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☆ Starbucks is betting big that Chipotle's CEO can make it special again. He'll have his work cut out for him.
▼ + stars: | 2024-08-13 | by ( Alex Bitter | ) www.businessinsider.com time to read: +5 min

Laxman Narasimhan, Starbucks' current CEO, will step down effective immediately from his roles as CEO and a member of Starbucks' board of directors, the company said. In his tenure at Chipotle, Niccol made several changes. He also oversaw an expansion of Chipotle's online-ordering options just before delivery and pickup became essential to the restaurant business early in the pandemic. The road ahead at StarbucksAt Starbucks, Niccol will face some challenges similar to those he took on at Chipotle. AdvertisementStarbucks sales have also fallen lately in China, which is home to nearly one-fifth of all the chain's stores.

Persons: —, Brian Niccol, Niccol, Laxman Narasimhan, Elliott, Chipotle, Brian, Melody Hobson, Peter Saleh, Saleh Organizations: Service, Starbucks, Business, Street, Elliott Investment Management, Taco Bell's, Wall Street, Analytical Research Locations: Chipotle, Denver, Orange County , California, China

☆ Why Americans are snubbing McDonald’s and Starbucks
▼ + stars: | 2024-07-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —On the surface, it looks like Americans are laying off the Big Macs, booze and even — gasp! On Monday, McDonald’s reported sales fell 0.7% in the US from the same period in 2023. The once reliably cheap McDonald’s pushed its prices up, while sit-down restaurants leaned into value and convenience. Applebee’s, for one, made a direct pitch to the hordes of ticked-off McDonald’s customers who felt the chain had abused its pricing power. Now, McDonald’s is trying to win back poorer customers while appealing to more affluent customers who want something new.

Persons: CNN Business ’, McDonald’s, Johnny Walker, It’s, it’s, they’re, ”, RJ Hottovy, Jonathan Maze, I’m, —, Chili’s, “, Taylor Swift Organizations: CNN Business, New York CNN, Starbucks, Diageo, Restaurant Business, Dine Brands, CNN Locations: New York, United States, North America, Texas, Paris

☆ Perkins, the aging diner chain, has a ‘new vibe’ with a different name
▼ + stars: | 2024-06-25 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +6 min

“We felt this was a more modern, fresh and relevant vibe to start connecting with new consumers, while also servicing our guests that are tried-and-true Perkins loyalists.”A rendering of a new Perkins American Food Co., which will debut later this year. Aria Group and Perkins American Food Co. Aria Group and Perkins American Food Co.“We know that value is so critical right now and we’re very mindful of that,” she said. The firm is investing in the classic American brand that’s been marred with financial issues, including two bankruptcies, following a disastrous 2006 merger with Marie Callender’s. “We really feel that this iteration of ‘Perkins American Food Co.’ is going to marry tradition and innovation and keep us true to who we are,” she said.

Persons: Perkins, Toni Ronayne, “, ” Ronayne, Ronayne, It’s, ”, David Henkes, Baby, Marie Callender’s, “ Perkins, it’s, ‘ Organizations: New, New York CNN —, Perkins, “ Perkins, Food Co, CNN, Perkins American Food Co, Aria, Dine Brands, Baby Boomers, Ascent Hospitality Management, Watch, ‘ Perkins Locations: New York, Orlando , Florida, Cincinnati , Ohio

☆ Soaring fast food prices encourage Big Mac junkies to cook at home
▼ + stars: | 2024-06-15 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Read previewAs fast-food prices continue to soar, Americans are looking for ways to get more bang for their buck. Like fast-food prices, grocery prices soared during the pandemic. But grocery prices are now largely back to pre-pandemic levels, while inflation at limited-service restaurants still remains elevated. When fast-food prices rise at a faster rate than grocery prices, consumers notice. He attributed this to the price increases at fast-food chains.

