How badly has your business suffered in this economy? - Page 26 - The Unofficial BMW M5 Messageboard (m5board.com)

MCarRacr07 · 5th October 2009, 19:10

Quote:

Originally Posted by baf3472

I have a restaurant and for the year im down about 8-10%. I consider myself fortunate as it seems theres a restaurant closing every week in my area.

Me too...with my final numbers in for my year end..I am down 16% from last year....though we really did prepare for it starting in the summer of 08....it still stings....lets face it we are really the face of discretionary spending. People dont have to go out and eat all the time or with the frequency with which they did. We stress the value factor and making our guests feel comfortable and appreciated...have done so for 30 years and this has been the payoff for us...while our bottom line $$$ wise has gone down....our actual number of guests served has actually increased by 5%....they are just spending sig. less....check avgs. are down from $5 to 9$ p.p.
Chanterelle, a well established and EXTREMELY good restaurant in TriBeca just shut down after 30 years....combination of economy and ridiculous rent increase forced them out...not lack of patrons.
Good Luck to you!...stay tough!
Regards
S

baf3472 · 5th October 2009, 19:19

Quote:

Originally Posted by MCarRacr07

Me too...with my final numbers in for my year end..I am down 16% from last year....though we really did prepare for it starting in the summer of 08....it still stings....lets face it we are really the face of discretionary spending. People dont have to go out and eat all the time or with the frequency with which they did. We stress the value factor and making our guests feel comfortable and appreciated...have done so for 30 years and this has been the payoff for us...while our bottom line $$$ wise has gone down....our actual number of guests served has actually increased by 5%....they are just spending sig. less....check avgs. are down from $5 to 9$ p.p.
Chanterelle, a well established and EXTREMELY good restaurant in TriBeca just shut down after 30 years....combination of economy and ridiculous rent increase forced them out...not lack of patrons.
Good Luck to you!...stay tough!
Regards
S

I completely agree. I do know my average check has gone down and my patrons served have gone up, Im just assuming its because there are less options available. I might as well take appetizers and desserts off the menu as nobody seems to be ordering them anymore.

Shakazulu12 · 6th October 2009, 00:21

I buy and sell foreclosures etc, so business has actually increased for me. Kinda sad way to do it, but I figure if I'm not getting them, someone else will.

Gustav · 19th November 2009, 00:23

Benzin · Yesterday, 02:53

I am in the specialty chemical business(oil exploration, food-processing) and our business is down almost 50% in the last year and a half.
It is starting to come back around now, thank God!

ccm241 · Yesterday, 21:04

Quote:

Originally Posted by Gustav

?

Gustav,

We are curious to know how our fearless leader's business is doing?

ezmoney888 · Yesterday, 21:14

I'm in the restaurant business and October was the first month this year I wasn't down from the same month previous year...October '08 was when it all started going down for my restaurants. Now that the bleeding stopped and I'm stable( knock on wood) I need to get back the 15 -20% my stores lost over the past year.

MCarRacr07 · Yesterday, 22:14

Quote:

Originally Posted by ezmoney888

I'm in the restaurant business and October was the first month this year I wasn't down from the same month previous year...October '08 was when it all started going down for my restaurants. Now that the bleeding stopped and I'm stable( knock on wood) I need to get back the 15 -20% my stores lost over the past year.

Never heard that before...get back what was lost...esp. in the restaurant business....what is lost is lost...you dont re-coup unfortunately....at least in table clothes restaurants. Don't know what type of establishments you have.
We on the East coast started to see the dip in the Summer of 08...and some of us "old timers" started then to prepare for the worst...those of us that did it served us well as we made it through 09. My business was off 15% to 18% from same period 08 to 09...but we were ready....those that werent...are closed or bleeding so much money and are so into debt that they need a solid year to pay back money and still finish at zero profit....it is very sad to see. Though I concur with you that starting in Sept. of 09 we posted greater sales in clients served but revenue was still flat as check avgs. are still lower than same period 08/07....Oct saw greater clients served as well with slightly better revenue.....I have a feeling that this is the "Holiday Fever" kicking in as we call it here.
Dec. bookings are ahead of last year for Holiday events.....lets see what Jan./Feb. bring as those are the crunch months for us here.
Unfortunately while inflation has not really risen....wholesale food costs have....not too mention insurance, taxes & health bennies....LOL
Best of Luck to You!!