RECENT INDUSTRY NEWS: SMALL GAINS EXPECTED FOR RESTAURANTS THIS YEAR
Restaurants are not out of the water yet, but gradual gains are expected this year as the economy continues toward recovery according to Technomic, a Chicago-based restaurant consultancy.
In fact the company predicts a 1.6 sales increase for 2011. The projections are based on a number of factors which include "frugality fatigue" also known as customer boredom, the wider acceptance of coupon dining with more and more consumers taking advantage of special deals, enticing options such as carry-out and dine-in options at nonconventional business such as grocers, and higher quality fast-causal experiences.While all of these are attributing to small growth, business are finding they are still far from 2007 sales levels. The Chicago Tribune reports that the high rate of unemployment and general cautious spending behavior continue to have an effect on dining. Check out the Chicago Tribune's full report for more information.