Yes, private ownership doesn’t enter into the equation at all.
Take one restaurant and ask the question: “What are the bills?” and you’ll probably get a glassy-eyed stare. Mortgage, electric, sewage, tax, product, supplies, wages, benefits, advertising, utilities, transportation, communications, etc., all go into that business.
If there’s nothing left over for the owner, then why should he keep his money there?
At which point they see the restaurant close for a drive up kiosk run by robots to deliver food like a pull-up vending machine.