Crumbl’s Post

As restaurants continue to struggle with foot traffic due to different economic pressures on consumers, Texas Roadhouse seems to have been able to out maneuver these challenges. The question is; how? Joe Guszkowski of Restaurant Business Online explores the success the full-service brand in his most recent article. Texas Roadhouse CEO, Jerry Morgan credits the built in value of their menu when consumers consider dining out, as well as the emphasis they've put on stable staffing the last few years. Check out more below! #franchise #traffic #staffing

Ron Ruggless Nation's Restaurant News writes "The restaurant company’s CEO Michael Skipworth says ‘indulgent’ occasion delivers for customers" "Wingstop Restaurants Inc. Inc. posted domestic same-store sales growth of 21.6%, easily eclipsing major restaurant players, the company said Wednesday in releasing earnings for the first quarter ended March 30. Dallas-based Wingstop said the 21.6% domestic same-store sales increase was driven mostly by transaction growth and reflected consumers’ willingness to spend discretionary dollars with the brand. Michael Skipworth, CEO and president, said on an analysts’ call: “We believe that indulgent Wingstop occasion delivers upon both quality and value and has us uniquely positioned.” Skipworth said the company’s first quarter performance led it to raise its 2024 guidance from mid-single digits to low double-digit same-store sales growth. Average unit volumes are about $1.9 million, he added, quickly approaching a target of $2 million. “It's an incredibly exciting time at Wingstop as we scale toward our vision of becoming a top ten global restaurant brand,” he said. However, Skipworth said the company’s strategic pillars remained: One of those was a proprietary technology stack called MyWingstop that began rolling out in April after testing in a small number of stores, he said. “We are just scratching the surface on the opportunity to leverage our digital database as our restaurant AUV is expanded digital sales can also continue to increase — now accounting for 68% of sales in Q1,” Skipworth said. During the first quarter systemwide sales grew by 37%, Skipworth added, “which delivers additional firepower in our advertising fund to invest meaningful dollars behind our opportunity to expand brand awareness, “Our increased media investment is providing new opportunities such as advertising in the NFL playoff and becoming the presenting sponsor for the National Basketball Association (NBA)'s Wednesday primetime matchup,” he said. For the first quarter ended March 30, Wingstop’s net income increased to $28.7 million, or 98 cents a share, from $15.7 million, or 52 cents a share, in the prior-year period. Revenues increased to $145.8 million from $108.7 million in the same quarter last year...Clickthru to read more." https://lnkd.in/g5XiPB8d #QSR #Entrepreneur #Restaurants #Franchise #Franchising #FranchiseChat Chainformation Altir Industries, Inc. Franchise Pipeline Franchise Development Outsource Ned Lyerly Joe Caruso Michael (Mike) Webster PhD Anders Hall Jonathan Martin Michael Scherr

SCOOP (SLICE?): MOD Pizza is exploring a sale together with Miller Buckfire after closing dozens of stores across the United States. Backed by millions of dollars from private equity and venture capital investors over the years, MOD - frequently touted as the Chipotle of pizza - was opening stores across the U.S, Canada and United Kingdom. A couple of years ago, the company even confidentially filed for an IPO and laid out a vision to have 1,000 locations open by 2024. Halfway through that year, and the chain has seen restaurants shutter across the country, something it attributes to underperformance. To some, MOD grew too fast and this is a consequence of that rapid expansion. Still early in the process, but we're staying on this one. Collab with Bhavna Kaul and Jay Antenen. Full article now live on Debtwire and Mergermarket.

It seems a lot of the value and DIY players are losing their asses and closing stores. The good news is the leasing teams are saying there is still strong leasing demand. Have a vacant/going dark drug store? I have a buyer looking for them. See bankruptcy/closing info: Red Lobster - Chapter 11 - 80 closings Walgreens - evaluating closing 2,000 stores CVS - closing 300 store Rite Aide - 240 closures Bob's - 21 closures Big Lots - closing 50 more stores. stock is down 84% YOY LL Flooring - down 23% on 7/3 mulling bankruptcy. Kelly Moore Paints - closing all stores - 157 locations. Family Dollar - 1,000 closures planned 99 Cents Only - closed all 371 stores Mod Pizza: https://lnkd.in/gkZ25pH5

In 2011, Subway became the largest fast-food chain on the planet.  It had overtaken McDonald’s global store count. And it was selling $11.5 billion worth of sandwiches a year. In the past few years, the store count in the US has been slashed by 25%. Its sales have plummeted. And now it is even losing its soul — the family-owned chain is being turned over to a private equity investor. Ouch.  #subway #downfall #marketstrategy

