Chef Jean-Georges Vongerichten and his business partner Phil Suarez were interviewed yesterday on CNBC about the business side of fine dining. Because they have restaurants all over the world, their business is a barometer of what's happening globally, and according to them, traffic and spending is picking up again, even at the higher end.
Asked where they would open a restaurant anywhere in the world — the next big market — they both agreed: Singapore and Abu Dhabi. They're even considering opening more restaurants in New York, since "New York has been holding its own, doing better than ever." Jean-Georges said the value of Michelin stars is very important in terms of bringing in foreign clients, adding "30-35% percent of business on a yearly basis."
Video: Economics of Fine Dining