Episoder
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What is the future of Whataburger under its new CEO?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Ed Nelson, the CEO of Whataburger, and Debbie Stroud, who will take the chief executive job at the end of the year when Nelson retires. They joined the podcast for an exclusive interview.
Whataburger is a Texas-based chain with more than 1,000 locations in 15 states. It had operated as a family-owned brand for 69 years before it was sold in 2019 to BDT Capital Partners.
Nelson has worked with the chain since 2004 and was named CEO in 2020. We talk with Ed about his tenure as chief executive, the transition from a family-owned brand to an investment firm-owned brand and how the company dealt with the pandemic. We also talk about the chain’s elevation of general managers into operating partners.
Stroud was brought in as chief operating officer last year. She had a long career with McDonald’s and Starbucks. We talk with her about her priorities for the brand, its future growth and the keys for its future success.
We also talk about technology and the love Texas consumers have for their homegrown burger chain.
It’s an exclusive interview with the current and future CEOs of Whataburger so please check it out.
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What is the future of Topgolf?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Mathew Focht, the founder and managing partner of the investment fund Emerging.
Emerging is a fund that invests in small technology and restaurant and entertainment concepts. The fund has invested in several food-and-entertainment brands.
Several such brands have emerged in recent years to combine restaurants with various activities, including minigolf, bowling, baseball, pickleball and even race cars.
Topgolf is one of the biggest names in that business. The company thrived coming out of the pandemic. It was sold to the golf equipment maker Callaway Brands in 2020 and the next year Callaway added Topgolf to its corporate name as the chain’s sales went through the roof.
But those sales have fallen more recently, prompting Topgolf Callaway to propose a spinoff. Meanwhile another food-and-games concept, Pinstripes, is cutting costs as its own sales fall. And Dave & Buster’s has also had sales problems.
We talked with Mathew about these issues and what they mean for Topgolf but also the emerging food-and-games sector, which is still receiving considerable interest from investors. Mathew and I talk about this as well as the overall state of investing in the restaurant space.
We’re talking Topgolf on A Deeper Dive, so please check it out.
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How does a pot-themed brand become one of the industry’s fastest-growing restaurant chains?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Marc Torres, the CEO of the fast-growing sandwich chain Cheba Hut.
The Fort Collins, Colorado-based chain has picked up its growth in recent years behind franchising and strong average unit volumes.
System sales grew 29% last year, according to Restaurant Business sister company Technomic. Average unit volumes are well over $2 million, far higher than traditional sandwich concepts.
Marc discusses Cheba Hut, its history and performance, including why it generates those volumes. We also talk about franchising.
He also talks about the company’s pot theme, and how it convinces customers and landlords that it is more than that. Cheba Hut does not sell any THC, and Torres notes that its marijuana theme can only get the company so far. Ultimately its food does the talking.
We’re talking Cheba Hut on A Deeper Dive, so please check it out.
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What do all these bankruptcies mean for the future of the restaurant industry?
In this week’s episode of the Restaurant Business podcast A Deeper Dive, RB editors Joe Guszkowski and Lisa Jennings join me to discuss the spate of bankruptcy filings this year and what they mean for the business.
Seventeen restaurant chains have filed for Chapter 11 debt protection this year, most of them since June.
That probably undercounts the true industry challenge as several companies are either close to filing or are doing an out-of-court restructuring. The filings include one of the industry’s biggest ever in Red Lobster.
We discuss these bankruptcies and get an update on where the businesses stand. We also talk about why these bankruptcies are happening now, four years after the pandemic.
We also get into a discussion on what works and how businesses can generate sales in a difficult environment.
Amid all the bankruptcy filings are companies like Chili’s and Wingstop that have reported ultra-strong sales. Why are they able to do that while others struggle?
We’re talking bankruptcies on A Deeper Dive so please check it out.
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What does the potential Circle K-7-Eleven deal mean for restaurants?
This week's episode of the Restaurant Business podcast A Deeper Dive features Hannah Hammond, a senior editor with RB sister publication CSP Daily News.
