'Beloved' Dallas Restaurant Closing Due To Rent Hike

The rising costs of owning and operating a business are affecting several establishments around the country, and one "beloved" restaurant in a major American city has been forced to close its doors.

Meddlesome Moth, which once occupied the space held by the Hard Rock Cafe, closed permanently last week in Texas.

The Dallas-Fort Worth area has been hit hard by rising rent costs for restaurants, and the gastropub is the latest spot to close due to the high costs.

"I think that my satisfaction comes from the fact that when we opened, everybody told me it was a dangerous area and nobody would come," said owner Shannon Wynne, speaking to CBS News Texas.

"I've lived here my entire life. I knew it was going to be fine."

The restaurant has been successful and is well-regarded by locals, but Wynne says the cost to stay in the same location is simply too much to bear.

"In order for us to have stayed here, we would have had to raise prices 20%," he said. "When they raised the rent so much that we couldn't afford it, we knew it was time to go."

Meddlesome Moth is one of several restaurants forced into early closure by the rising cost of rent. In the DFW area, Fernando's Tex-Mex and Trompo have both closed due to issues with lease agreements and rising rent prices.

One expert says that the growing restaurant scene in the area has been a reason for the higher rent prices - and the closure of established favorites in the community.

"I think we have the most competitive restaurant market in the United States," said Andy Anderson of Restaurant Properties Group.

"Growth and demand definitely drive prices higher. Many local favorites are being squeezed out by operators with deeper pockets."

Anderson noted that long-standing restaurants may be able to avoid closure by negotiating longer-term lease agreements to offset rising costs.

Wynne owns and operates more restaurants across the area, but he admitted that Meddlesome Moth was special.

"It's a bittersweet thing, but we're happy to let somebody else come in and try to make their mark," he said.

source https://www.mensjournal.com/food-drink/beloved-restaurant-closing-due-to-rent-hike