Another one in business for 45 years just announced that it will be closing down. The reason seems to be no successor to take over the business.
What's interesting were the comments on Facebook about this place. As usual, there were mixed comments by supporters and non supporters. The supporters were sad it's closing while non supporters remarked that food tasted normal and were damned expensive.
But we can't say who's right or who's wrong when it comes to taste and price. If it's normal and expensive, it couldn't possibly have survived so long. When there's no demand, there's no supply. Unless the business is barely surviving all these years.
One of the problems that affects these traditional businesses is continuity. If no one is going to take over the business, it will have to close ultimately.
So what's the opportunity here?
Recently, many big corporations bought over secret recipes from traditional family run businesses or go into partnership with these owners acting as consultants. Then through systemization and packaging, they reintroduced them to customers. Instead of run down eating places, you get modern air-conditioned restaurants at shopping malls. Now there's logo, a brand, a story and systems running the operations.
There are also owners who tried to sell their secret recipes at exorbitant prices without success. We'll leave that for another time.
With these changes, prices are increased.
There is a traditional chinese cake maker who sold his recipe to a big corporation and sits as advisor. When the business was relaunched, prices increased by more than 500%. More flavors instead of the usual two. Beautiful shops with staff dressed in traditional chinese costume and expensive looking packaging. Bought a piece, tried it and it's different from what I've tasted previously.
So can you repackage something traditional and sell it at a high price because it has a long history?
Sorry, you are not missed. You will not be missed.
You've forgotten the most important ingredient.