Restaurants awarded the famous badge are more likely to close, according to research. Recognized venues were analyzed between 2000 and 2014.
The Michelin Guide New York added 12 new restaurants on your list. Appearing in this tire manufacturer’s manual is the first step to earning a star Michelinthe most coveted award in world cuisine. However, according to a survey published by business magazine Strategic Management Journal, to restaurants It would be more convenient for them not to receive this badge to continue with their services.
What happens to restaurants that get a Michelin star
Daniel Sandsfrom the business school of University College Londonanalyzed the restaurants of New York that received stars between 2000 and 2014 in newspaper reviews The New York Times. After receiving a Michelin starthese stores have a greater chance of closing in the following years than the locals that did not receive a star.
Why do Michelin star restaurants close?
Sands cites economic reasons: first, changes the profile of the clientele. The next diners, after learning of this recognition, go with high expectations and meeting their demand becomes very costly.
Secondly, the suppliers see the chance to charge them more and the owners of the premises raise the rent. Finally, workers themselves also expect their salaries to increase. Even so, 40% of the restaurants that received their Michelin star between 2005 and 2014 had already closed by the end of 2019.
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What is the Michelin star?
The Michelin star is one of the greatest world gastronomic recognitions. When a restaurant gets one of these stars, its searches on Google increase by nearly 30%. While it may be tempting for restaurant owners to earn a Michelin star, obtaining it can be more expensive than you think.
Source: Ambito
