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The restaurant industry is expected to <keyword id="22996156" type="General" weightage="20" keywordseo="turn-around" source="keywords">turn around</keyword> on the back of India's overall strong fundamentals after facing temporary headwinds such as high <keyword id="19999654" type="General" weightage="20" keywordseo="food-inflation" source="keywords">food inflation</keyword> and people <keyword id="19995898" type="General" weightage="20" keywordseo="dining-out" source="keywords">dining out</keyword> less that hurt the sector in the first quarter, according to <keyword id="22996436" type="General" weightage="20" keywordseo="Speciality-Restaurants-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Speciality Restaurants Ltd" meta.hostid="153" meta.entityid="Speciality Restaurants Ltd">Speciality Restaurants Ltd</keyword> <keyword id="22996437" type="General" weightage="20" keywordseo="CMD-Anjanmoy-Chatterjee" source="Orion">CMD Anjanmoy Chatterjee</keyword>. The company, which has a slew of brands such as Mainland China, Asia Kitchen by Mainland China, Episode One, Haka, and Sweet Bengal, among others and shut 29 outlets during the pandemic, is now focusing on <keyword id="20596119" type="General" weightage="20" keywordseo="profitable-growth" source="keywords">profitable growth</keyword> while expanding its footprint. "It should be clear that India not eating out or inflation not settling down is something which I don't believe in. India is better than many more countries...," Chatterjee told PTI. He was responding to a query on how long factors such as high food inflation and people dining out less after the diminishing of '<keyword id="22996157" type="General" weightage="20" keywordseo="revenge-eating" source="keywords">revenge eating</keyword>' post pandemic that affected the restaurant industry, will continue to impact the sector. "It is a short-term phenomenon. It will settle down once the food inflation comes down," he said, however, adding it would also depend on employment generation and the rise of <keyword id="22996435" type="General" weightage="20" keywordseo="disposable-incomes" source="keywords">disposable incomes</keyword>. "I'm very sure this will turn around," he asserted. As per government data, food inflation in July was 3.45 per cent, down from 10.87 per cent in June, mainly due to month-on-month decline in prices of vegetables, cereals, pulses and onion. Chatterjee, however, said in the first quarter of this fiscal for players in the sector from QSR and fine dining to casual dining, things have not been very good as 'revenge eating' had diminished, while food inflation coupled with competition from cheaper unorganised players also played a part. Asked about the company's expansion plans, he said,"We are looking at controlled, profitable growth, intentionally done with a geographical expansion of not cannibalising the existing stores." Flagship brand Mainland China, its variant Asia Kitchen by Mainland China will be the main growth drivers along with the new one, Episode One, he added. Last fiscal, he said the company opened four restaurants and similarly another three to four are expected subject to availability of space in time. In the first quarter ended June 30, <keyword id="19980909" type="General" weightage="20" keywordseo="speciality-restaurants" source="keywords">Speciality Restaurants</keyword> had reported total income of Rs 111.52 crore and PAT of Rs 7.64 crore.

Restaurant sector expected to turn around after tough Q1: Speciality Restaurants CMD

<ul class="summary-list"><li>The S&amp;P 500 has defied even the most optimistic estimates so far in 2024.</li><li>A long-time technical strategist now believes the path of least resistance is higher.</li></ul>US stocks continue to shatter the expectations of skeptics and believers alike.Wall Street was <a target="_blank" href="https://www.businessinsider.com/2024-outlook-stock-market-economy-recession-investing-forecast-wall-street-2023-12">mostly upbeat about equities heading into 2023</a>, though even the most bullish investment firms thought the S&amp;P 500 would finish this year at 5,100 — a level it has exceeded already. From mid-December to mid-January, three outfits <a target="_blank" href="https://www.businessinsider.com/2024-earnings-growth-outlook-economy-recession-risk-wall-street-predictions-2024-1">had already lifted their price targets</a>, though they hardly seem bullish now that the index has surged beyond those levels.Resisting this rally is a fool's errand, according to David Keller, the chief market strategist at <a target="_blank" href="http://StockCharts.com">StockCharts.com</a>. The long-time chartmaster <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-how-to-invest-pullback-prediction-chartmaster-keller-2024-1">warned of a near-term pullback</a> as the S&amp;P 500 approached its previous record high but has since abandoned his cautious call.Barring an unexpected disaster, the technical strategist is now counting on continued strength."What you have to be in this environment is a trend-follower," Keller said in an interview with Business Insider. "Respect the trend; follow the trend as long as it goes."<h2>Why the market is on solid footing</h2>The market's ability to stack gains while avoiding a meaningful drawdown is rare, Keller said."I'm certainly surprised by the consistency of the uptrend," Keller said. "What happens usually — I mean in a plain vanilla market — is you get some meaningful pullbacks along the way. And if you look at the S&amp;P and the Nasdaq 100 — the major averages — they've been just very consistent."What's perhaps most encouraging about the latest rally is that it's not top-heavy, Keller said. The so-called Magnificent Seven stocks held together last year's market.Fast-forward to early March, and many of those mega-cap growth names remain hot, especially Nvidia and Meta. But Keller noted that the Magnificent Seven monolith seems to be dissolving since several names have pulled back significantly, specifically Alphabet, Apple, and Tesla.Although Keller acknowledged that negative momentum for some of the market's biggest stocks is a near-term headwind for the S&amp;P 500, he said a rotation toward less-heralded companies would be a net positive going forward.<div type="image" title="SPX chart 3-6" height="800" width="1600" msid="108474516" hostid="261" sizebytes="82972"></div>The S&amp;P 500 should end the year above today's levels, Keller said, though he doesn't have a specific year-end price target for the index. Key levels to monitor in the near term are 5,050 and 4,910, he said, adding that he'd likely be a buyer if there were a modest pullback to those levels."At this point, the long-term trends are still very much pretty healthy here," Keller said. "So I think the market's innocent until proven guilty, and I just haven't seen enough at a high level to say that it's guilty yet."<h2>6 top investments to make</h2>Improving market breadth presents exciting opportunities for stock-pickers, Keller said. Broader outperformance means there are more ways for investors looking in the right places to win."I like that idea, at this point, of diversifying away from mega-cap growth," Keller said. "I think one thing I'm certainly getting is that green light to not just own Microsoft and Apple anymore."Keller added: "I think to outperform in this period, you're going to be better off going outside of those mega-cap growth names and into other areas of the market earlier on in their uptrends."<div type="image" title="QQQ chart Keller" height="800" width="1600" msid="108474518" hostid="261" sizebytes="81994"></div>Several sectors and industries are starting to break out, Keller said, adding that a handful are especially attractive. The chartmaster also named some stocks that fit the bill he described.Companies tied to the travel and tourism industry, including hotels like Hilton (<a target="_blank" href="https://markets.businessinsider.com/stocks/hlt-stock">HLT</a>) and Marriott (<a target="_blank" href="https://markets.businessinsider.com/stocks/mar-stock">MAR</a>), and rival short-term rental platform Airbnb (<a target="_blank" href="https://markets.businessinsider.com/stocks/abnb-stock">ABNB</a>), are just starting to break out, Keller said. The same is true of several restaurants, including Restaurant Brands International (<a target="_blank" href="https://markets.businessinsider.com/stocks/qsr-stock">QSR</a>), which is the parent company of Popeyes and Burger King.Healthcare stocks have also caught fire lately, specifically those in the biotechnology industry, Keller said. He cited the iShares Biotechnology ETF (<a target="_blank" href="https://markets.businessinsider.com/etfs/ishares-biotechnology-etf-us4642875565">IBB</a>) as an enticing way to get exposure to that group, though the fund is only up about 1.5% for the year after a 12.3% surge in December.Economically sensitive sectors like industrials and materials also appeal to Keller, as both have charged steadily higher in the last month, besting the red-hot S&amp;P 500 in the process.

