Beloved Italian restaurant Martini on the Parade in Norwood set to close in May

The acclaimed Italian restaurant on The Parade says it will close its doors for the final time next month.

Acclaimed Italian restaurant Martini on the Parade will close its doors for the final time next month, as high interest rates and skyrocketing costs continue to cripple Adelaide’s hospitality industry.

After almost two decades at the iconic location, owner and executive chef Larry Piscioneri said the “uncertain economic climate” left him with little choice but to sell the business. Their last day of trade will be on Mother’s Day, May 12.

“It’s the right call to make,” he told The Advertiser.

“My main objective is to look after my family and my sanity. It’s just been hard.

“I put my gloves on every day and come to work and you reach a point where to need a change. I’m actually relieved that I’m moving on. I’m excited to work in a different environment and do something different.”

Mr Piscioneri, 54, said consumer spending had been well down due to the cost of living crisis, and he estimated trade at Martini had fallen almost 50 per cent in the last year. Business costs had also surged, he said.

“It’s been frustrating to run a business in the last four years. It’s had its highs and lows. The last year has been the hardest,” he said.

Chef and owner Larry Piscioneri is closing down his acclaimed Italian restaurant Martini on the Parade.

Chef and owner Larry Piscioneri is closing down his acclaimed Italian restaurant Martini on the Parade.

Chef and owner Larry Piscioneri is closing down his acclaimed Italian restaurant Martini on the Parade.

“I have so many loyal customers... but people just don’t have the money to spend on dining out, and the cost of everything has gone up. It’s okay if you maintain your clientele and your business can break even but if prices go up and customers go down, that’s a double whammy.

“It’s very hard to turn a profit in this climate.”

Mr Piscioneri took over Martini’s Cafe, located near Norwood Oval, in 2007 and renamed it Martini Ristorante, showcasing authentic Italian cuisine with a creative twist. About a decade ago he changed the name to Martini on the Parade.

He trained some of Adelaide’s best known chefs including former MasterChef star and now Orso boss, Andre Ursini.

Mr Piscioneri, who previously worked at beloved Adelaide restaurants including Da Clemente and Enzo’s, said the entire local hospitality sector was struggling and government assistance was sorely needed.

“Everybody is doing it tough in the industry,” he said.

“The government needs to step in and help hospitality... the exact way to go about it, I don’t know. But we do need help.”

SA chef and former ''MasterChef Australia'' TV contestant Andre Ursini at work at Martini Ristorante, Norwood, in the kitchen with head chef and owner Larry Piscioneri in 2009.

TV program 'Master Chef' contestant Andre Ursini working in the traditional Italian restaurant Martini's in Norwood.

Martini is the latest in a long line of SA businesses that have closed or are set to close in coming weeks, as the cost of living crisis takes hold and the ripple effect of Covid continues.

Among the hospitality businesses to shut down in recent months, include Hog’s Breath Cafe Glenelg, Cardone’s on Jetty Rd, Glenelg, Little Banksia Tree in Bowden, Gouger St’s Super Bueno, cult Hills pizza restaurant Lost In A Forest, Folklore Cafe in Port Adelaide, Morris Bakery on the Limestone Coast, plus a host of Adelaide nightspots.

Earlier this month, Terroir Auburn in the Clare Valley also announced they were closing at the end of May.

Chinatown stalwart Kim Wang Supermarket is also clearing its shelves over the next few weeks, to the devastation of loyal customers, with plans to shut at the end of April.

Mr Piscioneri revealed the new owners of the business at 59A The Parade, will renovate the space before relaunching it as a restaurant with a different cuisine.

The veteran chef said he hasn’t made any firm plans for the future, but wants to stay in hospitality.

“I haven’t made a decision yet – I want to finish this chapter,” Mr Piscioneri said.

“But I will stay in hospitality, I don’t want to go back to uni.”