How Inflation, Economic Pressures Will Impact 2023 for Restaurants
There's a lot at stake next year, and with it, comes new and familiar risks. The same issues that have kept a damper on the hospitality industry since the COVID-19 pandemic will keep the pressure on during 2023, particularly squeezing profits for the beleaguered restaurant sector.
Key Takeaways
- Labor shortage likely to remain the pattern in 2023
- Benefits key to attracting and retaining workers
- Personalized benefits create more loyal workers and a more attractive workplace
How 21 restaurant companies performed in their most recent quarters
On the whole, same-store sales grew at restaurant companies in the third quarter as chains continued to raise menu prices to offset inflation. One company that bucked this trend for the worse was Papa Johns, whose sales slipped for the first time in just over three years despite success at quick-service pizza competitors Domino’s and Pizza Hut.
Key Takeaways
- Same-store sales grew
- Chains continued to raise menu prices to offset inflation
- Papa Johns sales slipped
How QSR Pollo Campero used B I Spatial and Near to optimize its site selection plan
Pollo Campero, a fast-casual restaurant chain focused on Flavorful Chicken Meals, started as a small family-owned restaurant in Guatemala in 1971 and has grown to one of the largest chicken chains in the world. Pollo Campero currently has 80 restaurants in the U.S., 15 of which are franchise locations. The chain has a growth strategy to rapidly expand across the U.S. in 2022 and beyond. As a part of its growth strategy, the restaurant plans to open 10 corporate restaurants in 2022, 20 in 2023, and then ramp up to open a total of 200 locations altogether in the next five years.
Key Takeaways
- Pollo Campero has a growth strategy to rapidly expand across the U.S.
- Pollo Campero faced challenges in building a development strategy
- Pollo Campero utilized BI to solve challenges
The next generation of ghost kitchens is stepping out from the shadows
Ghost kitchens and virtual brands in a post-pandemic world will favor more flexible, transparent business models from industry veterans like Reef and Nextbite, to newcomers like Oomi and Meal Outpost. At the height of the pandemic when dining rooms were closed, the phrase “ghost kitchen” entered the public lexicon and new “hot” delivery-only concepts opened their hidden doors almost every day.
Key Takeaways
- Virtual restaurant companies are in it for the long-haul
- The space got very crowded very quickly
- The best virtual restaurant companies focus on quality
The SBA is distributing another $83 million in Restaurant Revitalization Fund money
The U.S. Small Business Administration is releasing the leftover funds to operators with pending applications starting this week. Just before the Thanksgiving holiday, the U.S. Small Business Administration announced that the government agency would be distributing $83 million in unobligated Restaurant Revitalization Fund money to 169 restaurant operators with pending RRF applications.
Key Takeaways
- SBA to distribute $83 million in unobligated Restaurant Revitalization Fund
- Grants will be distributed in the order in which applications
- Operators will have until March 2023 to spend the money
Top 3 QSR Trends
In this webinar presented by Near you will learn the Top 3 QSR Trends and find what diners want.
Key Takeaways
- Take-out and delivery are here to stay
- Loyalty programs are important
- Embrace new and emerging technologies
5 Ways the Right HR Tools Make All the Difference
Searching for the right HR solutions for your organization? Learn how these 5 tools make all the difference.
McReward, Inc
How owner/operator Todd McMillan leverages AllianceHCM to simplify operations and celebrate his crew
Onboarding Checklist
A new employee’s first day on the job involves meeting new people, learning new tasks—and paperwork. An employer that neglects to provide or obtain all the necessary forms, documents and notices when bringing a new employee on board can set itself up for administrative headaches, misunderstandings, and even legal liability.
Important Aspects About WOTC and ERC Explained
Employers looking to cut down expenses should first look into tax credits. Download this e-book to learn more about Work Opportunity Tax Credits (WOTC) and Employee Retention Credits (ERC).
Like The Restaurant Insider?Forward to a friend.
Not Subscribed? Click Here
The All-In-One Restaurant Payroll Software
Trusted by over 170,000 quick-service (QSR) and full-service restaurant (FSR) employees across 7,000+ locations in the U.S.
