If you have been longing over the elegant pictures of restaurants on Instagram, you might think that 2023 was all about indulging in caviar and gold flakes. One oozing with deliciousness, the other not so much. This could be an analogy, or it could just be the truth.
The most recent Bord Bia report on the Irish food service industry uncovered a nearly 13% increase in spending, reaching a new record of €9.3 billion across the island. However, take it with a pinch of salt as it may just be a result of soaring prices due to numerous closures in the industry.
Heads turned when Keith Boyle’s The Bridge House shut down, and a heartfelt post announced that Farmgate Cafe in Midleton wouldn’t be reopening. Flaneur and Sprezzatura in Rathmines quietly called it quits, and other big names like Loretta’s, Richard Corrigan’s The Park Cafe, and Clanbrassil House will be closing by Christmas. Industry sources predict more casualties in January.
In a surprising turn of events, four Michelin-starred restaurants in Ireland will have closed by the time the new stars for the UK and Ireland are announced on February 5th. This reflects the struggle to maintain Michelin-level prices in the current economic climate. And the hits keep coming, with big names like Loam, Aimsir, Eipic, and Ichigo Ichie shutting their doors.
With all these closures, the burning question is: is fine dining dead? Well, not quite yet, but there’s more to it than meets the eye.
According to Kevin Hui, owner of China Sichuan, most restaurants are just trying to survive at the moment. Many are hoping for a successful Christmas, and then they’ll decide whether to call it quits or keep going.
The restaurant industry is facing numerous cost pressures, including inflation in food and energy prices, piled up debts, a return to a 13.5% VAT rate, and the upcoming €1.40 increase in the minimum wage to €12.70 per hour in January, among other regulatory requirements. It’s no wonder everyone is talking about “challenging trading conditions”.
With 86% of Irish people deeming dining out as “too expensive to do on a regular basis”, it’s no surprise that they’re cutting back on alcohol, opting for smaller dishes or shared meals, and eating out earlier in the evening.
Amidst all the doom and gloom, there’s still a glimmer of hope with a steady stream of new restaurants opening in Dublin and beyond. The rise of smaller operations is contributing to the revitalisation of towns around the country.
As we move into 2024, the dining landscape may be shifting towards a more casual yet high-quality experience, with a focus on simple, unpretentious, yet delicious food.
So, while fancy fine dining may be facing challenges, it’s not dead yet. The future of the dining scene is still up for grabs, and who knows what tasty surprises each new restaurant opening will bring.
