Nashville’s growth is in many ways, helping restaurant owners, but also hurting others.
Caviar & Bananas in Midtown, the latest eatery to close its doors.
“We’re disappointed it’s closing,” said Joseph Williams. “We wanted to come today before it shuts down at the end of the week.”
The restaurant’s co-owners and co-founders Margaret and Kris Furniss sent News 2 a statement on the closing, pointing to a lack of sales leading to the closure.”
“We can¹t thank the Nashville community enough for welcoming us so graciously,” said the Furniss’ in the statement. “We have truly loved the experience of bringing gourmet-to-go to Nashville and we are saddened to see it end.”
Turns out, competition in Nashville’s restaurant industry is the fiercest it’s ever been.
“I would say it’s a lot like a knife and dagger show. It’s that fierce,” said Greg Adkins, CEO and President of the Tennessee Hospitality & Tourism Association. “A lot of new supply coming in, in testing the market, if you over build or too much supply, that can sometimes lead to closures.”
So far in 2018, there have been at least three restaurant shutdowns on record with the Nashville Area Chamber of Commerce, and there could be more.
This, compared to the 68 restaurant openings, according to the Nashville Convention and Visitors Corporation.
Adkins said a restaurant’s demise often comes from rising rent in Nashville and high labor costs.
But that’s not hindering restaurateurs from coming to the Music City.
According to the Convention and Visitors Corporation, 112 more restaurants are expected to open this year or next.
“Had pretty significant growth in the last three years,” said Adkins. “So then question remains, are we plateauing or is there going to be more growth?”
Adkins added the competition is good for foodies – it means more selection, better customer service, and even better better food than we have now.
Full statement from Margaret & Kris Furniss, Co-Founders, Co-Owners Caviar & Bananas:
“It is with great sadness and heartfelt regret that we announce as of Friday June 29, we will be closing our Nashville location of Caviar & Bananas. We celebrated our one year anniversary last week and were so grateful to meet that milestone, but the sales unfortunately do not justify remaining open at this time. We can¹t thank the Nashville community enough for welcoming us so graciously. We have truly loved the experience of bringing gourmet-to-go to Nashville and we are saddened to see it end. At this time Caviar & Bananas will continue to focus its efforts on building upon our existing locations in South Carolina. Thank you all for the opportunity, and for your support along the way.”