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Teaching Economics

In the News

The reality of running a small restaurant in the UK in 2023

Graham Watson

31st May 2023

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I love this sort of article - it can be sliced and diced in a number of ways, not least in looking at costs, revenues and profits. In this case, you might think about the profit margin on a sharing plate of fried chicken as a percentage of the sales price.

Does it strike you as excessive? Or are you surprised at how low margins are in the sector? And what does this imply? Well, it might tell you that it's a sector characterised by an awful lot of market churn, and it's extremely difficult to stay in business, not least under present market conditions.

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Graham Watson

Graham Watson has taught Economics for over twenty years. He contributes to tutor2u, reads voraciously and is interested in all aspects of Teaching and Learning.

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