Latest news with #SoniaAslam
Yahoo
31-03-2025
- Business
- Yahoo
San Francisco restaurant facing closure after 20 years — all thanks to high costs and shifting dining trends
Rent prices in San Francisco's Mission District have remained high above the national average for many years. On average, it costs $3,397 to rent a place to call home in San Francisco. And for business owners, rent prices have been a major strain for years. But for some businesses, a recent rash of rent hikes represents the straw that broke the camel's back. In particular, Aslam's Rasoi on Valencia Street currently faces a 52% rent increase starting in May, according to a CBS News report. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Americans with upside-down car loans owe more money than ever before — and drivers can't keep up. Here are 3 ways to cut your monthly costs ASAP The significant spike in the family-run restaurant's operations costs has staff considering whether or not it's possible to continue serving up the dishes that have been a staple in the community for almost 20 years. Aslam's Rasoi opened its doors in 2006. Although it's survived many ups and downs in the economy over the last 20 years, operating a restaurant in a post-COVID world makes staying afloat more challenging than ever before. CBS News reported that on top of the 52% rent hike the restaurant is facing as of May, co-owner Sonia Aslam says slower sales and higher ingredient costs influenced her family's decision to close the restaurant in its current location. Since the pandemic, Aslam told Mission Local, the restaurant started operating with a scaled-down crew of just a few family members. On top of higher operations costs, Aslam Rasoi has seen foot traffic decline. Of course, some of this decline is related to the shifts in diner habits after 2020. But nearby traffic on Valencia Street has decimated foot traffic for Aslam Rasoi and other businesses in the neighborhood. In recent months, the restaurant has remained open with financial support from family members. When the lease is up, the owners must decide whether to close for good or find another location. 'It's just sad seeing the business struggling to this extent,' said Aslam. 'We've tried to keep the restaurant going for all these years. We sacrificed all our time. We put our love into the business.' Aslam, whose father-in-law opened the business in 2006, says the restaurant's best hope would be an uptick in business over the next month or two. A bit more business would help the family feel more confident about moving to another, more affordable location. And if they do reopen, they'll likely join the many restaurants offering limited hours and a pared-down menu to maintain profitability during a tough climate. Read more: Are you rich enough to join the top 1%? Here's the net worth you need to rank among America's wealthiest — plus 2 ways to build that first-class portfolio The restaurant industry has always been a competitive business. But since the pandemic, dining habits have shifted dramatically. Consumer habits show people are generally opting for more take-out, drive-through and online ordering over in-person dining experiences. 'In the food service industry, the ways people order has shifted mostly to non-human contact or untact methods, such as online orders and drive-through orders,' according to a 2021 study. Restaurant owners trying to keep up with the trend of less contact might choose to offer an easier way to order food online. Additionally, they might put more staffing behind takeout orders to keep pace with demand. In addition to changing preferences, inflation and a [rising cost of living]( put pressure on household budgets. As diners face financial stress, many may cut back on discretionary purchases, like dining out. To keep diners engaged, restaurants might focus on providing unique dining experiences that people want to share online and investing in customer loyalty programs to keep regular customers coming back for more in spite of rising costs. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
CBS News
14-03-2025
- Business
- CBS News
South Asian restaurant Aslam's Rasoi faces possible closure in San Francisco's Mission District
Aslam's Rasoi, a staple of the Mission District's culinary scene for nearly two decades, is grappling with a financial crisis that threatens to close the doors of the beloved family restaurant. Co-owner Sonia Aslam, who has been a fixture at the restaurant since its opening, says the restaurant's distinct flavor has made it a favorite among locals. "Our food is North Indian, and then the chef and owner is Pakistani, so he adds a little different touch to every dish," she explained. Renowned for its bold spices and tandoori clay oven creations, the family-owned restaurant has upheld a commitment to fresh, high-quality ingredients since its inception. However, recent changes in the area, including nearby construction and skyrocketing rent prices, have taken a toll on business. Foot traffic has severely declined, and Sonia says the restaurant is now facing a rent hike that could be the tipping point. "They started doing all these renovations on Valencia Street. And one by one, merchants have been closing, been getting hurt," Aslam said. "That affected us quite a bit, but then not as much as this rent increase that we're going to be getting in May, which is what made us decide that it might be time for us to close." The situation is particularly painful for Aslam and her family, who were among the first South Asian restaurateurs to open in the neighborhood. "Over here, everybody says it kind of feels like a second home. We are all family here, so everybody that comes in kind of feels like they are a part of the family," she said. Despite the difficult circumstances, Aslam is trying to stay optimistic that customer loyalty can help them weather the storm, but she says it will l take a miracle uptick in business and reasonable rent prices to stay afloat. As the future of Aslam's Rasoi hangs in the balance, the family remains hopeful that the Mission District's strong sense of community will help them not only survive but thrive amid adversity and the evolving neighborhood landscape.
