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THE MICHELIN-STARRED RESTAURANT BUSINESS IN ITALY

26/10/2018

 

In 2018 Massimo Bottura and his Osteria Francescana claimed first place in The World’s 50 Best Restaurants ranking. The restaurant in Modena is one of 8 Italian restaurants boasting the three Michelin stars. 41 Italian restaurants earned two stars, and 306 earned one.
But what is the benefit of being awarded by the French guide in terms of turnover?
According to research by JFC, in 2017 the total turnover for Italian starred restaurants was about 400 million euros, with a 10.3% increase compared to 2016.
JFC has calculated that in 2017 Italian restaurants awarded by the Michelin guide have hosted a total of 6,318 customers, with an almost equal portion of Italians (52.6%) and foreigners (47.4%), and generating 2,770 annual room bookings in the surrounding areas. At a 1-Michelin star restaurant, a full-course meal costs at least 112 euros; at a 2-star restaurant the bill rises to 178 euros, while at a 3-star restaurant your budget will be 250 euros.

On average, being a 1-Michelin star restaurant in Italy generates a turnover of about 708,200 euros per year (with a 53.2% increase in earnings compared to before being awarded the star), whilst a 2-Michelin star restaurant earns 1.12 million euros (18.7% more than before achieving the second star), and a 3-Michelin star restaurant earns 1.54 million (+25.6% turnover in the shift from 2 to 3 stars). Of course one must subtract the considerable costs of a starred restaurant from such turnover sums: 17 employees on average absorb about 32.6% of the turnover; raw material erodes an additional 32%; rent and management costs absorb about 24%.

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