Here's one of the four pubs in my village. It's a beautiful sought after location. You'd think it would thrive but it's been closed for a year. A year before that some folk from London spent a huge sum refurbishing. The other three pubs in the village seem to do well. We have one that's in an 800 year old listed building with great food and fabulous views, another that's just been refurbished with a modern but sympathetic style by experts (and also has great food and fabulous views) and another that is as shabby as you like but also serves great food and a good pint too.
I'm not sure why this fourth pub, right in the middle of the village has failed but it's had several owners in the 30 years I've known it and it has never worked. It's the only pub with no parking. Perhaps that's the problem?