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The curse of the Michelin star/ Why elite restaurants go bankrupt faster than ordinary restaurants

2024-10-18 18:49:09Lifestyle SHKRUAR NGA REDAKSIA VOX
The curse of the Michelin star/ Why elite restaurants go bankrupt faster than
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For almost 100 years, the Michelin star has been seen as the pinnacle of cuisine. But a new study says that restaurants that earn a star are more likely to close than those that remain without a star, writes The Economist.

Daniel Sands, of University College London's School of Management, tracked the fortunes of restaurants that opened in New York from 2000 to 2014 and received a New York Times review.

It found that more than 40% of restaurants awarded a Michelin star between 2005-2014 had closed by the end of 2019.

By comparison, 35 of the 184 non-Michelin-star restaurants (19%) had closed in the same period.

The Michelin guide first started in France in 1900 and was intended to encourage early automobile traffic by providing a list of restaurants and hotels for travelers. It was hoped that this, in turn, would increase sales of Michelin tires as people traveled more.

The star rating system was created in the mid-1930s, and by mid-century, the Michelin Guide and its stars had become synonymous with fine dining.

The curse of the Michelin star

The study found that while a star can increase publicity, it comes at a cost. Businesses that restaurants deal with (such as suppliers and owners) use the opportunity to charge more, while chefs want their wages to reflect the price and are more likely to be followed by other establishments.

Rising rents were a separate issue. Restaurateur Danny Meyer of Union Hospitality Group, who earned a star in 2014, had to relocate his restaurant, Union Square Cafe.

"It's hard to fathom the notion that our success has contributed in part to our inability to stay in our neighborhood," he wrote in the New York Times.

Restaurateur Charlie Kiely reiterates this point: “When we opened [Bashkola], the street was full of crime, so the rents were affordable. But once it caught on, everyone wanted to be on Smith Street."

And while more customers may be coming through the door, "meeting the demands of Michelin-savvy consumers can be a difficult and costly challenge."

Restaurateur Skye Gyngell, of Petersham Nurseries Cafe in London, even went so far as to describe the increased consumer expectations behind her Michelin star as a "curse" because of the burden it imposed.

Hardly a week has gone by this year without another celebrity chef closing a restaurant amid rising costs, understaffing and a sense that the public isn't ready to splurge on high-end food the way it once did.

But one chef, Jason Atherton, is bucking the trend and opening a total of five restaurants in London this year.


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