Market Street Grill announced this week that its downtown location — a longtime SLC fixture — will close at the end of the month.
Why it matters: The closure of a decades-long institution flies in the face of data that has painted downtown as a success story.
What they’re saying: “While the restaurant’s legacy remains strong, the economic realities of operating in downtown Salt Lake City have become increasingly challenging,” the announcement states.
- “Reduced office occupancy, changing consumer patterns, and lower levels of foot traffic have created headwinds that have made it difficult for the location to operate sustainably.”
Zoom in: Metro-wide, Salt Lake’s office occupancy rates have improved faster in recent years than almost any other city’s, per Moody’s, and Collier’s found rates held fairly steady last year.
- Downtown worker days rose more than 10% in 2024 and were expected to rise again 10% last year, per the Downtown Alliance’s most recent data.
Yes, but: Vacancies remain higher than they were before 2020.
- Today’s vacancy rates aren’t much higher than they were in the years following the 2008 financial crisis, which Market Street Grill survived
Market Street Grill is far from the only downtown eatery to shutter over the past year.
- It joins Current Fish and Oyster, Laziz Kitchen, Yoshi’s Japanese Grill, Este Pizzaria, Doki Doki, Italian Olive, Coterie, and Pizza Bar’s downtown locations.
Caveat: Some of those spots have already been replaced by other restaurants, including new hot spots like Killa Nikkei…