CSP covers convenience stores, and I wanted to talk with Hammond about the big news of the week—maybe the year—in the convenience-store industry: The proposed acquisition of Seven & i holdings by Alimentation Couche-Tard.
Seven & i is the Japanese owner of 7-Eleven and Alimentation Coche-Tard, or ACT, is the owner of Circle K. 7-Eleven is the country and world’s biggest convenience store chain. Circle K is No. 2 in the U.S. This was the equivalent of Starbucks proposing to buy McDonald’s.
Hammond talks about the deal and what it means for the companies themselves and the c-store business and whether it could get through the FTC. We also talk about what this means for the respective chains’ growing competition with quick-service restaurants.
And we talk about all kinds of other c-store stuff, including Wawa and Buccee’s and why convenience stores can’t spell the word Quick.
We’re talking c-stores on A Deeper Dive, so please check it out.
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How can operating a franchise lead to multi-generational success?
This week's episode of the Restaurant Business podcast A Deeper Dive features Kerri Harper-Howie, a second-generation McDonald's franchisee out of Los Angeles.
Harper-Howie has written a book: The Family Secret: The Business and Franchise Owner’s Guide to Building Generational Wealth. We talk about that book and the story behind it. We talk about her parents and why they got into the McDonald’s business.
We talk extensively about her mother and the impact she had, both on the family and on the people who worked with her.
We also talk about the benefits of getting into a franchise like McDonald’s and all kinds of other things such as the number of eggs I can crack at one time.
And we also talk about the operating environment out in California and what it takes to succeed there.
This is a great conversation about operating a McDonald’s on A Deeper Dive so please check it out.
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Why are some restaurant chains suddenly struggling in international markets?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Joel Silverstein.
Silverstein is a periodic guest on the podcast. He is the founder and CEO of the hospitality consulting firm Canyon Springs Advisors. He has helped a lot of companies grow in overseas markets.
I wanted to talk with him about the state of international development. We talk quite a bit about the state of the industry in China, where a number of U.S. chains have suddenly struggled but which are still intent on growing there.
We focus particularly on the coffee market, where Starbucks is struggling as is Tim Hortons. Both are watching as several aggressive upstarts, notably Luckin Coffee, have grown rapidly with low-priced coffee. We talk about that competition and what it means for the market there.
We also talk about the global economy and its impact on restaurant brands, as well as overall conditions in the U.S.
It’s a great conversation about international development on A Deeper Dive, so please check it out.
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Why should franchisees take private-equity investments?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Mike Esposito, the cofounder of Franchise Equity Partners.
Franchise Equity Partners is a private-equity firm specializing in the franchise business. Mike helped found the firm in 2021 to invest in all kinds of franchisees. Before that he had an extensive career in investment banking, working 20 years with Goldman Sachs. He is also a Jersey Mike’s franchisee.
We talked with Mike about the state of the restaurant business, mergers and acquisitions and other issues, and the result was an extensive, interesting conversation about what kinds of investments work these days and what do not.
We talk about the necessity of restaurants’ value push and the impact it could have on margins. We talk about the kinds of concepts that have distanced themselves in today’s markets and how you can know whether an emerging chain has legs or not.
And we also ask why a private-equity investment is a good idea for certain franchisees.
But the biggest question we ask him is whether he is buying or not. His answer to that question is instructive.
It’s a wide-ranging discussion on A Deeper Dive, so please check it out.
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How does an international restaurant chain break into the toughest market in the world?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Troy Hooper, the CEO of Pepper Lunch.
Pepper Lunch is a Japanese fast-casual chain in which customers largely cook the food themselves. It is part of a generation of concepts with unique business models that are rapidly establishing themselves in a U.S. market hungry for more Asian fare that provides interesting experiences.
Hooper became the CEO of Pepper Lunch last year. We wanted him on the podcast to talk about this brand and what he’s done to establish the concept in the U.S. It’s tough to break into this market, and he can provide some unique perspective on what it takes to do so. Hooper talks about what makes the brand tick and discusses its recent menu overhaul and how that fits into its plans. We talk about its unique menu overhaul and why Asian chains are taking off right now.
