KGUN 9 On Your Side, Tucson News, Weather & SportsRestaurant success story during economic recession
Member Center:
You think the ecnomy has hit your family hard. Try talking with a small business owner and see how difficult it is for them to stay in business. A recent study conducted by the Ohio State University shows that more than a quarter of new restaurants will close within their first year in business.
That's a statistic that George Markou has bested many times over. The Fat Greek, located on the corner of Park and University, has been a staple of Mediterranean fare for students for the last six years. And now, in the depths of the down season for midtown eateries, George has decided to expand, opening The Fat Greek, 2 on the corner of Camp Lowell and Swan.
"Yeah, it's a gamble. I'm not going to tell you it's not a gamble," said Markou who works 12 hour days, 7 days a week to get the new location up and running. His secret to success is no secret at all. The long hours provide the consistency in his menu and the quality of his food. The key to keeping a healthy business is to keep costs down and prices affordable. Markou also stressed the importance of frugality during times of plenty. Owning a small business can be like a roller coaster and having enough for a rainy day, or down economy, is crucial. But the kind of committment it takes to make a business a success isn't for everyone.
"If they're not willing to work it, and be there all the time and make sure the food comes out the way they want it.....consistent. And put love in it, they shouldn't do it. They shouldn't try to do it."
The Fat Greek represents a bright spot amid the dozens of restaurants that have closed their doors over the last two years due to the economic down turn.