6 ways to diversify away from mega-cap growth after a monstrous market rally, according to a veteran chartmaster

<ul class="summary-list"><li><keyword id="11916300" type="UNKNOWN" weightage="60" keywordseo="mcdonalds" source="Orion">McDonald's</keyword> recently announced changes to how franchisees are evaluated in order to make the system more transparent and consistent. </li><li>Some owners say the changes are the latest insult from McDonald's.</li></ul>Tensions are high between McDonald's corporate and certain franchisees according to a new survey of owners viewed by Insider.In the survey — from the National Owners Association (NOA), an <a href="https://www.nrn.com/quick-service/mcdonald-s-operators-move-form-franchisee-association">"owners advocacy group" </a>formed in 2018 that says it represents about 1,300 of McDonald's more than 2,400 <keyword id="12145624" type="UNKNOWN" weightage="60" keywordseo="franchise" source="Orion">franchise</keyword>es — 98% of respondents said that McDonald's leadership should have "consulted and collaborated with Owner leadership before announcing franchise changes."A large majority, 95%, answered no when asked if "senior corporate management [at McDonald's] has the best interests of the owners in their approach to franchising." About 400 franchisees responded to the survey, representing a minority of about 17% of owners. The conflict centers on recent changes to the franchising system first reported by <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Fmcdonalds-tightens-restaurant-ownership-rules-as-it-looks-for-new-franchisees-11656010130">The Wall Street Journal.</a> Current franchisees will be subject to stricter reviews every 20 years to keep their restaurants, and the company will now consider factors including customer complaints and performance history when owners apply to keep or expand their restaurants. Franchisees said the changes were "unexpected" and an "overreach," to <a href="https://www.restaurantbusinessonline.com/financing/mcdonalds-toughening-its-franchise-ownership-standards">Restaurant Business Online.</a> McDonald's says the changes will bring "greater clarity, transparency and consistency into our franchising process," according to US president Joe Erlinger in a letter to the system. The more stringent franchising requirements will allow the chain to "keep pursuing our ambitious growth goals" and answer the questions "How will we keep defining excellence? How do we create the greatest opportunity for future generations?".Erlinger writes that the updated franchise rules are a continuation of McDonald's 2021 plan to recruit franchisees from more diverse backgrounds. "This change is in keeping with the principle that receiving a new franchise term is earned, not given," Erlinger said. McDonald's says changes to the system are designed to attract the best franchisees going forward, who "might come from within or outside the system," Erlinger said during a speech at the McDonald's Worldwide Convention in April viewed by Insider. "It means finding and making room for the best and the brightest."The new franchising rules, which would go into effect in 2023, could potentially have the biggest impact on long-term and multi-generational operators. That's because the new rules treat multi-generation franchisees and newer owners in the same way as McDonald's tightens its requirements for renewals.<a href="https://www.nrn.com/quick-service/mcdonald-s-buy-out-caspers-company-franchise-group">McDonald's recently bought out third-generation franchisees in Florida, The Casper Company,</a> part of a trend of the company buying large, influential franchises to diversify ownership, <a href="https://www.restaurantbusinessonline.com/financing/mcdonalds-buying-out-one-its-biggest-most-prominent-franchisees">according to Restaurant Business.</a> Casper owns 60 restaurants.Conflicts <a href="https://www.businessinsider.com/mcdonalds-franchisees-civil-war-resolved-technology-fee-2021-3">between McDonald's corporate and its franchisees</a> are not uncommon, and they <a href="https://www.restaurantbusinessonline.com/financing/black-mcdonalds-franchisees-say-they-still-face-financial-inequality">go far beyond</a> the latest <a href="https://www.businessinsider.com/mcdonalds-franchisee-reveals-why-he-left-company-2015-9">franchising changes.</a>Blake Casper, CEO of the Casper Company, was also a founding member of the NOA and <a href="https://nationalownersassociation.com/leadership/">serves as its chairman and director.</a> The impetus for founding the organization under Casper's leadership was to push for greater franchisee control of <a href="https://www.nrn.com/quick-service/mcdonald-s-operators-move-form-franchisee-association">menus and pricing.</a> Casper's influence was large enough among franchisees to make corporate pay attention, <a href="https://www.nrn.com/quick-service/mcdonald-s-operators-move-form-franchisee-association">Mark Kalinowski of Kalinowski Equity Research said at the time.</a>Conflicts between franchisee operators and corporate show no signs of abating even as <a href="https://www.businessinsider.com/mcdonalds-says-inflation-is-good-for-business-2022-4">sales are reaching record levels</a> and <a href="https://www.cnbc.com/2022/04/28/mcdonalds-mcd-q1-2022-earnings.html">revenues continue to exceed Wall Street's expectations.</a>Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

