Recent data found that over the past year, the price of full-service restaurant meals rose 9 percent and the price of limited-service meals rose 7.3 percent. It’s no surprise, as restaurants continue to reel from supply chain issues, talent shortages, and rising operating costs. Soon enough, rising restaurant prices will reach a ‘tipping point where menu prices… read more
When costs go up, restaurants have to look for creative ways to reduce their spending and maintain healthy profit margins. Squeezed by inflationary pressures on both food and labor costs, some restaurant managers are succumbing to sneaking hidden fees—ranging from fuel to kitchen appreciation surcharges—into customer receipts. But today’s savvy restaurant management teams aren’t risking… read more
DraftKings Inc. and Live! Hospitality & Entertainment announced today that the country’s first Sports & Social DraftKings venue is slated to open this fall at Somerset Collection, Michigan’s exclusive luxury shopping destination located in Metro Detroit. In July 2021, DraftKings and Sports & Social announced a strategic relationship to create a unique food, beverage, and entertainment experience… read more
Kevin Hochman, named CEO of Brinker International in May, knew he entered a strong foundation, with brands that have stood the test of time. Fourth quarter results explain his high praise. Chili’s experienced a 0.3 percent same-store sales bump (8.6 percent on a two-year basis). Average weekly sales per unit were $59,500 ($3.1 million annualized… read more
Sheila Penrose will retire Sept. 30 after 16 years on the board and surviving Carl Icahn’s proxy fight. The new board additions include Marriott International CEO Tony Capuano and Salesforce CFO Amy Weaver. McDonald’s board is gaining three new members and losing one longtime director. Sheila Penrose, who leads the board’s sustainability and corporate responsibility committee,… read more
If, at this stage in the industry’s COVID rebound, there is a dichotomy forming between experiential brands and those rooted in convenience, then “date night” falls squarely into the occasion wishlist of full-service operators. Yet with prices climbing and safety concerns lingering, diners are returning to sit-down concepts with an elevated set of expectations. As… read more
“We’re always looking to give our fans more ways to enjoy the classic menu items they know and love,” McDonald’s said of the addition of the new Big Mac, according to Fox 6. The sandwich will include two tempura chicken patties, pickles, shredded lettuce, and American cheese, a combination the company said was a huge success when… read more
The Legacy Companies Announces the Acquisition of Admiral Craft Equipment Corporation AUG Greenfield World Trade, Inc. d/b/a The Legacy Companies (“Legacy”), a leading consumer products and commercial food service equipment provider, today announced that it has closed upon its acquisition of Admiral Craft Equipment Corp. of Jericho, New York. The terms of the transaction were… read more
Before Denny’s announced its $82.5 million acquisition of Keke’s Breakfast Café, it spoke with nearly a dozen of its own franchisees about the move, and all of them responded with curiosity. “Most said that they would be interested in opening,” CFO Robert Verostek said during the company’s Q2 earnings call. “Not one said, ‘What are… read more
BBQ Holdings has expanded to nine casual and fast-casual restaurants through a series of M&A moves in recent years. The portfolio now includes Famous Dave’s, Village Inn, Granite City, Bakers Square, Real Urban BBQ, Tahoe Joe’s, Barrio Queen, Craft Republic Bar & Grill, and Champps Kitchen + Bar. The company operates more than 200 franchised and 100 corporately owned… read more