Business on a Platter

Book excerpt: Why do some restaurant brands succeed while most disappear even before the main course is served? Is there a market at all for luxury dining? Should you scale up your concept or limit your ambition? Should you seek private equity investment or is it better to grow slow and steady? How much does PR help? What alchemical andaz of location, food, service and financial planning makes for a perfect recipe? In India’s cut-throat restaurant industry, fame and fortune rest on a knife’s edge. Over the past two decades, the sector has seen an unprecedented boom – with the introduction of experiential restaurants, global cuisines and modern Indian food, and chefs seeking to establish credible ventures to serve consumers more open to culinary diversity than ever before. But behind all the glamour, there lies a cautionary tale: restaurants are a tough business in a market characterized by high costs, an unclear regulatory framework and fickle consumers who often prize discounts over quality. And while the last few years have seen private equity investment enter the space, there have been few notable exits, and returns on investment remain nebulous even as restaurants struggle with slim profit margins and high mortality rates. In Business on a Platter, Anoothi Vishal dives deep into the complex business of restaurants and takes a hard look at where it’s all headed. Building on her observations of the sector over two decades, she analyses stories of survival, failure and turnarounds, while also tracing the history of food retail from Mughal India to the newest brands pushing the envelope. Incisive and percipient, this book is the ultimate guide to the business of food in India.