I use a very popular Mexican restaurant/bar on the West side of town in the large metro area I live in as a barometer. It is usually packed - not a parking space visible - in fair to good economic times. Lately, it's been about half full at peak restaurant/bar hours (7:00-10:00). I can imagine the management is biting their nails down to nubs.
Our small town had a similar restaurant. It had enthusiastic and loyal customers and no competition. It was always full until 2008. It began running specials. Hired a different chef. Cut its hours. Then chintzed on the portions. Then closed for the winter. Then closed.
The building is for sale and has been for 2 years. Good corner location right on the highway as you enter/leave town. New-ish kitchen. No one has purchased it. Some folks tried getting a syndicate together, but there were no takers with enough cash to make it happen.
The supper club across the street closed at around the same time and is now a church.