Restaurant owners are raising menu prices at record rates, but at a pace that is slower than their costs are rising
A third of restaurants are operating at a loss and the sector is poised for upheaval, according to a new report from Restaurants Canada.
“This is directly related to the hangover, or the aftershocks, of the pandemic,” said Restaurants Canada president Kelly Higginson. “We’ve got operators with a heavy amount of debt. We’ve got operators having to negotiate the same interest rate challenges that Canadians are managing on a day-to-day basis. And we’ve got heavy, heavy
“The scary part of increasing prices is the way you find out that you’ve pushed too far is that people stop coming back,” she said. “I saw the price, it was over $12 per cauliflower. I almost had a heart attack,” she said. “I was like, guys, this is only $15 on the menu.’” “We’ve had operators take out second mortgages,” Ms. Higginson said. “They have been maxing out lines of credit, credit cards. That can only go on for so long.”
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