The steakhouse restaurant sector has faced a major impact from an increase in beef costs, as steak prices spiked 16% to $12.73 per pound in March 2026, according to data from the Federal Reserve Bank of St. Louis, WIBC- Radio reported.
As the price of beef increases for restaurants, consumer demand for the product has declined as menu prices also rise, reducing sales at steakhouses.
Reduced sales have led certain establishments to close their businesses.
McCormick & Schmick’s location closes
Restaurant chain owner Landry’s Inc. closed its high-end McCormick & Schmick’s steak and seafood dining location in downtown Pittsburgh, after it had operated for 18 years, the company announced on May 26 in a notice on the restaurant’s front door, according to KDKA-TV.
“We regret to inform you that this location has closed,” the message read.
“We are grateful for the support of our community and encourage our guests to visit us at our sister locations nearby!” the notice said.
The message listed six Landry’s sister restaurants near the closed restaurant: Del Frisco’s, Ground Concourse, Morton’s, Bill’s Bar & Burger, Houlihan’s, and Mitchell’s Fish Market.
Landry’s did not reveal a reason for closing the downtown Pittsburgh McCormick & Schmick’s location.
“After many years serving the downtown Pittsburgh community, McCormick & Schmick’s on Fifth Avenue has made the difficult decision to close its doors,” Shah Ghani, the company’s chief operating officer, said in a statement to KDKA.
“We are incredibly grateful to our loyal guests and dedicated team members for allowing us to be part of so many celebrations, traditions, and memorable moments over the years, Ghani said.
The company is transitioning employees to nearby sister locations, he said.
Chain had 94 restaurants
Founders Bill McCormick and Douglas Schmick owned about 94 restaurants at the company’s peak in 2009, including mostly McCormick & Schmick’s locations, as well as Jake’s Famous Crawfish, M&S Grill, McCormick & Kuleto’s, William Douglas Steakhouse, and The Boathouse, according to The Oregonian.
The company opened the city’s first McCormick & Schmick’s at SouthSide Works in 2005, followed by the downtown Pittsburgh location in 2008. The company closed the SouthSide location in 2021, according to KDKA.
McCormick & Schmick’s slashes 80 stores
McCormick & Schmick’s has closed about 80 locations since its peak and currently operates 14 locations in 11 states, plus M&S Catering at the Museum of Flight in Seattle.
