Trend of restaurants closing continues
UC economics professor tells WLWT the industry's struggles have increased recently
Dozens of restaurants in the Cincinnati region have closed in recent months, with a national chain shuttering locations this past weekend, WLWT reported.
Erwin Erhardt, PhD, associate professor - educator of economics.
TGI Fridays, which filed for bankruptcy in November, closed multiple restaurants in the area.
That comes on the heels of a Cincinnati icon, Frisch's, closing many of its locations. University of Cincinnati Real Estate Center Executive Director Carl Goertemoeller attributed the struggles of Frisch's to a sale-leaseback transaction by the company.
And it's not just chains that are struggling. Independent businesses have been affected, too.
Erwin Erhardt, PhD, an associate professor - educator in the economics department at UC's Carl H. Lindner College of Business, said the restaurant industry has faced problems for years.
“I think they've been closing slowly over the past 10 to 12 years, but now it's accelerating,” Erhardt said.
Featured image at top: TGI Fridays sign. Photo/Viktor Forgacs via Unsplash
Impact Lives Here
The University of Cincinnati is leading public urban universities into a new era of innovation and impact. Our faculty, staff and students are saving lives, changing outcomes and bending the future in our city's direction. Next Lives Here.
Related Stories
WCPO: UC economist says wages can’t keep up with inflation
March 22, 2022
Multiple disruptions to the U.S. economy are posing problems for consumers, according to Michael Jones, PhD, associate professor of economics at the University of Cincinnati Carl H. Lindner College of Business.
The benefits and downsides for 'forever renters'
May 29, 2024
A growing number of people expect to rent their entire lives instead of buying a home, which presents potential benefits and downsides for these “forever renters,” University of Cincinnati professors told Business Insider.
Spectrum News 1: Inflation reaches 40-year high
April 13, 2022
A number of factors have caused inflation to reach a 40-year high, but it won’t be a permanent problem, University of Cincinnati economics professor Asawari Deshmukh told Spectrum News 1.