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I feel that a lot of this has to do with how in the past it was okay to have a restaurant, and make enough money from it to maintain a family. But nowadays for some people, if your restaurant doesn’t make you enough to buy yourself a second private jet, then why even bother?
I didn’t even know if it is that so much as local places getting bought out. In my city one investment group owns like 12-15 “local” downtown restaurants now and jacked the prices at all of them.
This has also happened where I live (Aus). It’s crazy that so many places that seem completely separate are actually owned by the same Overlord(s).