Ken Silver knows beef because he knows Philly cheesesteak. He hopes that a summer spike in how much he pays for his restaurant’s main product doesn’t cause heartburn for him or his customers.
“I really hate to do that,” said Silver, whose father started the business in 1976.
Silver said the price of beef from his supplier now is about $1 more per pound than it was a year ago. And that is on top of a roughly 50% increase when he reopened in 2024 after a fire — “crazy,” as he put it.
“Our strategy right now is just absorbing the price and hoping that we see a reduction after the summer months are over, the grilling season and all the rest,” Silver said Wednesday.
He said a cheesesteak sandwich at Jim’s South St. costs $13.49, up from $11.49 in 2022, when the restaurant was forced to close for nearly two years due to fire. Cheesesteaks typically are made with thinly sliced beef, cheese and onions, though other toppings are possible, too.
“We’ve taken a hit, profitability-wise, just to maintain what our customers would expect to get when they come to us: a reasonably priced cheesesteak of the best quality they can find,” Silver said.
A customer, Bryan Williams, suggested a price hike wouldn’t discourage him from placing an order.
“That’s just how things are going lately,” he said. “There’s really nothing that they can do about it.”