I’m arguing that the restaurants aren’t especially profitable and their margins are thin. It’s a bit like a rental property, in the sense that you have to have more than a couple in order to make much money at it.
This has never been my understanding about the major ones, at least. The licenses are incredibly expensive to buy, but they are quite profitable. But I recognize we're both speaking totally vaguely and without sources, so I'm not sure why I'm replying when I have so little to add myself :)