Connecticut”™s restaurant industry is facing an existential crisis within the current inflationary economy, according to a new survey of over 4,000 businesses by the Connecticut Restaurant Association.
The survey found 43% of Connecticut”™s restaurant owners stating their business conditions are worse now versus three months earlier. Complicating matters is an environment where everything is more expensive today ”“ 84% of respondents stated they are dealing with higher food and beverage costs, 86% are struggling with higher utility bills and 62% have higher occupancy costs.
Complicating matters is a labor shortage, with 59% of restaurants complaining that they lack necessary staffing and 80% carrying difficult-to-fill job openings.
To cope with these problems, 94% of restaurants have increased their menu prices, 59% have reduced their hours and 47% have closed on days when they were previously open.
“Restaurant operators are masters at balancing adaptation and innovation to provide amazing service for their customers,” said Scott Dolch, president of the Connecticut Restaurant Association in a press statement. “While operators are more pessimistic about the economy, they aren”™t letting that get in the way of serving great food, providing exceptional service and creating a memorable experience.”
