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? Read the rest of this entry »
