News Summary

• “My revenue per operation has dropped about $350,000 per store while my rent has gone up, labor is up 30%, insurance is up 40%, rents up 10%,” the restaurateur stressed.“It’s incredible what my costs have gone up over the last three years.”Advertisement.
• Will spends $20,000 a month on renting a space that houses one of his restaurants in a “new mixed-use development,” arguing it “costs a lot” given the location.“My utilities [are] $6,000 a month..
• It’s going up every year forever,” he stressed.The commercial real estate industry continues to grapple with the rise in interest rates and the impact of remote work..
• You take all my costs divided by $11 of gross profit, and I [have] to sell 93,000 sandwiches just to get to zero before I can make any money,” he continued..
• My labor in December [was] $60,000, which means I’ve got $86,000 of base cost the day I open the doors on January 1,” Will explained.“You figure in a 32% food cost..
• I have $11 of gross profit in that sandwich..