One Market Restaurant to close after 32 Years in San Francisco
One Market Restaurant will close on June 11 after 32 years in downtown San Francisco
The decision follows post-pandemic challenges, decreased foot traffic, and the owner's retirement plans.
SAN FRANCISCO - One of San Francisco's most enduring restaurants, One Market, is closing next month after 32 years at the foot of Market Street. Known for its contemporary American cuisine, the restaurant was a longtime go-to for business lunches, dinners, and celebrations in the city's Financial District.
On its front door now hangs a sign: "Thank you, San Francisco: After 32 years anchoring the foot of Market Street in San Francisco, One Market Restaurant will be reaching retirement on June 11, 2025. Until then, it's lunch, dinner, all-day happy hour, and private events Monday through Friday… Thank you for your friendship and patronage for more than 3,000,000 meals, and smiles, over the years. We may be moving on, but we truly are leaving our hearts in San Francisco." A letter was also sent to guests.
Michael Dellar co-founded the contemporary American restaurant in 1993 - the same year it was named Best New Restaurant by the San Francisco Examiner.
It later earned a Michelin star from 2008 to 2012.
The decision to close came down to a mix of personal and business factors for Dellar.
The restaurant once boasted up to 1,000 covers a day across breakfast, lunch, and dinner in its early years. Before the pandemic, it averaged a few hundred. Today, it serves just under 100 guests daily - not including private event bookings.
"Those five years since the pandemic have been very different," said Dellar. "As we know, people didn't come back, work schedules changed, tenants moved away, and the robust nature that was the Financial District pre-COVID is different now. Is it going to come back? It probably will. But I looked at being 80 soon."
Dellar said his planned retirement played a role and efforts to sell the restaurant didn't work out. He announced the closure to staff recently.
"I was choked up, as I knew I would be," he said. "But I feel that this is a great opportunity for the next iteration of what this wonderful space is."
Jay Lyon, a longtime customer, said the closure will leave a personal impact.
"It will be a loss... I will regret this and think about dishes that I enjoyed and people that I've befriended," Lyon said.
Kevin Barry recalled scoring a coveted table the year One Market opened - on a very memorable night.
"It was my wife and my first date," Barry said. "We sat in the window right over there, it was amazing. I lived in the Marina and my neighbor was the manager, so I called her up and I said I need dinner reservations. It was a hot ticket then."
Others noted the broader changes in the neighborhood over the past few years.
"It's not the same for sure, definitely after - you know, I was born and raised here," said Norma Deleon of Vallejo. "So I get to see the difference from back in the day until now. I know it's sad because a lot of businesses had to leave."
One Market will remain open through June 11. Dellar said the restaurant has seen a significant uptick in reservations since announcing its closure.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Newsweek
38 minutes ago
- Newsweek
Warren Buffett's 'Mystery Stock' Revealed in New Filing
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Warren Buffett's multinational holding company Berkshire Hathaway has unveiled the "mystery stock" that had been kept hidden in previous financial results, ending months of speculation about the latest investment bet from the "Oracle of Omaha." A holding Barron's had valued at $4.8 billion was granted "confidential treatment" in recent quarterly filings with the U.S. Securities and Exchange Commission (SEC). A 13-F report published on Thursday revealed that multiple investments comprised this "mystery stock," and that Berkshire had been building up stakes in steelmaker Nucor, as well as homebuilders Lennar and D.R. Horton. Why It Matters Buffett is among the most followed and revered investors in the world, given the staggering and market-beating returns Berkshire Hathaway has delivered during his six-decade tenure leading the conglomerate. As a result of this track record, Buffett's investments are often interpreted as a vote of confidence in a company's underlying strengths and its potential for strong returns. What To Know According to Thursday's filing, as of June 30, Berkshire held around 7.2 million shares of Lennar, 6.6 million of Nucor and 1.5 million shares of D.R. Horton, thanks to purchases made over the past two quarters. Following the report, all three companies saw noticeable upticks in their share price in after-hours trading. The logo of Berkshire Hathaway Inc. is displayed on a smartphone screen on May 11, 2025, in Chongqing, China. The logo of Berkshire Hathaway Inc. is displayed on a smartphone screen on May 11, 2025, in Chongqing, China. Photo illustration byLennar is one of the largest homebuilders in the U.S. and often viewed as a bellwether of the wider U.S. housing market. The stock is up