Beast of capitalism is an ouroboros - a snake devouring its tail. The more they try to squeeze everything for money, the more only the things outside their grip thrive.
The conversation recently hit TikTok, when a user who goes by the handle @thedilligentdiva compiled a list of such New York restaurants to avoid...
Commentators chimed in, listing other places owned by private equity and lamenting its presence in the industry. The consensus was grim: “It’s sad once you realize it’s really hard to find real mom and pop,” and “So we cooking and eating at home.” ...
Loads of bemoaning how "real mom and pop" restaurants are an endangered species. But no mention of the grim realities of such places - 9/9/6 or worse hours for mom and pop, low pay, ever-rising supplier prices, debt, ...
This isn't exactly a new thing in the restaurant world. Investment group buys local operation, franchises the heck out of it, until it's stretched so thin it implodes. The history of the business is littered with such corpses. (Or zombies, that persist in a few locations or offshoot chains in other regions).
Best recent example is Portillo's, a Chicago hot dog institution. Dick Portillio sold out, became a billionaire, expresses regrets for the transaction and wishes he hadn't sold, and the new PE owner has reduced quality across the board while maintaining margins through pricing power.
The guys who ran the Friendly's ice cream chain actually bought the company back from the PE group they'd sold it to, but it was too late, the damage was done. It still exists, but greatly reduced, a lot of locations closed.
Beast of capitalism is an ouroboros - a snake devouring its tail. The more they try to squeeze everything for money, the more only the things outside their grip thrive.
Loads of bemoaning how "real mom and pop" restaurants are an endangered species. But no mention of the grim realities of such places - 9/9/6 or worse hours for mom and pop, low pay, ever-rising supplier prices, debt, ...
This isn't exactly a new thing in the restaurant world. Investment group buys local operation, franchises the heck out of it, until it's stretched so thin it implodes. The history of the business is littered with such corpses. (Or zombies, that persist in a few locations or offshoot chains in other regions).
Best recent example is Portillo's, a Chicago hot dog institution. Dick Portillio sold out, became a billionaire, expresses regrets for the transaction and wishes he hadn't sold, and the new PE owner has reduced quality across the board while maintaining margins through pricing power.
Vote with your dollars.
The guys who ran the Friendly's ice cream chain actually bought the company back from the PE group they'd sold it to, but it was too late, the damage was done. It still exists, but greatly reduced, a lot of locations closed.