Holiday Parties, Downsized or Canceled
Further evidence that the restaurant industry is having a tough time: the cancellation or trimming down of holiday parties. The New York Times reports that American Express canceled its holiday party (and the next years as well), and ABC News canceled annual parties in New York, Los Angeles, and Washington. Other companies are paring down: no caviar for the first course (criminal!) or limiting the parties to employees only.
Perhaps things aren't all that bad: Danny Meyer said his catering company has “lost three grand-scale holiday parties by three different investment banks that we had done last year.” Luckily, business for his Hudson Yards Catering company is actually up for October, offset by an uptick in smaller parties.
The main reason, of course is financial, but Danny Meyer also cites that some companies simply care about appearances: “I keep hearing, ‘We don’t want to be seen as another A.I.G.’ "
Earlier on Eat me daily:
The Zagats Aren’t Worried, but Everyone Else Should Be