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Inflation and rising costs post-pandemic have hit restaurateurs hard, forcing many to evolve their business strategies to stay afloat. According to Dr. Anne McBride, vice president of impact at the James Beard Foundation, and chef D’Andre Carter, owner of Soul & Smoke, the industry’s resilience stems from a shared commitment to hospitality, culture and community.
“On average, independent restaurants make 3-5% profit margins, and that’s on good days,” McBride says. “You are getting into this business because you truly believe in hospitality. Restaurants are so central to anything that we do outside the house. And that’s what I think drives that