around six percent in the year-to-date. Fellow homebuilder D.R. Horton is up around 20 percent. Meanwhile, North Carolina-based Nucor, a leading American steel producer, is up roughly 27 percent in 2025. Together, these investments were worth around 1.8 billion as of June 30, according to analysis by Barron's. In addition to these, Berkshire disclosed that it had purchased five million shares of embattled insurer UnitedHealth, acquiring a stake valued at approximately $1.6 billion. Beyond the high-profile assassination of CEO Brian Thompson last December, the company has also been grappling with a succession of financial difficulties. In late July, UnitedHealth reported that its earnings from operations had dropped to $5.2 billion in the second quarter from $7.9 billion for the comparable period in 2024, though revenue rose to $111.6 billion from $98.9 billion. The stock has fallen around 40 percent in the year-to-date, though it was up over 13 percent as of noon ET on Friday following Berkshire's stamp of approval. As well as Berkshire, CNBC reports that famed investor Michael Burry, known for his prophetic bets against the housing market ahead of the 2008 crash, has also built up a sizable stake in the company. During the second quarter, Berkshire also sold 20 million shares of Apple and 26 million shares of Bank of America, both among its biggest holdings, as well as its entire stake in T-Mobile. What People Are Saying UnitedHealth CEO Stephen Hemsley, during an earnings call last month, said: "We have the chance to reposition our enterprise as a far more modern, reliable, consumer and provider friendly enterprise using new technologies and approaches, and we are going to pursue that course. Pursuit of these opportunities aligns to and enables our reform and change mandate and allows us to better achieve our mission and to steadily perform better in doing so." Aswath Damodaran, professor of corporate finance and valuation at the Stern School of Business at New York University, told Newsweek he believed the recent investment were likely decisions made by other Berkshire executives. "If you think Warren Buffett is immersing himself in the finances and politics of health insurance at the age of 93, I think that you have a very different vision than I do," he said. What Happens Next Buffett will be stepping down as Berkshire's CEO at the end of this year. In May, he announced that Greg Abel, vice chair of noninsurance operations, would be taking over the role, but that he would remain chairman of the company's board of directors.
Business Journals
40 minutes ago
- Business Journals
Events? Gifting? Look to the artistry of the Hudson Valley
If you've grown tired of corporate gifting and events that feel bland and uninspired, a new option rooted in artistry, passion, and the breathtaking beauty of the Hudson Valley has arrived. Klocke Estate, perched high atop a hill with stunning 360-degree mountain views, offers an earth-to-glass experience unlike any other. This is more than a destination; it's a journey into the world of artisan brandies, vermouths, and ready-to-drink cocktails, all meticulously crafted and presented in elegant, artfully designed bottles. Imagine rewarding your team with a truly memorable and unique experience. Klocke Estate makes that vision a reality, combining its world-class distillery, restaurant, and bar into a single, cohesive destination. The Estate: An Experience, Not Just an Event Klocke Estate founder John Frishkopf set out on an ambitious mission: to merge the time-honored methodologies of French Cognac and Calvados with the distinct terroir of the Hudson Valley, creating a truly unique American brandy. To showcase this artistry, Frishkopf built an entire estate. Every step of the process—from cultivating apples and grapes to winemaking and distillation—unfolds right on the property. The result is a seamless journey where agriculture, innovation, and craft intersect. This immersive experience is now available for corporate events, team-building sessions, or private gatherings. Just an hour from Albany, you and your guests can explore the very heart of the estate, where every detail tells a story. The Spaces and Experiences expand The Restaurant & Bar: Step into an elegant space designed by legendary designer Ken Fulk. Chef Becky Kempter's menu delivers a distinctive country French flair, using locally grown, farm-to-table ingredients. The bar staff complements this with inventive cocktails, each one based on Klocke Estate's exceptional brandies and vermouths. expand The Second-Floor Club/Salon: For a private event with a view, ascend to the salon. This flexible space can be transformed to host anything from a board meeting to a cocktail party to private dining, all while offering spectacular vistas of the Catskills. expand The Distillery: Part steampunk, part Willy Wonka's factory, the distillery is where the magic happens. Here, the distilling team coaxes exquisite spirits from imported Charentaise and Mueller-Pot stills, blending science and a touch of alchemy. expand The Orchards & Vineyards: The sixty acres surrounding the estate are a