Jeffrey Bank is CEO of Alicart Restaurant Group, which owns Carmine’s and Virgil’s in New York City, as well as one location of seafood concept Mermaid Oyster Bar.

Carmine’s is an Italian-American concept that was founded on Manhattan’s Upper West Side 35 years ago and now also has restaurants in Times Square as well as in Las Vegas; Atlantis in the Bahamas; Atlantic City, New Jersey; and Washington, D.C.

Virgil’s is a barbecue restaurant in Times Square, Atlantis and Las Vegas. 

These are large, consistent, high-volume restaurants, generally 18,000-20,000 square feet, with 700-800 seats and, at Carmine’s, annual sales between $14 million and $30 million.

Carmine’s Times Square location alone serves 3,000 people each day.

Their success depends on consistency and volume, maintained by a steady hand that understands not to mess with what already works. 

Bank, who has been CEO of the company since 1999, says his biggest fear is what he calls “death by a thousand cuts” — making changes that seem small but end up damaging the system. 

He explains why food that’s consistent and delivered with great service in a nice setting is harder than it looks, but is basically all you need for a successful restaurant business.

He also explains why the Carmine’s location in Times Square closes on the biggest party night, New Year’s Eve.