"The restaurant industry in the higher end is really taking it on the chin," he said, as families cut back on recreational spending and corporations limit expense-account dining and banquet meetings. Sales at high-end steak house chain Ruth's Chris, for example, were off 24% in the third quarter compared with the year-earlier period.
One hot, hip establishment in Hollywood might succeed, he said, "but I would be very skeptical of a chain working in this environment. Outside of New York, L.A. and Las Vegas, trendy concepts are a challenge."
