Up to 85% of restaurants could close, according to a study from the Independent Restaurant Coalition, which formed during COVID-19 to provide a voice for smaller operators. The IRC recommends the Federal Government establish a $120 million Restaurant Stabilization Fund to save the industry. The IRC contends establishing the fund will generate $248 billion in economic returns.
Like so many of his fellow restaurateurs, Cameron Mitchell was forced to close his operations to comply with government stay at home orders aimed to slow the spread of COVID-19. In Mitchell’s case this meant closing 36 restaurants and laying off 4,500 employees.
Despite the May sales increase at foodservice and drinking places, the restaurant industry faces a long road back. Surveys show manufacturing sector is picking up, and Foodservice receives more media coverage. McDonald’s results show the complexity of ever-changing industry dynamics.
Delivering restaurant food doesn’t seem to be high tech nor exciting nor financially spectacular. Despite this, almost overnight some investors became infatuated with food delivery, something pizza and Chinese restaurants had been doing for decades.
The effects of the coronavirus slam the foodservice industry. Hooter’s sees sports betting as part of its future. Hy-Vee supermarkets will convert 22 of its Market Grill Restaurants to Wahlburger restaurants. 7-Eleven tests a chicken concept in New York.
The National Restaurant Association projects a moderately good year for 2020. Restaurants hired 50,000 employees in February. Dine Brands will test ghost kitchens. Fogo de Chão does delivery its own way. Starbucks reopens stores in China.
The concept of meal kits is not a new one. Yet this segment is enjoying something of a rebirth thanks to coronavirus.
Foodservice Equipment & Supplies is the longest-running publication serving the decision-makers of the nearly $15 billion E&S industry.
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Foodservice Equipment & Supplies (FE&S) is the one media source that connects equipment and supplies manufacturers and service providers with the full distribution channel including news, trends and best practices for foodservice equipment dealers, specifiers, operators, and supply chain partners.