Some McDonald's franchisees say in a leaked survey the chain's business changes go too far

<ul class="summary-list"><li><keyword id="11916300" type="UNKNOWN" weightage="60" keywordseo="mcdonalds" source="Orion">McDonald's</keyword> cut snack wraps from menus because they were too complicated to make.</li><li>Snack wraps didn't sell as well as the chain expected.</li></ul>Fans of the McDonald's snack wrap shouldn't hold their breath for it to return to menus any time soon. There are no plans to bring them back to US menus, the company confirmed to Insider. The snack wrap is simple: grilled or crispy chicken, lettuce, cheese, and and sauce wrapped in a tortilla. As a product of the 2000s, McDonald's initially <a href="https://www.salon.com/2022/05/01/its-time-for-mcdonalds-to-bring-back-the-snack-wrap-their-best-lunch-item-ever/">promoted them with Heidi Klum</a> after their 2006 launch. Snack wraps were intended to appeal to younger consumers who wanted <a href="https://www.qsrmagazine.com/news/mcdonalds-introduces-new-snack">healthier snacks they could eat on the go. </a>A decade later, McDonald's removed snack wraps from national menus, though individual franchisees could still choose to sell them. It turns out customers didn't want healthy options from McDonald's."A lot of people who eat at restaurants aren't interested in health and wellness," Edward Jones analyst Jack Russo <a href="https://www.bloomberg.com/news/articles/2016-04-14/mcdonald-s-cuts-wraps-from-menus-after-millennials-don-t-bite">told Bloomberg in 2016.</a> You've got to give the people what they want."They were also a major pain for restaurants. They took <a href="https://www.bloomberg.com/features/2015-mcdonalds-franchises/">too long for workers to make</a>, from steaming the tortillas to cutting chicken and folding the ingredients up to fit in the cardboard boxes. McDonald's <a href="https://www.bloomberg.com/features/2015-mcdonalds-franchises/">franchisees complained</a> about how inefficient they were to make and pushed to remove them from menus as the chain pushed to keep service time low. The snack wrap wasn't successful in part because it went up against the growth of other healthy fast-food chains, like <a href="https://www.businessinsider.com/mcdonalds-is-cutting-wraps-from-menu-2016-4">Panera and Chipotle</a>. It also had the bad luck of going head to head against the highly popular <a href="https://www.bloomberg.com/news/articles/2016-04-14/mcdonald-s-cuts-wraps-from-menus-after-millennials-don-t-bite">all-day breakfast</a>. Wraps and continuing breakfast after 10:30 a.m. both <a href="https://www.bloomberg.com/news/articles/2016-04-14/mcdonald-s-cuts-wraps-from-menus-after-millennials-don-t-bite">added complexity to kitchens</a> that made service slower, and one had to go. Breakfast was more popular with customers, so it won out. Then in 2020, McDonald's removed it from US menus completely as part of a <a href="https://www.businessinsider.com/mcdonalds-subway-popeyes-chains-finally-introducing-new-menu-items-2021-9">larger menu simplification. </a>Now, McDonald's is seeing <a href="https://www.businessinsider.com/mcdonalds-says-inflation-is-good-for-business-2022-4">growing sales</a> and shrinking wait times for drive-thrus. The chain has found a way to introduce <keyword id="12094312" type="UNKNOWN" weightage="60" keywordseo="menu" source="Orion">menu</keyword> items without adding complexity for workers, with <a href="https://www.businessinsider.com/mcdonalds-bts-meal-collaboration-2021-4">Famous Orders</a>, <a href="https://www.businessinsider.com/mcdonalds-new-menu-hacks-promotion-is-a-smart-strategy-for-the-pandemic-2022-1">Menu Hacks</a>, and the return of <a href="https://www.businessinsider.com/mcdonalds-is-selling-szechuan-sauce-again-for-a-limited-time-2022-3">Szechuan sauce.</a> With these low-cost menu additions, there's little incentive to add new complexities that would anger franchisees like snack wraps. Recently, McDonald's fans have made some efforts to show McDonald's that they want snack wraps back. A search for <a href="https://twitter.com/search?q=McDonald%27s%20snack%20wrap&amp;src=typed_query&amp;f=top">"McDonald's snack wraps"</a> on <a href="https://twitter.com/filmmakerflying/status/1521550696277028866?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">Twitter</a> reveals <a href="https://twitter.com/lilbody_jas/status/1521627933751889922?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">hundreds</a> of <a href="https://twitter.com/b0nxlxss/status/1521211537846898689?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">customers</a> <a href="https://twitter.com/Ferrie_Tale/status/1521834213342859264?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">begging</a> for its <a href="https://twitter.com/RiederHunley/status/1521247523385524224?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">return</a>. Some tweets even <a href="https://twitter.com/maddyho7/status/1517136778011889664?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">ask singer Doja Cat</a> to bring <a href="https://twitter.com/ivyeveritt/status/1517210749235437568?s=20&amp;t=oMxjQWsV_ah6FiqtzOWJ-Q">back the wraps</a>, after her involvement in <a href="https://www.businessinsider.com/when-is-taco-bell-mexican-pizza-coming-back-2022-4">Taco Bell's Mexican Pizza return. </a>For US customers who can't wait any longer for their snack wrap fix, they're still on McDonald's menus in Canada.Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

