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☆ Fast-food franchisees in California fear they'll lose customers to Chili's and Applebee's as prices soar over $20 wage
  + stars: | 2024-04-14 | by ( Grace Dean | ) www.businessinsider.com   time to read: +6 min
Fast-food franchisees in California fear diners will flock to Chili's and Applebee's to avoid price hikes. As a result, the price gap between fast-food and casual dining restaurants could narrow. This could potentially cause the price difference between fast-food and casual dining restaurants to shrink. Fast-food restaurants in California have been hiking prices to offset the wage, which is 25% above the state's general minimum wage. "We're gonna start to compete with them," Ghai said, speaking about the casual dining restaurants.
Persons: —, Shane Paul, Paul, Scott Olson, Taco Bell, Ghai, he's, wouldn't, Scott Rodrick, Rodrick, Hajime Uba, Brian Vaccaro, Raymond James, Sal Vitalie, Vaccaro, Sharon Zackfia, William Blair Organizations: Service, Burger Locations: California, San Diego, South San Francisco
☆ California is putting up minimum wages to $20 an hour for fast-food chains – and it's likely going to drive up wages in other industries, too
  + stars: | 2024-03-09 | by ( Grace Dean | ) www.businessinsider.com   time to read: +5 min
Read previewCalifornia is raising the minimum wage for fast-food workers to $20 an hour – and a much wider group of employees could see bigger paychecks. If limited-service restaurants raise their wages, "everybody is going to have to adopt because it's a free market," Danilo Gargiulo, a Bernstein analyst, said. Fast-food and fast-casual chains have already said they plan to raise their menu prices in California to offset the higher wages. The Cheesecake Factory's CFO Matt Clark told investors in November that the minimum wage could have a "ripple effect" beyond just limited-service restaurants. He added that the legislation would cause the price gap between limited- and full-service restaurants to narrow.
Persons: —, Brian Vaccaro, Raymond James, It'll, Andy Barish, Danilo Gargiulo, Bernstein, Matt Clark, Clark, Vaccaro, Sharon Zackfia, William Blair, Greg Levin, we've, Levin, they're, Zackfia Organizations: Service, Business, Jefferies, US Bureau of Labor Statistics Locations: California, pretzels . California
☆ Sentiment for restaurants is deteriorating due to pockets of softness, says Raymond James analyst
  + stars: | 2023-09-14 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSentiment for restaurants is deteriorating due to pockets of softness, says Raymond James analystBrian Vaccaro, restaurant analyst at Raymond James, joins 'The Exchange' to discuss signs of a decline in dining out, breakfast restaurants gaining share from other parts of the restaurant business, and more.
Persons: Raymond James, Brian Vaccaro
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