An Icon Falls
Press Food & Wine helped define a new era for Adelaide dining when it opened its doors to the public in 2011 on Waymouth Street in the CBD. Its closure this year, following a string of crises such as changes in ownership and eventual liquidation, however, is more than just another business story. It is the latest victim of the plague that has haunted South Australia’s broader hospitality industry, which has been buckling under a chaotic storm driven by rising costs, labour shortages, and consumer fatigue.
What Happened to Press
Press embarked on a rapid expansion drive, acquiring several high-profile venues. However, this ambition, pursued in an unforgiving financial climate, led to financial ruin for the company. Mounting debts, including significant amounts of tax owed to the Australian Taxation Office, proved to be a major factor in Press’ liquidation.
Adelaide’s hospitality sector has long been one of the city’s cultural touchstones, a mix of small independents, chef-owned bistros, and ambitious restaurateurs with a genuine passion for good food and atmosphere. But this scene is now under unprecedented pressure. Input costs such as food prices, energy bills, insurance, and rent continue to surge. Wages have climbed too, as operators struggle to attract and retain skilled staff in a tight labour market. Add to this the squeeze inflation has placed on households: diners are eating out less often, or spending less when they do.
A Sector on the Edge
Restaurants, by the very nature of the business, operate on razor-thin margins, often just three to five percent. With the massive financial upheaval that has gripped Australia in recent years, that margin has evaporated for many. A few slow months or a single unexpected tax bill has become enough to cause insolvency. In recent weeks, several respected establishments in Adelaide have entered liquidation, leaving unpaid wages and suppliers behind.
Dark Times Ahead
With boutique and independent restaurants closing at an alarming rate, Adelaide’s hospitality sector appears to be quietly heading towards corporate consolidation, meaning fewer venues, larger ownership groups, and a more homogenised dining landscape. What once made Adelaide’s food culture vibrant and diverse may soon become a casualty of economic centralisation.
What Needs to Happen Next
While no policy can insulate every restaurant at risk, the current frequency of closures points to deep structural issues beyond the immediate financial ones. For instance, Small Business Restructuring (SBR) mechanisms exist to help viable firms survive, but many restaurants remain unaware of them or unable to access these services in time.
There is also an urgent need for state and federal governments to consider targeted relief measures, such as subsidies for energy and insurance costs, alongside workforce programs that make hospitality a more sustainable career option. Landlords, too, must recognise that keeping rents unrealistically high in a shrinking market is akin to playing Russian roulette with their own tenants’ survival.
More Than Just a Business
Independent eateries in Adelaide do not merely constitute a hospitality sector; they form part of the city’s social infrastructure. Venues like Press have long served as meeting places, multicultural melting pots, and economic multipliers for their neighbourhoods. Losing them slowly strips away the civic and cultural identity that Adelaide has built over decades.
The fall of Press Food & Wine should therefore not be treated as a tale of mismanagement or bad timing. It is a sign that even well-loved, successful restaurants are hanging by a thread while the economic headwinds continue to wreak havoc. For a state that prides itself on food, wine, and community, it is time for all stakeholders — government, landlords, and industry bodies — to come together and find lasting solutions before more tables go dark.