Persons: —, Chad Frye, Frye, Thomas Valentine, Jordan Sanchez, he's, Lawrence Milford's, Laxman Narasimhan, McDonald's, Danilo Gargiulo, Bernstein, John Furner, footfall —, Michael Siluk, Martin Jennings, Jennings, Brooks Ferrante, Ben Heyworth, it's Organizations: Service, Business, Walmart, Getty Locations: California, Arizona, Florida, Puerto Rican

☆ We finally have some evidence that California's new $20 fast food wage is hurting business
▼ + stars: | 2024-06-13 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Restaurants raised prices to offset the new wageCalifornia raised its minimum wage for workers at limited-service restaurants to $20 an hour on April 1. To offset their higher labor costs, restaurants have raised prices, turned to technology and automation like order kiosks, and considered reducing their opening hours. In-N-Out told KTVU that it had raised prices "incrementally" on April 1. Californian residents are divided: Some acknowledge that fast food is a tough gig and support the new minimum wage, while others say it will push prices up too much.

Persons: —, Burger King, Hottovy, Jack Organizations: Service, Golden State, Business Locations: Burger, California, Golden, Placer.ai, McDonald's

☆ Cracker Barrel is in a battle for relevancy. One of its solutions is surprising
▼ + stars: | 2024-06-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

New Cracker Barrels might be smaller restaurants altogether, with menus that include new items like green chili cornbread and banana pudding. Discounted dinner from 4 to 6 p.m.Why would Cracker Barrel, so desperate for relevancy, lean into a tactic typically used to attract senior citizens? A woman eats lunch at Cracker Barrel. Masino didn’t explicitly mention the specials during the discussion about the long-term strategy for Cracker Barrel. To compete in this environment, Cracker Barrel realizes it has to offer some type of deal.

Persons: Julie Felss Masino, ” Masino, ”, Jeff Greenberg, Baby, Masino, Lisa W, Miller, RJ Hottovy, It’s, “, John A, Gordon Organizations: New, New York CNN, Universal, Getty, Baby Boomers, Miller & Associates, Street Journal, Pacific Management Consulting Group Locations: New York, The Tennessee, Placer.ai

☆ Domino’s know its customers are tired of tipping. So it’s trying to encourage more tipping
▼ + stars: | 2024-05-01 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

Domino’s launched a promotion that rewards customers with $3 off a future online delivery order for every $3 or more they tip a Domino’s delivery driver. Domino’s “You Tip, We Tip” deal runs through mid-September. “Domino’s wants to say ‘thanks for the tip’ by tipping you back.”The promotional strategy serves several purposes for Domino’s. Tip fatigue is a problem for both Domino’s delivery drivers, who make a meaningful portion of their income from tips, and Domino’s business model. Domino’s delivery drivers’ pay is linked to tips.

Persons: Domino’s, Tip, “, ”, “ Domino’s, Kimberly Whitler, RJ Hottovy, “ It’s, ” Domino’s, Jayaraman Organizations: New, New York CNN, Domino’s, University of Virginia’s Darden School of Business Locations: New York, Florida

☆ Say goodbye to Ruby Tuesday and Chili’s. These are the hot new restaurants at the mall
▼ + stars: | 2024-04-28 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

As anchor department stores left malls, so did some name-brand chains like Ruby Tuesday, Chili’s, Applebee’s and others. What’s taking their place illustrates a large shift in US tastes: There’s a boom in smaller and regional restaurant chains with a local following. At the same time, many national chains are prioritizing drive-thru locations over their sit-down restaurants in malls. Chick-fil-A restaurants were only located in mall food courts for the company’s first 20 years. “Traditional mall restaurants were casual dining chains like Chili’s, TGI Fridays, and quick-service restaurants in food courts.