Why McDonald's got rid of the snack wrap &mdash; and why it's not coming back any time soon

<ul class="summary-list"><li><keyword id="11916300" type="UNKNOWN" weightage="60" keywordseo="mcdonalds" source="Orion">McDonald's</keyword> just reported sales growth despite raising prices. </li><li><keyword id="6372044" type="UNKNOWN" weightage="60" keywordseo="grocery" source="Orion">Grocery</keyword> prices are rising faster than <keyword id="11894143" type="UNKNOWN" weightage="60" keywordseo="fast-food" source="Orion">fast food</keyword> prices, according to <keyword id="11948639" type="UNKNOWN" weightage="60" keywordseo="bls" source="Orion">BLS</keyword>.</li></ul><keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">Inflation</keyword> is pushing up prices across the economy, but that might actually be good news for fast-food chains. McDonald's menu prices are up 8% over where they were this time last year, <a href="https://www.reuters.com/business/retail-consumer/mcdonalds-leans-price-hikes-beat-sales-estimates-2022-04-28/">the chain told investors.</a> Even so, it just reported sales were up 3.5% for the first quarter of 2022 over the previous year, despite data showing that <a href="https://www.businesswire.com/news/home/20220421005294/en/Consumers-Cut-Back-on-Dining-Out-Entertainment-and-Vacations-in-Response-to-Inflation-According-to-New-First-Insight-Inflation-Report">nearly half of consumers plan to reduce spending on dining out</a> because of rising prices. These sales are an increase over 2021 numbers, which <a href="https://corporate.mcdonalds.com/corpmcd/en-us/our-stories/article/FinancialNews.Q1-2021-earnings.htm">surpassed 2019 pre-pandemic levels. </a>CFO Kevin Ozan offered a partial explanation for this trend."Food at home has been increasing even more than food away from home, so that's probably been a little benefit to us also," he told investors in the Thursday call.Consumer Price Index (<keyword id="11995266" type="UNKNOWN" weightage="60" keywordseo="cpi" source="Orion">CPI</keyword>) data from the Bureau of Labor Statistics bear that out. In March 2022, when McDonald's first quarter ended, all food was up 10% over March of 2021. Food prices rose 1% from the previous month. In the breakdown of the data, more of that inflation is impacting food at home, which includes grocery store purchases.Food at home prices rose 10% in the last 12 months, the biggest jump since 1981. Food away from home, including restaurant purchases, also rose by 6.9%. These relative inflation rates might explain why customers seem unbothered by rising prices at their fast-food chain of choice. McDonald's prices increases 8% in the last year, but <keyword id="12030538" type="UNKNOWN" weightage="60" keywordseo="beef" source="Orion">beef</keyword> prices at the grocery store were up a whopping 16%. In that context, a burger from McDonald's might look more attractive to the price-conscious shopper.Skyrocketing grocery prices might also explain why other chains like <keyword id="11975833" type="UNKNOWN" weightage="60" keywordseo="chipotle" source="Orion">Chipotle</keyword> are similarly reporting continued growth, <a href="https://www.businessinsider.com/chipotle-increasing-prices-customers-dont-mind-2022-4">even in the face of price increases across the menu.</a> CFO Jack Hartung told investors on April 26 that Chipotle has seen "very little resistance to the pricing so far."Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

McDonald's says sales are up partially because inflation is causing grocery prices to rise faster than fast food

