There was a study published this week from another restaurant advisor on the current state of the economy and the long road still ahead for the foodservice and hospitality industry. In essence, it says that “innovation” will be the key to a rebound – not growth, which epitomized many restaurant chain stories prior to the Great Recession. Here are a few excerpts from the study: “The NPD Group said further gains will be spurred by product innovation, unit redesigns and a move away from discounting. Despite improvement, per capital restaurant visits in 2010 reached only the same levels seen in 2005 as consumers continue to spend cautiously.” “What’s scary to me is that the bar-and-grill segment lost 37 million visits in the fourth quarter of 2010, which was a 2-percent decline, Solochek said.” “While many challenges remain for the industry, NPD has observed the return of families to restaurants. Restaurants have to have stuff on the menu that will at least be the tie-breaker for kids, Solochek said. As long as we get those parties coming back, that will be a huge win for the industry.” “Breakfast and evening snack, two day parts that largely weathered the recession and have grown, continue to perform well, NPD data showed.” You can read the full article about this restaurant advisor study here. In terms of your foodservice operation, what innovation in terms of design, menu, concept or theme are you planning in the next two years? Have you consulted a restaurant advisor to assist you and what has he or she said are the key factors to insure your changes are unique in comparison to your competition if anything??