Persons: Ruby, What’s, Paul Hennessy, ”, Chris Simms, Simms, Gabby Jones, Mark Hunter, CBRE, RJ Hottovy, ” Hottovy, David Kim, ” Kim, It’s Organizations: New, New York CNN, Anadolu Agency, Getty, “, Food, JCPenney, Nordstrom, Green, Westfield Garden, Bloomberg, Deloitte, NV Locations: New York, Applebee’s, Orlando , Florida, Paramus , New Jersey, United States, Greenbriar, Atlanta, Korean, Henderson

☆ CosMc’s first location had twice as much traffic last month than a typical McDonald’s
▼ + stars: | 2024-01-24 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —McDonald’s new trendy beverage-led spinoff CosMc’s is pulling in younger customers at a faster clip than a typical Mickey D’s with Big Macs and fries, according to one early traffic estimate. McDonald’s unveiled its CosMc’s specialty drinks cafe spinoff in December, with the first location opened in Bolingbrook, Illinois. That first CosMc’s location saw more than double the number of visits that a typical McDonald’s saw chainwide in the same month, despite only being open since Dec.7, according to a report from Placer.ai, which uses location data from mobile devices to estimate visits to specific locations. CosMc’s generated triple the number of visits per square foot than an average McDonald’s restaurant (CosMc’s has a roughly 2,500 square feet footprint compared to 4,000 to 4,500 square feet for the average McDonald’s location), the firm said. RJ Hottovy, head of analytical research with Placer.ai, said that the one CosMc’s location sometimes has to accommodate spillover traffic in a separate parking lot because the drive-thru lanes were often at full capacity.

Persons: New York CNN —, D’s, Big, McDonald’s, it’s, It’s, RJ Hottovy, ”, ” McDonald’s, Danielle Wiener, Bronner Organizations: New, New York CNN, Starbucks Locations: New York, Bolingbrook , Illinois, Placer.ai, McDonald’s

☆ Best High-Yield Savings Accounts for October 2023
▼ + stars: | 2023-09-28 | by ( Martha C. White | ) www.wsj.com time to read: +18 min

With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too. After years of near-zero returns, the average savings account rate has risen to 0.45%, according to the Federal Deposit Insurance Corp. Their new High-Yield Savings account offers a 3.5% APY, but you need a hefty $5,000 deposit to open the account. Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account. You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform.

Persons: Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, UFB, —, Achilles, We’ve, Foster, Alliant, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab Organizations: Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Axos Bank, Webster Bank, National Bank, Zelle, Alliance Data Systems, Comenity Capital Bank, FDIC, Foster Care, Navy, Navy Federal, Savings, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline Locations: Chase, Zelle, Ally’s, Utah, Chicago, U.S, .

☆ Best High-Yield Savings Accounts of September 2023
▼ + stars: | 2023-08-31 | by ( Martha C. White | ) www.wsj.com time to read: +18 min

With the Federal Reserve steadily raising interest rates to fight inflation, high-yield savings account payouts have steadily risen, too. After years of near-zero returns, the average savings account rate has risen to 0.43%, according to the Federal Deposit Insurance Corp. Unlike some high-yield online savings accounts, you earn a high APY—currently 5%—on every dollar in your account. You can conduct immediate electronic transfers between your brokerage account and savings account, and manage both savings and investment activities on a single platform. How we pickedTo pick Buy Side from WSJ’s Best Savings Accounts, we looked for accounts that offered the best APY on deposited funds without restrictions.

Persons: Martha C, it’s, JPMorgan Chase, Wells, Wells Fargo, Ally, Synchrony, Foster, Alliant, —, Ivy, Achilles, We’ve, Morgan Stanley, Marcus, Goldman Sachs, Charles Schwab, Charles Schwab Bank Charles Schwab Organizations: Federal Reserve, Federal Deposit Insurance Corp, Capital, National, One’s, JPMorgan, JPMorgan Chase JPMorgan Chase &, Chase Savings, Ally, Synchrony, CIT, First Citizens, Bank, Foster Care, Navy, Navy Federal, Bask Bank, Texas Capital Bank, Savings, LendingClub, Alliance Data Systems, Comenity Capital Bank, FDIC, Morgan Stanley Private, Morgan Stanley Private Bank, Bloomberg, Trade, Charles, Charles Schwab Bank, Best Bank, National Credit Union Administration, dateline Locations: Chase, Zelle, Ally’s, Chicago, U.S, Utah, .