<ul class="summary-list"><li>An estimated 23% of <keyword id="11916300" type="UNKNOWN" weightage="60" keywordseo="mcdonalds" source="Orion">McDonald's</keyword> workers make under $10 an hour, a new study found.</li><li>This is a higher percentage of workers than at competing fast-food chains.</li></ul>McDonald's workers have some of the lowest <keyword id="6356975" type="UNKNOWN" weightage="60" keywordseo="wages" source="Orion">wages</keyword> in the fast-food industry, according to new data released by the Economic Policy Institute (EPI).The Wage Tracker project from EPI found that <a href="https://www.epi.org/company-wage-tracker/">23% of McDonald's workers</a> make less than $10 per hour, based on survey results collected in March and November 2021. The left-leaning, pro-union think tank says that it surveyed over 20,000 workers at 66 chains across the US, with an average of 317 respondents per chain. A wage of $10 per hour works out to a salary of $20,000 a year for someone working typical 40-hour workweeks. The number of workers making under $10 an hour was higher at McDonald's than at any of its competitors studied by EPI. In comparison, 14% of Taco Bell workers, 17% of Burger King workers, and 11% of Chick-fil-A workers make less than $10. McDonald's also employs more workers than these competitors, with nearly 700,000 US workers as of 2019. McDonald's told Insider in a statement that it disputes the results. It says the survey "relies on a small sample size and dated information." McDonald's also increased wages by an average of 10% in May 2021 with plans to increase the average hourly wage to $15 by 2024, the chain said. These changes <a href="https://www.businessinsider.com/fast-food-workers-use-labor-shortage-to-demand-higher-pay-2021-7">only applied to about 5% of US McDonald's workers.</a> McDonald's says many franchisees, who employ the rest of the chain's workers, have raised wages over the last year and added PTO, education, and tuituon benefits."We will continue to focus on what's most important to our people – pay and benefits, training and growth opportunities, and recognition and appreciation – to attract and retain talent in this competitive hiring environment," McDonald's told Insider in a statement. Fast-food workers have had more leverage in the past year as businesses struggled to retain and hire employees, and many workers saw this as a chance to demand higher wages and better benefits. Over the last year, restaurants couldn't keep locations staffed at pre-pandemic levels, so they have to compete for workers with sign-on bonuses and other perks. The labor shortage in many sectors of the <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> is a <a href="https://www.businessinsider.com/retail-workers-leaving-quit-over-nightmare-customers-low-pay-2021-5">boon to some dissatisfied retail workers</a> who are suddenly able to shop around for new jobs. Workers received some concessions, like <keyword id="11975833" type="UNKNOWN" weightage="60" keywordseo="chipotle" source="Orion">Chipotle</keyword>'s move to <a href="https://www.businessinsider.com/chipotle-mexican-grill-to-raise-wages-to-an-average-of-15-an-hour-2021-5">raise the average wage to $15 per hour, an increase of $2</a>, and <keyword id="11897508" type="UNKNOWN" weightage="60" keywordseo="starbucks" source="Orion">Starbucks</keyword>' commitment to raising its average wage to $17 an hour by summer 2022 <a href="https://www.nytimes.com/2021/10/28/business/starbucks-wage-increase.html#:~:text=On%20Wednesday%2C%20the%20company%20outlined,percent%20raise%20starting%20January%202022.">under threat of unionization.</a> But not all workers have benefitted from these raises. The federal minimum wage was last increased in 2009, to its current level of $7.25. Some states have higher minimums, but in 2019, 392,000 workers earned the federal minimum wage, and 1.2 million earned less, according to a <a href="https://www.bls.gov/opub/reports/minimum-wage/2019/home.htm">Bureau of Labor Statistics report,</a> <a href="https://www.businessinsider.com/what-a-15-minimum-wage-would-mean-businesses-workers-employment-2021-1">Juliana Kaplan reported for Insider.</a>These wages on the lower end of fast-food workers also result in less purchasing power thanks to <a href="https://www.businessinsider.com/inflation-cpi-march-bright-spots-signal-cooling-core-price-growth-2022-4">rapid inflation</a>, which hit a 41-year high in March.Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

Nearly one-quarter of McDonald's workers make less than $10 an hour, according to a new survey

<ul class="summary-list"><li><keyword id="11939887" type="UNKNOWN" weightage="60" keywordseo="sweetgreen" source="Orion">Sweetgreen</keyword> and Applebee's are both adding drive-thrus this year.</li><li>Drive-thrus dominated <keyword id="11894143" type="UNKNOWN" weightage="60" keywordseo="fast-food" source="Orion">fast food</keyword> during the pandemic and spread to fast-casual chains.</li></ul>Drive-thrus have undeniably taken over fast food and made headway into fast-casual, and now they're coming for <keyword id="12030536" type="UNKNOWN" weightage="60" keywordseo="casual-dining" source="Orion">casual dining</keyword>. Salad chain Sweetgreen just announced plans for a <a href="https://www.businesswire.com/news/home/20220323005894/en/Sweetgreen-to-Open-Its-First-Ever-%E2%80%9Csweetlane%E2%80%9D-Restaurant-Concept">drive-thru "sweetlane"</a> in Illinois in the next year. The concept seems similar to <keyword id="11975833" type="UNKNOWN" weightage="60" keywordseo="chipotle" source="Orion">Chipotle</keyword>'s drive-thru as a competing fast-casual chain, with a similar name. Chipotle debuted its <a href="https://www.businessinsider.com/chipotles-chipotlane-drive-thru-review-2021-1">Chipotlane drive-thrus</a> in <a href="https://www.qsrmagazine.com/fast-casual/inside-rise-game-changing-chipotlane">2019</a>, and they've proven to be a huge success so far. Restaurants that include a Chipotlane have about <a href="https://www.businessinsider.com/chipotle-and-starbucks-are-embracing-drive-thrus-2021-11">15% higher sales</a> than restaurants opened in the same period of 2021 without the drive-thru lane, <a href="https://www.businessinsider.com/chipotle-is-embracing-drive-thrus-and-digital-orders-2021-10">Chipotle said in a statement.</a> Of the 41 new Chipotles that opened in Q3 2021, 36 of them have Chipotlanes, and Chipotle plans to continue investing in them and see further growth.The more surprising addition is Applebee's, which plans to expand into drive-thrus this year with one coming soon in South Carolina and more throughout the rest of the year, the chain said during a March 2 earnings call. There might be as many as 15 drive-thru Applebee's stores by the end of 2022, including both new builds and conversions of existing restaurants, <a href="https://www.forbes.com/sites/aliciakelso/2022/03/03/applebees-will-aggressively-lean-into-drive-thrus-as-it-gets-back-to-new-unit-growth/?sh=633127b75f8c">Applebee's President John Cywinski said.</a>He noted the convenience and efficiency aspects mentioned by Chipotle."What we know is the model facilitates a much more efficient model where it's easier for the guest, better for the team members, and more profitable for the franchisees," <a href="https://www.forbes.com/sites/aliciakelso/2022/03/03/applebees-will-aggressively-lean-into-drive-thrus-as-it-gets-back-to-new-unit-growth/?sh=633127b75f8c">Cywinski told Forbes.</a> "Not everyone has an hour and a half to dine in, and this model will make us that much more attractive."While drive-thrus were already important to the fast-food business, the COVID-19 pandemic sped up their evolution. Suddenly drive-thrus weren't just a way to do business, they were the primary way customers felt safe visiting restaurants amid closed dining rooms and health concerns. Typically, drive-thrus account for <a href="https://www.qsrmagazine.com/reports/2018-qsr-drive-thru-study">70% of sales at fast-food chains.</a> But in 2020 chains like Wendy's and McDonald's said it was closer to 90%. Chains that already had drive-thrus, like McDonald's, Chick-fil-A, and Taco Bell, expanded them to <a href="https://www.businessinsider.com/mcdonalds-drive-thru-improvements-and-new-packaging-2020-11">include multiple lanes and handle digital orders.</a> Fast-casual chains like Panera, Chipotle, and <a href="https://www.businessinsider.com/shake-shacks-restaurants-are-getting-a-redesign-photos-2021-1">Shake Shack</a> invested in growing their drive-thru presence in ways that customers were showing a clear preference for. Casual dining joining the drive-thru craze is a natural next step in a gradual erasing of the border between the different categories of restaurants, reflecting a change in how customers view their eatery options.Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