testament to the founder's vision. They are home to specific apple and grape varieties chosen for their ability to thrive in the local soil and produce exceptional brandy and vermouth. expand The Chai: Modeled after traditional Cognac designs, the "chai"—French for barrel warehouse—is where the brandy ages to perfection. Its post-and-beam construction and thick, straw-insulated walls create the ideal environment for the spirits to mature. The Spirits: Artistry Inside and Out expand Klocke Estate's spirits are the culmination of this dedication to craft. Each bottle is not only filled with a delicious, complex elixir but is also a work of art, making it the perfect gift for clients or employees. Brevis Red & White Vermouths: These aren't your typical vermouths. Designed to be sipped on their own, much like in Barcelona or Madrid, these fortified wines are infused with botanicals for a refreshing and intriguing flavor profile. Flyback Ready-to-Drink Cocktails: Precision and craft in an instant. The Appletini, Brandy Manhattan, and Old-Fashioned embody Klocke Estate's commitment to quality in a convenient, ready-to-go format. Klocke Estate '00' Unoaked Apply Brandy: This limited-edition, first release showcases a fresh, youthful character with bright apple tones. It's twice-distilled in an Alembic Charentaise still, a true expression of the estate's unique terroir. What kind of event or gifting needs are you looking to fulfill? We can help you create a custom package that's truly unforgettable.
The Hill
40 minutes ago
- The Hill
Fed's Goolsbee calls tariffs ‘stagflationary'
Chicago Federal Reserve president Austan Goolsbee described President Trump's wide-ranging tariffs as 'stagflationary' on Friday, expressing a mainline view of tariffs among central bankers that's prompted the Fed to maintain its pause on interest rate cuts, much to the frustration of the president. 'I think of tariffs as having a heavy stagflationary component,' he said on the CNBC television network. The term 'stagflation' refers to the dreaded combination of rising prices and slowing growth, which aren't supposed to happen at the same time under normal economic conditions. Prices usually rise more quickly when the economy is expanding, and prices tend to fall when the economy is weaker. Recent economic data has broken with the accustomed correlations, as many economists have regarded tariffs as a shock to economic supply. The consumer price index has ticked up to a 2.7-percent annual increase since Trump's tariffs were first announced in April, and wholesale inflation, taking out food and energy, increased in July at the fastest monthly pace since 2022. Meanwhile, the job market has sputtered, adding a total of just 106,000 jobs since May, well below the 80,000 to 100,000 jobs needed every month to sustain regular workforce attrition. Goolsbee distinguished 'transitory' inflation coming from tariffs from inflation that the Fed needs to be 'responding to.' He mentioned secondary effects like 'wage-price spirals' — positive feedback loops between increased unit labor costs and higher prices. 'It's going to be raising the cost of production for domestic manufacturing and others, and that a lot of times … [takes] time to wind its way through the economy,' he said. Tariffs are taxes on foreign goods and services. They're directly paid by American importers, but they can ultimately be borne by importers, exporters, manufacturers, wholesalers, retailers or by consumers in the form of price increases. They can have complex effects on the economy too, reducing demand for specific goods and causing companies to alter their supply chains. The costs can be taken out of margins or passed along in the value chain. Businesses can also change their production schedules to maintain ratios between costs and markup. Total U.S. capacity utilization has ticked down slightly since February, though it's still humming around 77 percent. Revenues from customs duties, which are mostly tariffs, topped $100 billion earlier this summer for the first time during a fiscal year. Duties were $23 billion in May, $27 billion in June, and $28 billion in July. The Congressional Budget Office estimated earlier this year that tariff revenues, including their debt-service effects, would reduce federal deficits by $3 trillion over the next decade. While Goolsbee stressed Friday the stagflationary concerns about tariffs that Fed Chair Jerome Powell has also frequently discussed, not all members of the Fed's interest rate-setting committee share his views. During the Fed's July meeting, two governors dissented from the majority opinion to pause rates for the first time in thirty years. Governors Christopher Waller and Michelle Bowman both thought rates should be lowered by a quarter percent. The dissents followed a relentless pressure campaign from the White House on the Federal Reserve that saw Fed Governor Adriana Kugler resign from the board earlier this month. She was replaced by White House Council of Economic Advisers chair Stephen Miran, who is likely to add more pressure on the Fed to lower interest rates in keeping with Trump's demands.