☆ The all-you-can-eat buffet line is crowded again
▼ + stars: | 2023-05-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

The owner of Old Country Buffet and Furr’s Fresh Buffet filed for bankruptcy in 2021. “The higher quality concepts that stuck it out are reaping some rewards, like Golden Corral and Pizza Ranch,” said Jonathan Maze, the editor-in-chief at trade publication Restaurant Business Magazine. “People wanted the buffet back,” Golden Corral CEO Lance Trenary told the trade publication. The company plans to add up to 250 more Golden Corral buffets around the United States over the long run. The median household income of Golden Corral, Cicis and Pizza Ranch customers is below the national average, according to Placer.

☆ McDonald's sales surge, warns short-term inflation to persist
▼ + stars: | 2023-01-31 | by ( Hilary Russ | ) www.reuters.com time to read: +3 min

[1/2] A huge advertisement for a branch of fast-food giant McDonald's is seen on the outskirts of Berlin, Germany, April 22, 2016. The burger chain's global same-store sales increased 12.6% in the fourth quarter ended Dec. 31, compared with estimates for an 8.6% rise, according to IBES data from Refinitiv. That is compared to a 0.6% decline for fast food overall in the fourth quarter over the previous year. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter.

☆ McDonald's beats profit estimates, warns short-term inflation to persist
▼ + stars: | 2023-01-31 | by ( Hilary Russ | ) www.reuters.com time to read: +3 min

REUTERS/Hilary RussJan 31 (Reuters) - McDonald's Corp (MCD.N) on Tuesday beat Wall Street estimates for quarterly profit on higher menu prices, even as it warned short-term inflationary pressures would persist in 2023. McDonald's benefited from higher menu prices, increased restaurant traffic and sales in the UK, Germany and France rose despite fears of a recession in Europe. Even so, traffic rose 5% for full-year 2022 as McDonald's meals remained less expensive than many competitors, drawing low-income consumers. Visits to some other fast-food chains started to fall last summer as they hiked menu prices, he said. McDonald's U.S. comparable sales rose 10.3% in the quarter ended Dec. 31.

[1/2] People visit a retail store during the holiday season in New York City, U.S., December 15, 2022. So far, shopper visits to many retail segments, including apparel and electronics, are down year-over-year, according to foot-traffic data from Placer.AI. Zara, the fast-fashion chain, aggressively raised prices this year without turning off shoppers, while dollar stores including Dollar General (DG.N) expanded their array of merchandise. Dollar stores have also shown momentum as more consumers traded down. Discount and dollar stores saw visits up 1.1% year-over-year, and up 7.8% compared to Super Saturday 2019, according to Placer.AI foot-traffic data.

☆ Restaurant sales are going up. But dining out is on the decline
▼ + stars: | 2022-11-15 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

Restaurant traffic is dipping as consumers make food at home. In that month, traffic at fast food restaurants fell 1.2%, dipped 1.7% for fast casual and dropped 4.7% in full service eateries. Fast food traffic bounced back slightly in September and October, but fast casual and full service traffic remained negative. Restaurant prices increased by 8.6%. But groceries are generally cheaper than restaurant meals.

☆ Low-price grocers like Aldi are winning as consumers trade down
▼ + stars: | 2022-10-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

New York CNN Business —With grocery prices soaring, consumers are changing the way they shop for food. “Inflation is hitting everyone.”More consumers are additionally switching over to store brands, also called “private label,” which are often comparable in quality and lower in price. “I don’t think you can underestimate the strength of all these private label offerings,” said Heather Lalley, editor in chief of Winsight Grocery Business, a trade publication. “Now we’re seeing other retailers trying to emulate them.”In September, for example, Kroger (KR) announced a new budget private label brand called Smartway, which consolidates some of its other private label brands under one umbrella. Aldi, for one, is rolling out a new tagline to explain what it’s all about: It’s An Aldi Thing.

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