@ Mister Shifter
I would say I partially agree with you. I think that there has been a shift in the perceived inexpensiveness of more casual bars. But, when you really evaluate the bill, you spend about the same.
I think our business changes have less to do with sheik v.s. casual and more with a poorly defined market for us to go after. This leads to a heavy dependence on talent and/or promoters which can shift your nights as either super high rings or super low rings; an event driven bar/club. It may bring short term money in the door, but will never breed a group of regulars; they will just go to the next bar who does this and so on.
Back on topic, I love that location for a bar/restaurant. I told the realtor who owned the spot many moons ago that he should move the offices somewhere else and do a bar concept.