A recent survey shows 62% of people are cutting back on dining out to pay for necessities, leaving some small businesses searching for new ways to bring in revenue.
Richie Reno, owner of Wolf and Porter, said he has been working in the bar industry for 25 years and is now working harder than ever to navigate the current economy.
"Now we have other pockets of venue so we can stay alive," Reno said.
He has converted the bar's outdoor patio into an event space.
"You can rent out the entire business for around $5,000," he said during a walk-through of the area.
Reno added that the space can be fully decorated for events.
"We light the whole place up. We cover it in flowers," he said.
Reno said the strategy allows him to charge customers a fraction of what they would pay at a traditional event venue. It is one of several efforts he is using to bring in more business. "I'm having a weekly meeting with my team of how can we reach more folks, and what can we do to get more bodies through the door," he said.
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Two longtime Raleigh small businesses announced Thursday they are closing.
Carolina Cafe plans to end its 30-year run at the end of the month.
Endless Grind on Peace Street, a staple of the skating community for 40 years, also announced it will close its doors. The owner said in a social media post that the business will move online and that closing was not an easy decision.
Dr. Gerald Cohen, Chief Economist at the Kenan Institute, said the Triangle's skilled labor force may help the region weather economic fluctuations.
"We have a skilled labor force, I think we can leverage AI and interesting, last month, we saw some modest job gains in the tech sector," Cohen said.
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