I'm not sure I agree with your thesis. In the late 90s, Malone's was the only place of its kind in Shanghai, and now there are dozens like it, most of which do brisk business. To me, this constitutes "growth".

And, take expat restaurant chains like Element Fresh... PE companies are fighting to get a chance to provide expansion capital so they can go nationwide.

My point wasn't that expat bars are a dying breed, but that Malone's is in dire need of a makeover.