Just two short months after a Triangle Business Journal report focused on the monetary losses of Raleigh's taxpayer subsidized "white tablecloth" restaurant, The Mint, signs of more trouble come today in a report that the head chef, pastry chef and Director of Operations have all left the flailing restaurant.
In October, TBJ reported that the restaurant was bleeding money despite $1 million in renovations paid for by the city and free rent for a year:
Total monthly income of $114,322 for August/ September, the last
reported period, was down by nearly 14 percent from the month prior.
The bottom-line loss widened from $48,771 in July-August to $51,159 for
the August-September period. For the year, the restaurant’s net loss is
$329,695 on revenue of around $1.2 million.
reported period, was down by nearly 14 percent from the month prior.
The bottom-line loss widened from $48,771 in July-August to $51,159 for
the August-September period. For the year, the restaurant’s net loss is
$329,695 on revenue of around $1.2 million.
Not to call myself a Delphi-like oracle but, back in January, I wrote:
What's going to happen one year from now when the owners of The Mint
come back to the City Council and threaten to shutter their doors due
to lack of customers? The City does know the failure rate of new
restaurants, right? Will the Mayor and his cronies (well, except
Isley) pony up some more cash to keep them afloat?
come back to the City Council and threaten to shutter their doors due
to lack of customers? The City does know the failure rate of new
restaurants, right? Will the Mayor and his cronies (well, except
Isley) pony up some more cash to keep them afloat?
Looks like that time is actually coming real soon if Mayor Meeker wants to keep his show pony.
The market would have provided a restaurant like this if there truly was enough demand in Raleigh to justify it. It didn’t. There wasn’t.
This restaurant, along with projects like the new Civic Center, are not economically viable. They are part of a show to make Meeker and Company feel more important amongst their elected official colleagues. That is also why Charlotte got a light rail system.
There is no economic reason for any of this. I’m glad that I am not in the Raleigh city limits, so it is not MY million dollars going to this particular boondoggle.