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Restaurateur Rohini Dey holds a Ph.D. in economics, formerly managed foreign investment policy at the World Bank, and owns hit Indian-Latin fusion restaurant Vermilion in Chicago. But despite her supposed business savvy, she just couldn't stop herself from going through with opening her glamorous, 12,000-square-foot New York City restaurant "At Vermilion" last November (photos). Obviously not the best timing, and today the Times checks in on the place, which was deemed a major "flop" by the Village Voice. Dey tells the Times, "From Day 1, we knew that this was a bad time to open, because every investor told us that. I persisted. Why? Well, because fools rush in." And lose their shirts. The place needs $6 million to $10 million a year to stay afloat, which means they have to start serving twice as many diners as they're getting now. No sweat, right?
At Vermilion at Death's Door?
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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12,000 SF? Jesus christ. That's huge. Sounds like the white elephan that it is.
Restaurants need cheap rents and food that can have a large markup to stay afloat. It's sad that such a smart person would have not been more thrifty.
Hopefully it stays afloat!
Another "great" economic mind making wonderful financial decisions. At least she's only impacting her small circle of investors.
This restaurant was probably in the works for over two years and by the time Wall St. collapsed, the money was already spent. What were they supposed to do? Not open? They needed huge buzz and some major luck and they got neither. They also needed time to build a customer base. That would cost $6-10 million just to make it through the year. Not going to happen.
there's gotta be a creative solution
Triple the prices. Give free crack for desert.
I just saw a television feature on this show and all I thought was "How totally tacky; I wonder how much that awful decor cost."
This hints at how far removed World Bank economists are from reality. No wonder Africa is still poor.
Restaurateur Rohini Dey holds a Ph.D. in economics, formerly managed foreign investment policy at the World Bank,...
...and yet, she still can't run a restaurant.
It's THE toughest business out there period.
I used to work right around the corner from this place in Chicago...never realized it was a "hot" restaurant.