If there’s one industry that’s struggled immensely in recent years, it’s the restaurant business.
The trouble began back in 2020, when the pandemic hit and people were forced to stay home and keep their distance from others.
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Restaurants weren’t forced to close per se in 2020. But for a period of time, they were limited to takeout and delivery, which didn’t work well for every model.
While casual eateries were able to adapt to a “food on the go” model, fine dining establishments couldn’t adjust as easily. Nobody wants to order a $60 filet mignon to go. And so a number of higher-end restaurants wound up closing permanently in the wake of the pandemic.
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But no sooner did restaurants open their doors to customers in 2021 when supply-chain bottlenecks came to a head. In addition to struggling with rising labor costs, restaurants had a hard time securing key products like chicken.
And once that issue was resolved, inflation started to creep upward. Now, consumers are cutting back on restaurant spending not because they want to, but because they have to.
This holds especially true for fine dining restaurants. It’s hard to justify spending $100 or more on a nice sit-down meal when that could buy many days of groceries.
Iconic restaurant closing its doors after 32 years.
Image source: Shutterstock
Restaurants have been dropping like flies
The past few years have been filled with restaurant closures and bankruptcies — some more expected than others.
When Red Lobster filed for bankruptcy in May of 2024, many people weren’t surprised. The company was saddled with debt it couldn’t manage in the wake of declining foot traffic. And while customers loved the chain’s endless shrimp promotion, rather than drive revenue, it ultimately led to losses.
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TGI Fridays, another popular chain, filed for bankruptcy roughly six months after Red Lobster. The company cited slow sales and increased competition as factors for seeking Chapter 11 protection.
But it’s not just casual restaurants that have either succumbed to bankruptcy or closed their doors. Fine dining restaurants have also struggled, despite their tendency to attract a different type of customer.
A local favorite is closing its doors for good
In recent years, San Francisco has fallen victim to a massive retail exodus. The city’s once-thriving downtown has seen many popular stores shutter or exit over the past few years.
Now, One Market Restaurant, an award-winning San Francisco eatery, is closing its doors for good after a successful 32-year run. The restaurant is slated to serve its last meals on June 11.
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One Market was a success from the start, earning the distinction of “Best New Restaurant of 1993” from the San Francisco Examiner the year it opened. It then went on to hold a Michelin Star from 2008 to 2012.
One Market was known for its delicate and playful menu, featuring starters like chickpea fries and entrees such as pan-seared halibut and bacon-wrapped pork tenderloin.
Through the years, the restaurant earned its share of accolades, including recognition among the “Top 10 American Restaurants in the U.S.” in Gayot’s Restaurant Dining Guide.
On its website, the restaurant thanked its loyal customers for a wonderful 32 years.
“We may be moving on, but we truly are leaving our hearts in San Francisco,” said the One Market team.
Unfortunately, the impending closure of One Market is yet another harsh blow to San Francisco, which is working hard to revitalize Union Square.
Co-founded Michael Deller cited a combination of business-related and personal factors as reasons for the closure.
“Those five years since the pandemic have been very different,” Dellar told KTVU. “As we know, people didn’t come back, work schedules changed, tenants moved away, and the robust nature that was the Financial District pre-Covid is different now. Is it going to come back? It probably will. But I looked at being 80 soon.”
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On the plus side, once One Market closes, the space it occupies will open up to new bidders looking to secure prime real estate in the city at a time when a revival may be right around the corner.
In the meantime, One Market will be serving up lunch, dinner, and all-day happy hour for customers to enjoy. But fans may want to make a reservation sooner rather than later, as the restaurant has seen an uptick in bookings since announcing its closure.