It's a fascinating discussion with one of the country’s more interesting emerging brands, so please check it out.
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Why are restaurants losing customers right now?
This week’s episode of the Restaurant Business podcast A Deeper Dive features R.J. Hottovy, head of analytical research with Placer.ai.
Hottovy has followed the restaurant industry for years, and the foot traffic data firm has been tracking customer counts to restaurants and retailers. In November, Placer.ai noted traffic suddenly falling to Starbucks shops, foretelling a sales challenge the coffee giant has dealt with all year.
We wanted Hottovy on the podcast to talk about these issues and about why restaurants are losing traffic. We also talked about the specific challenges facing Starbucks. We also get into plenty of other topics.
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Why is it better for small restaurant chains to band together?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Kelly Roddy, CEO of the brand platform company Woworks.
Woworks operates several restaurant concepts, including Saladworks, Garbanzo Mediterranean, Frutta Bowls, Simple Greek, Barberitos and ZEats.
It is one of a growing number of platform companies that collect small concepts, and these companies have been gobbling up a lot of brands lately. The idea is that they can get stronger buying power and therefore cheaper prices for franchisees, at least in theory.
They can also invest in technology. We asked Kelly about that and how it works.
We also ask about the market for mergers and acquisitions. Woworks is apparently in the market for a new chain and we talk about that, what the market is like, what kinds of companies they’re looking for and how they could fit in.
We’re talking brand collecting on A Deeper Dive, so please check it out.
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Can technology fix restaurants’ workforce issues?
This week’s episode of the Restaurant Business podcast features two different discussions.
First, we chat with Michelle Korsmo, the president and CEO of the National Restaurant Association. We chatted with Michelle at the National Restaurant Show in May and discussed a variety of issues, including the regulatory environment, how companies are dealing with soaring costs and the importance of restaurant technology.
And speaking of restaurant technology, we also have RB Senior Technology Editor Joe Guszkowski on to talk about drive-thru AI, an increasingly popular piece of technology. McDonald’s just ended its test of that technology and I wanted Joe to talk about what that means for the future of the innovation.
We also chat about Red Lobster.
It’s a two-for-one interview day on A Deeper Dive so please check it out.
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How do brands operate in a price-sensitive restaurant market?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Juan Martinez, the principal and founder of the consulting firm Profitality.
We periodically have Martinez on the podcast when we’re concerned about profits and, well, this is one of those times.
Consumers are frustrated by rising restaurant prices and are cutting back on dining frequency. Restaurants don’t have pricing power and are about to enter a value war. That could squeeze margins for some time.
How do you operate through that, particularly when many restaurants have already spent a lot of time cutting costs as it is?
Martinez and I talk about this challenge and what operators can do about it. We talk about value and what exactly that means in this day and age.
We’re talking about operating in a tough environment, so please check it out.
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What are the restaurant industry’s biggest concerns right now?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Scott Redler, the co-founder of Freddy’s Frozen Custard and Steakburgers.
We spoke with Scott at the National Restaurant Show in May and we chatted on a variety of issues. We wanted to talk with him about some of the bigger concerns in the industry right now, given regulatory efforts such as the $20 fast-food wage in California and other issues. I also wanted to talk about the overall operating environment, as many restaurants are struggling with weak traffic.
Scott has been busy in the three years since he and his co-founders sold a majority stake in Freddy’s to Thompson Street Capital Partners. We talk about what he’s been doing since then, including his role as the former chair of the National Restaurant Association.
It’s a wide-ranging conversation with the co-founder of Freddy’s on A Deeper Dive so please have a listen.
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How can restaurant chains survive in this market?
This week’s episode of the Restaurant Business podcast A Deeper Dive features longtime industry executive James Walker.
At the moment, Walker has multiple titles. He is the chief culinary and concept officer for Experiential Brands, a concept creation engine that has created brands such as the Original Hot Chicken, Inked Tacos and Pinsa Roman Pizza.
He is also the CEO of Frisch’s Restaurants, the family-dining brand.
