Irene Jiang / Business InsiderOlive Garden same-store sales fell by 28.2% in the most recent quarter, parent company Darden reported on Thursday. Fifty basis points — or 0.5% — can be linked to the Times Square location.
"I went up to a rooftop deck and it was two deep at the bar," Darden CEO Gene Lee told investors. "It's just a different life in Georgia. I know it's hard for you guys in New York to even imagine that." Olive Garden's Times Square restaurant is burning through $300,000 every week, as New York City restaurants struggle to survive.
"We start every single week $300,000 in the hole from a comp store basis ... just from that one restaurant," Lee said on a call with investors on Thursday. While Olive Garden has higher costs as a massive, three-story restaurant in the heart of Times Square, most New York restaurants are struggling to turn a profit. According to a recent survey by the New York City Hospitality Alliance, 87% of the city's restaurants, bars, and nightlife establishments could not pay full rent in August.
Source: News Formal (newsformal.com)
Well duh it's a different world in georgia because their governor has his head so far up Trump's butt it might as well be a different planet.
So sad SMH... defeats the purpose of paying that high ass rent.... Unintended consequences
I would help just 30 people earn $4,000 in 24hours trading stocks, if interested inbox me for full info.
People visit Times Square to eat at Olive Garden?
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