The early beginnings of the modern day restaurant can be traced back to the dawn of the 18th Century and the French Revolution. This was the time when displaced chefs that worked for the aristocratic families found an opportunity in a rather dire circumstance: they introduced the world to the unique experiences of private dining, gourmet food, and ala carte menus. This revolution in the culinary scene gave rise to what we now know as the fine dining.
A few centuries later, fine dining now occupies the upscale segment of the entire restaurant industry. In the United States, the fine dining sector in the culinary services industry covered a huge percentage of the country’s overall sales in 2011. In wealthy holiday destinations and offshore investment centers like Bermuda and the Cayman Islands, fine dining establishments are the most frequented gourmet places for the locals and tourists alike.
In 2017, the National Restaurant Association revealed that restaurant industry was able to achieve impressive sales record of over $799 billion, representing the country’s 4% of the gross domestic product.
Most of these upscale segment restaurants focus more on strategies to expand to the national and international markets. From high-profile seafood restaurants, up-scale French and Italian-dominated foreign dining spots, and even locally-owned steakhouse chains have their own pedestals in terms of offering individuality and most important, food quality.
The fine dining sector and the restaurant industry as a whole continue to keep up with the dynamic and ever-changing consumer tastes as well as their evolving preferences. These are despite the significant challenges within the industry such as rising operating costs and stronger competition among operators.
However, with the growing opportunities from the constantly evolving market trends in the fine dining scene, the sector remains one of the most dynamic and highly-adaptable industries today.