The drive-thru has dominated fast food and taken over fast casual. Now it's coming for casual dining.

<ul class="summary-list"><li>Tim Hortons reported sales growth after a slump thanks to the <keyword id="12145957" type="UNKNOWN" weightage="60" keywordseo="justin-bieber" source="Orion">Justin Bieber</keyword> partnership.</li><li><keyword id="11892865" type="UNKNOWN" weightage="60" keywordseo="rbi" source="Orion">RBI</keyword>'s CEO praised the collaboration for garnering social media attention from younger customers.</li></ul><keyword id="11909377" type="UNKNOWN" weightage="60" keywordseo="coffee" source="Orion">Coffee</keyword> chain Tim Hortons is reporting some much-needed sales growth thanks to <a href="https://www.businessinsider.com/mcdonalds-dunkin-popeyes-celebrity-partnerships-brilliant-strategy-2021-11">Justin Bieber's doughnut collaboration.</a>Bieber and Tim Hortons announced the co-branded launch in November, which included limited edition "Timbiebs Timbits" in three flavors selected by the Canadian pop star. Tim Hortons' parent company <keyword id="12378855" type="UNKNOWN" weightage="60" keywordseo="restaurant-brands-international" source="Orion">Restaurant Brands International</keyword> reported that the coffee chain's sales <a href="https://www.cnn.com/2022/02/15/investing/justin-bieber-tim-hortons-sales/index.html">grew over 10% in the fourth quarter</a> of 2021, after a decline of 11% over the same period the previous year.The collaboration with Bieber "was one of the more <a href="https://www.businessinsider.com/mcdonalds-dunkin-popeyes-celebrity-partnerships-brilliant-strategy-2021-11">successful traffic-driving initiatives</a> in recent memory and outperformed our internal expectations," CEO Jose Cil told analysts during the call.Partnering with celebrities has been a boon to brands. McDonald's <a href="https://www.businessinsider.com/mcdonalds-travis-scott-campaign-is-a-brilliant-marketing-ploy-2020-9">kicked off the trend with the Travis Scott Meal</a>, which was available for a month in the fall of 2020. It was the first in McDonald's ongoing Famous Orders lineup, consisting of a Quarter Pounder with cheese, bacon, and lettuce, medium fries with BBQ Sauce, and a Sprite — <a href="https://www.businessinsider.com/mcdonalds-travis-scott-campaign-is-a-brilliant-marketing-ploy-2020-9">Scott's favorite meal at the chain.</a>The brilliance of the promotion was that McDonald's got all the excitement that typically goes with a limited-time offering, alongside the press from a <keyword id="6355064" type="UNKNOWN" weightage="60" keywordseo="celebrity" source="Orion">celebrity</keyword> partnership. But the meal didn't <a href="https://www.businessinsider.com/mcdonalds-travis-scott-campaign-is-a-brilliant-marketing-ploy-2020-9">add any complexity to the kitchen</a>, because it used only ingredients already on the menu. The Tim Hortons Timbiebs promotion similarly didn't add extra tasks for workers."Operationally, it's very smart to take that approach," Mark Kalinowski, CEO and founder of Kalinowski Equity Research, previously told Insider."Everyone saw McDonald's do well, so it's not surprising to see some other concepts emulate what they did," Kalinowski said.The other important piece of these promotions is "culturally relevant entertainers," who brands can tap into to attract younger customers, Kalinowski said. For example, Dunkin' partnered with TikTok star Charli D'Amelio on a drink called "The Charli," which became its <a href="https://www.businessinsider.com/dunkins-tiktok-strategy-includes-charli-damelio-partnership-and-ugc-2020-9">most successful product launch ever.</a>That strategy worked for Tim Hortons, too. The promotion led to "unprecedented social engagement and increased appeal with younger guests," Cil said. He added that "You can expect to see more from this exciting partnership in the year ahead."Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@insider.com</a>.

