'What's so different this time around is it's this sustained, evolving-downward spiral since March of 2020 when things hit the fan with COVID and the shutdown ... What we're left with is the economic rubble of the aftermath.'
Restaurant owners talk to"Good Morning America" about the challenges of the industry from supply chain to rising costs of ingredients and inflation.Award-winning restaurateur Michael Scelfo has run kitchens post-9/11 and through the 2008 economic downturn, but he said the COVID-19 pandemic and soaring inflation have brought on prolonged issues businesses are still trying to figure out.
"It all trickles down to what the baseline cost of whatever the product is," Scelfo said. "If you're paying more for it on the home front, you can be assured that we're paying more.""I don't want to raise prices on the consumer any more than I have to because I'm sensitive to it too. And I do think there's a limit to what you can realistically charge," he said.
"Our labor costs per head were up 30%," he told "GMA" of the overhead and "first punch" at the start of the pandemic. "And that's pretty tough in a business where labor costs are already massive."Our farmers' costs are now going through the roof Four months ago, he made a "very purposeful decision to add a beer and wine license," opening a bar that serves as "a high margin business" to offset other new costs."We've kept either small increases or no increases in many places because the bar's margins are so much higher," he said, hailing it "a bulwark.
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