Popular Toronto restaurant closing permanently as rising costs 'stopped mathing'
A Toronto restaurant that's been a night-out go-to for the past decade just announced it's closing permanently due to rising costs and dwindling customer spend.
In the seemingly everlasting wake of the financially destructive Covid-19 pandemic, business owners and consumers alike haven't shied away from openly discussing the ways in which the sluggish economy has impacted them.
Rising costs have meant that consumers are cutting back in virtually all sectors: retail, beauty, groceries, and restaurants. On the other hand, those rising costs mean business owners need their customers more than ever. It's a vicious loop that's made Toronto lose more than a few beloved establishments over the last six, soon-to-be seven, years.
And now, we're losing another, as Yorkville's lauded Bar Reyna announces it's closing for good after a decade.
Opened in 2016, Reyna was an instant classic in the bougie Toronto neighbourhood, serving Mediterranean cuisine and lavish cocktails to scores of adoring patrons.
According to an Instagram post announcing the closure, however, even popularity isn't always enough for restaurants to stay afloat in Toronto these days.
"The reality is that running a restaurant today costs about 30 per cent more, and guests are spending 20 to 40 per cent less. The numbers just stopped mathing for us, and it's time for this chapter to close. We leave proud of what we built, knowing we will miss so many," the caption of the post explains.
"Thank you for the memories, the celebrations, the late nights, the birthdays and first dates, and all the unforgettable moments we shared with so many beautiful people."
Bar Reyna was formerly located at 158 Cumberland Ave.
Jesse Milns
