The NYC Hospitality Alliance revealed that high labor costs and fewer customers have created a troubling scenario for NYC's restaurants and bars, with 53% citing labor expenses as their primary concern.
Andrew Rigie of the NYC Hospitality Alliance stated that for many restaurants, labor costs consume as much as 40% of their sales, making profitability increasingly difficult.
Barbara Sibley noted that the tight labor market has made staffing her restaurants challenging, resulting in increased wages to meet staff salary expectations post-pandemic.
The survey indicated that 72% of surveyed establishments reported a decline in sales over the summer compared to the previous year, highlighting the struggles within the hospitality sector.
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