April 13, 2012 – SmartMoney's Anna Prior writes a list of ten things seafood restaurants won't tell you.
1. "It's your fault our prices are rising."
Americans are crazy about their fish — maybe a little too crazy. U.S. seafood consumption has been rising steadily since 1960, and a recent study published in Conservation Biology reports that up to 33 percent of global fish stocks have been overharvested. With some wild populations being fished to the point of diminishing returns, governments worldwide have instituted catch limits for species ranging from Atlantic cod in New England to blue king crab in the North Pacific. And because tighter limits mean higher prices, say insiders, the $8.3 billion seafood restaurant industry is having a tough time hitting a price point that sells but still makes a profit. Stephen LaHaie, senior vice president of Lettuce Entertain You's Shaw's Crab House, says the wholesale price of wild red king Alaskan crab is up 60 percent this year. And at the end of the day, says LaHaie, "how much can you charge for king crab?"
Read the full article at SmartMoney.