Justin Bieber's collaboration with Tim Hortons led to a boost in sales as celebrity endorsements continue to draw in customers

<ul class="summary-list"><li>CEO <keyword id="13140457" type="UNKNOWN" weightage="60" keywordseo="brian-niccol" source="Orion">Brian Niccol</keyword> says the great resignation movement isn't happening at <keyword id="11975833" type="UNKNOWN" weightage="60" keywordseo="chipotle" source="Orion">Chipotle</keyword>.</li><li>Chipotle raised wages in 2021 in a push to increase hiring.</li></ul>Chipotle isn't seeing the effects of the <a href="https://www.businessinsider.com/hidden-resignation-workers-employees-checking-out-job-side-hustles-2022-1">"Great Resignation"</a> in its workforce, CEO Brian Niccol told investors on Tuesday in the fourth-quarter earnings call. The Mexican chain is staffed back up to pre-pandemic levels, with no signs of mass resignations among General Managers.<a href="https://www.businessinsider.com/chipotle-mexican-grill-to-raise-wages-to-an-average-of-15-an-hour-2021-5">Chipotle, like many competitors, raised wages in June</a> 2021 to an average hourly pay of $15 per hour. The raise, $2 above the chain's previous average wage, impacted thousands of employees, Chipotle told Insider last year. News of increased wages came out as Chipotle announced it was looking to hire an additional 20,000 employees to staff up 200 new restaurants. Staffing needs continue to grow for Chipotle, which has booming sales. In the same earnings call, the fast-casual chain shared that sales were up 19.3% over the previous year. Nearly half of sales, 45.6% in 2021, were digital. The growth of digital sales means that Chipotle has to staff up <a href="https://www.businessinsider.com/chipotle-digital-sales-doubled-first-quarter-earnings-2021-4">two make lines at every restaurant</a>, one for walk-in customers and one for digital orders.Demand has come booming back in the restaurant industry from the earlier days of the pandemic, but the workforce hasn't returned at the same rate. <a href="https://www.businessinsider.com/restaurant-workers-plan-to-quit-abuse-from-customers-managers-2021-10">Turnover among restaurant workers</a> is still elevated over pre-pandemic levels. In a Black Box Intelligence survey of 4,700 former and current restaurant workers from October, <a href="https://www.businessinsider.com/restaurant-workers-plan-to-quit-abuse-from-customers-managers-2021-10">15% said they'd left the industry</a> in the previous year, and another 33% planned to leave.Labor costs increased, and many business owners say that they've been unable to staff restaurants. In some cases, owners even cite a <a href="https://www.businessinsider.com/origin-of-nobody-wants-to-work-anymore-2021-7">lack of desire to work,</a> while <a href="https://www.businessinsider.com/retail-workers-tight-labor-market-rage-quit-pay-2021-6">workers say they can demand better pay and benefits</a> in the tight labor market.Though Chipotle says staffing is no longer a major problem, the chain has had its share of struggles over the last few years. In November, five Texas Chipotle workers, including a general manager and kitchen manager, told Insider that <a href="https://www.businessinsider.com/chipotle-workers-quit-after-surge-in-digital-orders-2021-11">they walked out over "impossible" conditions</a> thanks to understaffing and constant digital orders. Workers in Kentucky made a similar move <a href="https://www.businessinsider.com/chipotle-workers-walked-out-kentucky-restaurant-2021-11">after the chain's Boorito promotion</a>, which it said was the highest volume digital order day of the year.Chipotle says it's looking to hire more workers ahead of its busy season, but fewer than 1% of stores have their digital make lines throttled due to low staff as of February 2022. Do you have a story to share about a <keyword id="11893588" type="UNKNOWN" weightage="100" keywordseo="retail" source="Orion">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

Chipotle's CEO says the chain isn't having a problem hiring after it raised prices to pay workers more

