The Hard Rock Cafe is reopening its location in Caracas in a sign that international brands are starting to return to Venezuela amid an uneven economic rebound following years of hyperinflation and recession that drove many away.
(Bloomberg) — The Hard Rock Cafe is reopening its location in Caracas in a sign that international brands are starting to return to Venezuela amid an uneven economic rebound following years of hyperinflation and recession that drove many away.
The new venue is scheduled to open its doors Thursday by a franchise partner, according to an emailed statement by Hard Rock International. The inauguration of the 16,400 square feet (1,520 square meters) restaurant will feature live music and a new collection of memorabilia.
The company declined to provide further details about the Caracas operations, though it now appears on its main website. On its Twitter page, Venezuelan rock band Caramelos de Cianuro were announced as the first act.
Hard Rock Cafe had left the Venezuelan capital in 2020 during coronavirus lockdowns following years of an unprecedented economic crisis. Other international food franchises like Wendy’s and TGI Friday’s have exited the country recently. There are currently around 200 franchised brands in Venezuela from over 500 eight years ago, according to data from business association Profranquicias. Hard Rock has another Venezuela location on Margarita Island that opened in 2006.
The government’s decision to allow the circulation of the US dollar to combat inflation and widespread shortages prompted a consumption boom in small wealthy pockets of major cities. But the majority of Venezuelans are still unable to afford many imported goods or a meal in upscale new restaurants.
Despite signs of inflation picking up again and the government putting limits to how far they’ll let dollarization advance, new eateries and shops are popping up each month across Caracas.
Dozens of workers have been rushing to complete the new Hard Rock site for weeks which is located in a mostly residential part of the Los Palos Grandes neighborhood in Eastern Caracas. But until photos of the logo partially unveiled behind a banner spread on social media this week, no one knew what exactly was being built.
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