“In general, I think people go to restaurants for the overall experience. Celebrity can probably pull you in for the launch, can probably pull you in for hosting the right tables, getting initially the buzz going. That buzz will last as much as the first or second visit. After that, the quality of the product has to speak.”
quote is from the automated transcript, cleaned for reading:
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More from Zorawar Kalra
PredictionOpen · timeframe Dec 2030
Kalra: Half of India's Population Will Be Middle Class by 2030
“One in three people today is either middle class or wealthier today. By 2030, that number is going to become one in two. A country with 1.5 billion means seven hundred and fifty million people will be middle class and able to afford the products that we're sel…”
Kalra: Indian Commercial Rents Per Square Foot Exceed Trafalgar Square
“There are restaurants that I've signed within India that have lower, sorry, that have a higher rent per square foot than my restaurant in the US or Canada or in Trafalgar Square in England.”
Kalra: 90% of Restaurants Fail Within a Year Due to Undercapitalization
“90% around that of restaurants failed within the first year and around 96% within 18 months. And the biggest reason you won't believe is not necessarily lack of passion or getting into it for glamorous reasons. It's undercapitalization.”
“Malls are good for incidental footfall, but cost prohibitive and your margins in a standalone restaurant with lower incidental footfall, your margins are going to be better than in a mall.”
Kalra: Farzi Cafe's Best-Performing Stores Are in Tier-Two and Tier-Three Cities
“Farzee Cafe is now in about 15 cities of India, and we're actually seeing some of our best performing stores to be coming out of tier two and tier three.”
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