<ul><li>Shares of <keyword id="142256" type="COMPANY" weightage="20" keywordseo="Devyani-International">Devyani International</keyword> listed at a premium of over 56% compared to its issue price of ₹90. </li><li>The issue was subscribed 117 times, with non-institutional investors leading the fray. </li><li>The market capitalisation of Devyani International stood at ₹16,956 crore post listing. </li></ul>Shares of Devyani International listed at a premium of 56% as the <keyword id="58553" type="COMPANY" weightage="20" keywordseo="Pizza-Hut">Pizza Hut</keyword> and <keyword id="6376241" type="ORGANIZATION" weightage="20" keywordseo="kfc">KFC</keyword> operator debuted on the stock exchanges on Monday. After the listing, the total market capitalisation of Devyani International stood at ₹16,956 crore, according to data from BSE. As of 10:05 a.m., share price of Devyani International was hovering around ₹131, up by 45% over the issue price of ₹90 per share. The grey market premium was hovering at ₹55 per share – a premium of over 61% on the issue price. In total, the Pizza Hut operator’s initial public offering (IPO) received an overwhelmingly positive response from investors – the issue was subscribed 117 times, with non-institutional investors taking the lead. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscription </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">95.27x </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">213.06x </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investors </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">39.48x </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Employees </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">4.7x </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">116.7x </td></tr></tbody></table> Devyani International operates 692 stores across 155 cities in India. It also has operations in Nepal and Nigeria. Broadly, its business is divided into three verticals – Pizza Hut, KFC and Costa Coffee. Pizza Hut and KFC together contribute over 80% to the company’s revenue. The company believes the <keyword id="11866450" type="UNKNOWN" weightage="20" keywordseo="qsr-channel">QSR channel</keyword> is expected to witness a significant rebound in the future due to rapid urbanisation and proliferation of internet and scarcity of time for meals owing to busier lifestyles played key roles in the growth of popularity of western fast food in India. Quick-service restaurant is an eating establishment primarily focused on the provisions of meals or soft drinks, with limited or no table services. The total IPO size of Devyani International is ₹1,838 crore, which consists of a fresh issue of ₹440 crore. It intends to use the proceeds of the issue to repay ₹357 crore worth debt. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/pizza-hut-kfc-costa-coffee-operator-devyani-international-is-coming-with-new-ipo-in-india/articleshow/84575084.cms">Pizza Hut, KFC, Costa Coffee operator Devyani International to raise an estimated ₹1,400 crore through IPO</a> <a href="https://www.businessinsider.in/stock-market/news/devyani-international-ipo-heres-how-to-check-the-allotment-status/articleshow/85172719.cms">Devyani International IPO: Here’s how to check the allotment status and more</a>

Devyani International shares debut at over 56% premium as the Pizza Hut and KFC operator lists on stock exchanges

<ul class="summary-list"><li><keyword id="6377922" type="UNKNOWN" weightage="60" keywordseo="starbucks">Starbucks</keyword> had a strong quarter with 11% sales growth compared to last year. </li><li>The company credits drive-thrus and digital ordering with recovery thanks to their larger ticket sizes.</li><li>Mobile orders also tend to have more customization, which also helps grow average order size. </li></ul>Starbucks credited increased drive-thru sales and digital ordering with a <a href="https://investor.starbucks.com/press-releases/financial-releases/press-release-details/2021/Starbucks-Reports-Q2-Fiscal-2021-Results/default.aspx">strong second quarter</a> on Tuesday, noting that its US stores have made a full sales recovery from the pandemic. Revenue was up 11% over the same period last year at $6.7 billion. The growth was driven in part by larger tickets, Starbucks says. Digital ordering, which exploded during the pandemic, was at an "all-time high" as customers ordered bigger tickets and increased frequency, Starbucks said. Mobile orders made up over a quarter of transactions in the US. CEO Kevin Johnson also credits Starbucks' AI called "Deep Brew," which recommends food and drinks based on the weather and time of day, for the growth.Read more: <a href="https://www.businessinsider.com/mcdonalds-investors-renew-efforts-to-oust-chairman-2021-4">Some McDonald's investors renew efforts to oust chairman over ex-CEO sexual misconduct investigation</a>Food sales also hit a record, Starbucks said. Serving more food and larger orders to fewer customers is great for profit margins, especially in the drive-thru, J.P. Morgan analysts wrote Wednesday.<a href="https://www.businessinsider.com/starbucks-drive-thru-menu-changes-customization-orders-2021-3">Drive-thrus</a> were the other key to Starbucks' recovery this quarter, Johnson said. Growth at locations with drive-thrus in rural and suburban areas more than made up for a slower recovery in urban centers. "Out the window sales," including drive-thru and mobile orders completed through the drive-thru, made up over 50% of sales with a 10% increase over pre-pandemic levels.The CEO noted Starbucks' new strategies for keeping <a href="https://www.businessinsider.com/starbucks-drive-thru-menu-changes-customization-orders-2021-3">drive-thru wait times down</a>, even as customization increases and average ticket size grows. Baristas can take orders through <a href="https://www.businessinsider.com/starbucks-drive-thru-menu-changes-customization-orders-2021-3">digital drive-thru screens</a>, which the company says are installed at about 3,800 stores. Starbucks began rolling them out in 2015, and they also use Deep Brew AI. The company is also rolling out handheld devices for baristas to use for inputting orders. Starbucks says they are in 500 stores already after being implemented during summer 2020. Starbucks says it is designing new drive-thru ideas, including double lanes, drive-thru-only stores, and drive-thru plus curbside pickup locations. "Full sales recovery in the US and favorable trajectory from here, robust growth in digital, and raised margin targets are encouraging," UBS analysts said. Despite the optimistic tone, <a href="https://www.cnbc.com/2021/04/27/starbucks-sbux-q2-2021-earnings.html">shares of Starbucks fell about 2.8%</a> in trading Wednesday following the company's slight revenue miss and a slower international recovery.Do you have a story to share about a <keyword id="6354851" type="UNKNOWN" weightage="100" keywordseo="retail">retail</keyword> or restaurant chain? Email this reporter at <a href="mailto:mmeisenzahl@businessinsider.com">mmeisenzahl@businessinsider.com</a>.

You Searched For "qsr growth" and got 11 results

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Nearly one-quarter of McDonald's workers make less than $10 an hour, according to a new survey

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The drive-thru has dominated fast food and taken over fast casual. Now it's coming for casual dining.

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Justin Bieber's collaboration with Tim Hortons led to a boost in sales as celebrity endorsements continue to draw in customers

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Chipotle's CEO says the chain isn't having a problem hiring after it raised prices to pay workers more

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Devyani International shares debut at over 56% premium as the Pizza Hut and KFC operator lists on stock exchanges

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