Archive for October, 2008

Restaurants Bound to Suffer from Financial Crisis, Finds Technomic

What’s the reason you would want to be in the food business right now? Niche businesses with a small clientele won’t be affected by this sort of thing, right?

In a recently-completed survey of consumers, Chicago-based foodservice consultants Technomic, Inc. found that the financial market meltdown is likely to cause a high number (74 percent) of consumers to visit both quick- and full-service restaurants less often.

Technomic also found that over 50 percent of consumers – and over 70 percent of higher-income consumers – plan to spend less when they do visit either type of restaurant.

Restaurants Bound to Suffer from Financial Crisis, Finds Technomic

Restaurants adapting or failing

Escalating food and operational costs, a drop in patrons and a decline in sales per check are squeezing South Florida’s mid-priced restaurants, according to restaurant brokers and operators.

State figures show restaurant sales dropped by $266 million to $30.26 billion in the fiscal year ending in June. Sales at taverns and nightclubs dropped $129 million to $2.8 billion. Restaurants are a key economic engine, employing more than 900,000 statewide.

Restaurants adapting or failing

Brown Bagging Grows for Women

Adult consumers in the U.S. will be carrying more than 8.5 billion brown bag lunches this year, according to the NPD Group, a national market research company.

Nearly two-thirds (63 percent) of women at some time pack a lunch for themselves, with 39 percent indicating they do so at least once a week, according to a recent survey commissioned by the Grains Foods Foundation and conducted by Harris Interactive. That number is expected to grow, with more than one-third (37 percent) of U.S. women who pack their own lunches indicating they plan to do so more often in the coming year than they have in the past.

Brown Bagging Grows for Women

Restaurants Get a Taste of Economic Downturn

American restaurants are seeing a sharp decline in consumers and sales as the credit crisis continues.

For the first time in two decades, the $550 billion restaurant industry is suffering from sluggish sales. Restaurant owners are being hard hit as credit lines for investment and operating costs dry up in the current economic recession. Increases in food and labor costs have also taken a toll on restaurant finances.

The current financial crisis has challenged owners of franchises and private establishments alike. Both have had difficulty attracting customers, paying employees and furnishing kitchens with the necessary tools and equipment.

Restaurants Get a Taste of Economic Downturn

New Menus Next Year Equals Price Hikes At Restaurants

Beef may not be what’s for dinner at your favorite restaurant come 2009

Restaurants, now working to secure supply and price contracts for meat and other commodities for the upcoming year, are expecting big increases in food costs – increases that will likely lead to menu changes and price hikes.

Some chains are already adjusting their menus to reflect current high costs for both beef and chicken. CKE Restaurants Inc., which operates the Hardee’s and Carl’s Jr. chains, stopped offering Double Cheeseburgers in its 2 for $3 promotion at the end of August and replaced them with Jumbo Chili Dogs and Hot Ham ‘N’ Cheese Sandwiches to avoid selling pricey beef at a lower priceNew York, NY — Restaurants are expecting big increases in food costs, increases that will likely lead to menu changes and price hikes.

New Menus Next Year Equals Price Hikes At Restaurants

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