I don’t think we can draw that conclusion from Waters, or indeed from the sad demise of the Perry Vale.
In the case of Waters, they were closed more often than they were open. If you want to run a specialist business that people need to make an effort to use, you just can’t run it the way they did.
With the Perry Vale, I think they did finally get the offer right, but with too much chopping and changing before they got there and a lack of communication about menu changes and (again) inconsistent opening times. I think time just ran out on them, but another restaurant there, learning the lessons from the PV, would, I think, probably succeed.