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Restaurants Ignore Recession Print E-mail
Sunday, 25 January 2009

Recently, I read news in the morning about the global and as well as the -local- economic downturn and then leave for lunch to see how restaurants are doing in this gloomy weather..

To my surprise, from fast food chains to fancy venues, they are busy !  How sweet for a restaurant owner to see that clients are lined up to be seated or the doorman is busy to arrange parking space for the incoming black color business cars...

It is true that statistics show a -happen once in a century- economic recession. News about declining profits, bailouts, layoffs and bankruptcies almost describe the financial-doomsday while eating venues (at least the ones I have been checking in Shanghai) seem to ignore the statistical facts. From a-3 yuan "La Mian" (noodle soup on the street) to a-few hundred yuan business menu at a fancy place, all these businesses seem doing well as I witness in various locations of the town, both in Puxi and Pudong.

It is officially admitted that China`s economy is slowing down and news on the media regarding the recession, increasing jobless rate, layoffs and dramatically decreasing number people eating out side makes the big portion of the daily news.  However, the eating venues -also known to be the mirror of the economy- are producing much more favorable news in a contrast of what we keep reading and hearing..

While there also are places with empty seats waiting for client, recently, I see more "busy" places to eat where I had to queu for a while in order to be seated especially during peak hours.

We need a balance between the -doom and gloom- news and real life practice.