We talked with Walker at the National Restaurant Show last month, and it was a wide-ranging conversation. We talked with him about Frisch’s and his new concepts.
But we also got into a discussion on the state of the industry. Traffic has been down throughout the industry amid high prices, but plenty of chains, like Wingstop, Sweetgreen and many others, have done just fine. And plenty of hot independent restaurants remain tough to get into.
We talk about that and what differentiates the winners and the losers.
We’re talking all things restaurants on A Deeper Dive so please check it out.
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What is the future of Red Lobster?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Victor Fernandez, the vice president of insights and knowledge at GuestXM.
GuestXM provides industry performance metrics, notably the Black Box index of industry sales and traffic.
I wanted Victor on the podcast so we could talk about the state of full-service restaurants, particularly a certain seafood chain that is filing for bankruptcy. We talked during the National Restaurant Show in Chicago.
Red Lobster filed for bankruptcy last month and has already closed 100 locations. It could close a lot more than that if it can’t renegotiate leases.
There are plenty of reasons Red Lobster is in this situation, but we wanted to get an assessment of the full-service climate, and how much that might have contributed. We talked about a host of other topics during the conversation as well, so it was a great snapshot of the state of the restaurant industry right now.
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How has Dutch Bros changed its real estate strategy?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Christine Barone, CEO of the drive-thru beverage chain.
Dutch Bros is coming off a strong quarter under its relatively new chief executive, and we talk about a host of topics.
We discuss how Dutch Bros is refining its real estate strategy and what that means. We chat about fortressing, and why Dutch Bros believes building more locations in a market is important to the brand’s customers.
We talk about competition in the beverage space, particularly drive-thru beverages.
We chat about the company’s strong first quarter and what drove those sales—hint, boba tea helped—and how that reflects consumers’ changing beverage habits. And we talk about customization and energy drinks and all kinds of things.
This week’s episode is all about drinks, so please check it out.
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What does the Technomic Top 500 tell us about the restaurant industry right now?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Joe Pawlak, managing principal with Technomic. And we talk all about the report and the trends that it reveals.
The Top 500 is essentially data on the chain restaurant industry, since that data makes up the vast majority of chain sales. Restaurant sales increased more than 8% last year, but that was due entirely to prices and some unit growth, rather than traffic.
We talk about some chains on that Top 500, including the chicken business, specifically Popeyes and KFC, and why one of those chains has been able to thrive in a changing market for chicken.
We also talk about how top heavy the Top 500 is getting, given performance of chains high up on the list. We talk about which sectors are doing the best and get into a discussion on the beverage business.
And we talk about what chains have the most potential to hit the Top 10.
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How is Pinstripes upgrading the bowling experience?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Dale Schwartz, the CEO of the growing eatertainment concept Pinstripes.
Dale joined us at the Restaurant Leadership Conference in April.
We talk about, well, Pinstripes, a concept that combines bowling and bocce with a restaurant. It is part of the fast-growing eatertainment sector led by such concepts as Top Golf.
Schwartz talks about the chain’s history and what makes his concept different than others. He also explains its heavy reliance on events for much of the chain’s sales, and how those events help the brand. We also talk about what makes the brand different than other bowling alleys.
We also talk about the need to have a great experience and great food, given the growing competition in the eatertainment space these days.
And we talk about the chain’s decision to go public via special purpose acquisition company, or SPAC.
We’re talking bowling and bocce on A Deeper Dive so please check it out.
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Who is winning the chicken wars?
This week’s episode of the Restaurant Business podcast A Deeper Dive features a discussion on recent earnings with RB Executive Editor Lisa Jennings.
A huge number of earnings have come in and many of them are head-scratchers. While a lot of chains have done really well, like Wingstop and its 22% same-store sales number, others have not, such as KFC and its sales decline.
We discuss that issue, and what the first quarter means for the chicken market in general, including Popeyes and Chick-fil-A.
We also contrast the performance of Chipotle and Starbucks, and why one chain can do well despite concerns about prices, while another cannot.
We’re talking earnings on A Deeper Dive so please check it out.
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