars and restaurants closed in New York City from December 2023 to January 2024, with some of the owners saying business simply never picked up after the COVID lockdowns in 2020.
When times get tough, difficult decisions need to be made.
After closing 46 restaurants last year, Applebee’s has decided to close another 35 locations this year…
Applebee’s is to close another 35 further locations this year, after shutting 46 in 2023.
The restaurant chain has shut at least three locations so far this year and has plans to close even more, president Tony Moralejo said in an earnings call on Wednesday.
Closing restaurants was ‘an incredibly difficult decision’ and a ‘last resort’ for the company, Moralejo said.
And I am very saddened by what has happened to Boston Market.
At one time they had almost 1,000 locations all over the United States, but now the entire chain is about to go belly up…
