Central Virginia’s small businesses are feeling optimistic. That’s according to recent research by the Richmond Federal Reserve Bank, but not all have been so lucky.
Manager John Murden opens the doors to Garnett's in the Fan on a sunny Thursday. The corner sandwich shop has a handful of tables, glass cases for freshly baked cakes and a cheap date night special. And the local favorite is celebrating a big milestone: 17 years in business this month.
“We give good value for what we have. We give good food, good service, we’ve got a good location," Murden said. "We’ve been able to hold prices down for the last couple years. I mean, our prices have gone up, but not like a lot of places.”
According to Richmond Federal Reserve Bank researcher Joseph Mengedoth, Murden and Garnett’s aren’t alone.
“People generally don’t feel great about the economy right now, or prices, but they continue to go out and spend," Mengedoth told Radio IQ Friday. "I think there’s some sense it doesn’t feel good right now because they know they’re paying more than they used to.”
Back at Garnett's, Murden said finding efficiencies was one way to cut costs - they’ve swapped vendors for their to-go needs, and they increased the price of their date night special from $30 to $35.
“We’re lucky to be at a price point that, god forbid, people start struggling to afford to come here… then we’re all doomed,” he joked.
But not every restaurant in the Commonwealth is faring as well as Garnett's; Metzger, a well-respected hot spot in Richmond’s Church Hill neighborhood, as well as Roanoke favorites Burger in the Square and Wasena City Tap Room all recently announced they were closing their doors.
