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5 min readLocal Eatery Obituaries
Marketplace Morning Report
The countdown clock at Fido, a Nashville coffee shop, is hard to miss. It measures the time until the place closes in two years. "It felt good putting that up," says Bob Bernstein, the founder and owner. "Sad as it is, it was sweet." Fido will still serve as a wedding venue this year and, come spring, the birthplace of many dissertations for students at neighboring universities. But Bernstein is part of a generation that shaped Nashville's food scene, and he is worried about who will take his place. He used to sign his lease for ten years at a time, but Nashville's skyrocketing rent prices have forced his retirement.
The number of independent restaurants in the US dropped last year by 2.3 percent, according to preliminary data from Technomic, a research and consulting firm for the restaurant industry. Meanwhile, the number of chain restaurants rose by 1.4 percent. Once those independents close, they are hard to replace. Rich Shanks, vice president at Technomic, says when chains move in, a city can lose its individual identity. "You go to Nashville versus Chicago or Tampa or wherever, 'cause the restaurants are the same and they look the same and they don't have the regional flavors and the personalities behind it to provide that unique culture."
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What you'll learn
- 1 (00:48) **Oil Prices Surge on Escalating Gulf Attacks** - Iran has escalated attacks on Gulf countries and the Strait of Hormuz, hitting six more tankers and pushing Brent crude to $100 a barrel.
- 2 (02:55) **Treasury Yields Rise Despite Geopolitical Tension** - Yields are rising instead of falling, signaling a shift in investor behavior.
- 3 (03:48) **Strategic Petroleum Reserves: A Cushion, Not a Cure** - The 400 million barrels in strategic reserves can offset lost supply only if the conflict ends immediately.
- 4 (05:44) **Independent Restaurants Decline as Chains Rise** - The number of independent restaurants in the US dropped 2.3% last year, while chain restaurants grew 1.4%.
- 5 (08:34) **Marketplace Morning Report Sign-Off** - Sari Beneshore closes the episode from New York.
- 6 Standout Quotes
- 7 "It felt good putting that up. Sad as it is, it was sweet." — Bob Bernstein, on installing a countdown clock for his coffee shop's closure.
+ Full timestamped outline available in the app
Show Notes
Data shows that chain restaurants grew by 3% last year, while smaller independent restaurants declined by more than 2% as they struggled to navigate rising prices for real estate, food, insurance, and labor. When all restaurants are basically the same city to city, what does it mean for the unique flavor of a place? But first, Iran has ratcheted up its attacks on Gulf countries.
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