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What is happening with TGI Fridays?
This week’s episode of the Restaurant Business podcast A Deeper Dive features a discussion on the recent Chapter 11 bankruptcy filing by the casual-dining chain TGI Fridays. RB Senior Editor Joe Guszkowski joins me on the podcast to discuss the situation.
TGI Fridays’ filing over the weekend was hardly a surprise, given the chain’s years of decline and its apparent death spiral this year.
The company recently lost control of much of its business after the trustee on its whole business securitization terminated it as the manager of most of its assets.
TGI Fridays also failed to secure a sale to its U.K. operator, which also ended up seeking debt protection in that country.
Joe and I talk about these issues and why Fridays filed for bankruptcy and what it says about the casual-dining sector. We talk about the causes of the filing and what will happen with the company from here. We also talk about the kinds of things that work in this environment. Because casual-dining chains can win in an environment like this.
We’re talking Fridays on A Deeper Dive so please check it out.
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What do we make of McDonald’s E. coli outbreak?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Bill Marler, the country’s leading attorney on food safety issues and foodborne illness outbreaks.
Marler is with the law firm Marler Clark. He has represented victims of outbreaks and consulted with companies on foodborne-illness issues for more than 30 years. We wanted to talk with him about the situation at McDonald’s.
As of now at least 75 people in 13 states, and likely many more, have been sickened after eating Quarter Pounders at McDonald’s. The issue appears to be linked to slivered onions.
We discuss this, how rare it is for McDonald’s to be involved in an outbreak like this, proving that it can happen to anybody. Marler gives us a lot of historical context. We talk about why beef has been relatively safe for the past 30 years but why vegetables—such as onions—now appear to be frequent causes of E. coli outbreaks.
And we talk about what companies can do to ensure that their food supply is safe.
We’re talking McDonald’s E. coli on A Deeper Dive so please check it out.
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What are we to make of the weird year in restaurants?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Kenny Kraft, a managing director with Houlihan Lokey, and Tyler Martinez, a vice president with the investment firm.
The three of us talk about the state of the restaurant industry, and there’s a lot to talk about. This year has been an odd one.
Consumers have cut back on dining out at fast-food chains and casual dining concepts but appear to be spending more at restaurants overall. Some chains are filing for bankruptcy and others like Wingstop are generating record high sales.
And many concepts are grabbing share, such as Chili’s, Popeyes and Domino’s.
We talk about what’s driving these share gains and these differences. We talk extensively about consumers’ perception of value, and how brands can get on the right side of consumer perception of quality.
We also talk a bit about the eatertainment sector and what’s driving challenges there this year.
We’re talking about the state of the restaurant industry on A Deeper Dive so please check it out.
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Can your restaurant use customer reviews to manage their business?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Avi Goren, the cofounder and CEO of the hospitality technology company Marqii.
Marqii does a few things, such as automating updates on menus and location data. But it also has a product that helps operators manage and track reviews.
We spoke with Avi at the recent FSTEC conference in Dallas about this because we’re fascinated by the impact reviews can have on restaurants, both good and bad.
Avi and I talked about reviews, their impact on restaurants, and how operators can use them to help manage their business. We talk about best practices and how a bad review isn’t necessarily a death knell.
We’re talking restaurant reviews on A Deeper Dive so please check it out.
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What are the benefits and drawbacks of artificial intelligence?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Richard Del Valle, the chief information officer with the Charlotte, North Carolina-based chicken chain Bojangles.
We spoke with Richard at the FSTEC restaurant technology conference in September.
We were interested in the efforts Bojangles was making in adding consumer-facing technology into its restaurants. In particular, Del Valle discussed the company’s use of voice-activated AI in the drive-thru.
AI is taking over much of the restaurant business. Bojangles has been adding the technology to its restaurant drive-thrus.
Del Valle talked about this effort and its impact on both customers and employees. He also talked about whether the technology can help restaurants save on labor. His answer may surprise you.
We’re talking AI on A Deeper Dive so please check it out.
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How do you market a brand like Jack in the Box?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Ryan Ostrom, the chief marketing officer for the San Diego-based burger chain.
This is a complicated environment in the restaurant industry and we wanted Ostrom on the podcast to talk about how to market a brand in an environment like this.
Ostrom and I talk about the complexities of this market, and about balancing the need for price-based promotions and customers’ desire for better fast food. We talk about the difficulties of marketing these days, given the presence of mobile orders and loyalty as well as traditional media.
We also talk about the chain’s strategy for new markets and its ability to make fun of its competitors.
And because it’s Jack in the Box we talk a lot about, you guessed it, tacos.
We’re talking marketing on A Deeper Dive so please check it out.
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Why is delivery so popular? Hint, it’s easy.
This week’s episode of the Restaurant Business podcast A Deeper Dive features Cameron Watt, the president and CEO of Intouch Insight, to discuss the firm’s recent study for Restaurant Business on third-party delivery at restaurants and convenience stores.
Intouch Insight is a customer experience consulting firm that works with companies across restaurants and retail. It uses secret shoppers to provide insights into a wide variety of issues, and recently examined service by the three major delivery companies: DoorDash, Uber Eats and Grubhub.
The results were fascinating. We discuss those results and why consumers appear satisfied with their delivery services. We talk about speed, accuracy and, most important, ease of use. We also talk about why delivery from restaurants appears to be better, by a fair bit, than delivery from convenience stores.
And we take a bit of a side trip to talk about growing competition between fast-food chains and convenience stores.
We’re talking delivery on A Deeper Dive, so please check it out.
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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.
Please check it out. -
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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