The centre of the universe: Bay Street goes gastronomical (Photo by Jim U)

There’s no question that investing in a restaurant is a high-risk venture. That said, many of the city’s swankiest downtown dining rooms are partially owned by investment-savvy Bay Streeters—those who should be the first to spot a bum deal. Czehoski, Centro, Six Steps and the aptly named Bottom Line are just a few of the dining establishments fed by Bay Street assets. It is no coincidence, then, that Toronto’s golden age of culinary evolution matched up with a golden age of culinary investment. In the boom times, an underperforming investment (even if it was a restaurant) was compensated by market gains. But when the TSX started to slide last year, restaurants got a double whammy: not only were expense accounts drying up, but so was investment capital. Suits who diversified into the restaurant industry suffered, too, prompting us to ask, why keep investing in restaurants?

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