Starbucks to open 17,000 locations by 2030; cut $3 billion in costs | Chain Store Age #cre #commercialrealestate #goodmanre #Starbucks #revenue #sales #restaurants #restaurantnews #restaurantindustry #restaurantrealestate #realestate

"You can't give the store away." - Mr. George Mr. George (Publix's founder) quotes are everywhere at Publix. They’re constantly referenced and there are framed pictures of his quotes all over every Publix facility. Many are lessons that associates live by and that guide the culture of Publix. I’m sure everyone has their favorite or the one that most resonates with them. There’s one that has really stuck with me. I can’t find it documented anywhere I don’t know where I saw it, but I know I became aware of it early in my career. It’s one that could mean two VERY different things and I remember it being argued about at my store: You can’t give the store away. Some (incorrectly) thought it meant you SHOULDN’T give the store away- or give things away for free. But what it actually meant is that it wasn’t possible to give the store away. You could take care of every customer’s special needs and there would still be plenty for us as owners. When I was a grocery manager in Atlanta, I witnessed the perfect illustration of this quote. I was with my Store Manager on the sales floor and a customer with a completely full cart approached us. My store manager asked if she found everything she was looking for. She replied, “of course. I love this store- this is where I do all my weekly shopping. Except meat- I buy my meat at Whole Foods.” My Store Manager asked what cut of beef she normally bought and she answered “Filet Mignon.” He said “be right back” and stormed back to the meat department. He returned a few moments later with a $30 package of Publix’s new-at-the-time Greenwise Beef Filet Mignon. “Try these and let me know what you think,” he said as he marked the package as “no charge.” She took the package and assured him that she'd let him know what she thought. She went to a register and we went back to whatever discussion we were having. She did actually return the next week and told him she’d be buying the Greenwise steaks from now on.  But, the relatively small investment my store manager made in that customer would have paid off even if she didn’t like the steaks. He created a meaningful interaction that she probably still thinks about when she shops at Publix today. You can’t give the store away.

Pricing in a tough economy: When is a doorbuster deal a good idea? A doorbuster sale is when a particular item or a special selection of items is offered at a discounted price AND for a limited time. What it is not: An everyday value menu. Are you considering a doorbuster deal to drive traffic and boost sales? Five crucial factors to think about before rolling out a doorbuster deal: 1. Target Audience: Understand who your deal will attract and whether they align with your ideal customer profile. Will this deal bring in loyal customers or one-time deal seekers? 2. Inventory Management: Ensure you have enough stock to satisfy demand without overcommitting resources. A sold-out deal can turn into a customer service challenge if not handled correctly. 3. Profit Margins: Analyze the impact on your profit margins. It’s essential to know how much you can afford to discount and how it will affect your overall financial health. 4. Brand Perception: Consider what message your doorbuster deal sends about your brand. Know your segment of the industry and customer expectations for value and quality. Is it enhancing your brand value or potentially diluting it? 5. Long-Term Goals: Align your promotional strategies with your long-term business goals. Are you aiming for quick sales, or building customer loyalty? 💡 While these promotions can be incredibly effective, they aren’t suitable for every situation or every type of business: what works for QSR may not work well for fast casual or full-service restaurants. 💡 Always track the outcome of your promotions to refine future strategies. This data is invaluable for understanding what works and what doesn’t. Have you tried implementing a doorbuster deal in your business? What lessons did you learn? Share your experiences - let’s discuss the best practices for making customer deals work! #restaurants #restaurantmanagement #franchising #restaurantindustry #BusinessStrategy #SalesPromotion #Marketing #CustomerEngagement

I'm honestly surprised it took this long. Wendy's is the first large chain to announce a test of dynamic (aka surge) pricing. When digital store shelf tags started becoming more commonplace years ago, I figured this was the next logical step in stores. If not by time of day, you might consider weather, inventory, and the lighthouse of personalization. Today there is pricing by inventory (clearance sales) and personalization (personalized coupons) but this makes it more turnkey at shelf. Or at drive-thru as the case is now. Giving a discount to someone to upgrade to a Double Baconator the first time makes logical sense. But it doesn't make sense to do it once they are loyal to that unreasonable greatness. That said, shoppers (diners) expect to have consistent pricing, so HOW this is done is as critical as the fact that it's being done. If they can manage that and the PR issues, I expect that we'll see more of this beyond Wendy's in the future. What do you think? EDIT: by a quick scan of related articles, I realize this may be a controversial view. But I contend, it's all about the execution. #Wendys #surgepricing #turningshoppersintobuyers