Surveys and Reports Just Verify What We Know on the Streets
The National Restaurant Association released it’s latest report on the Restaurant Productivity Index for the month of June. For the 22nd consecutive month the report concludes business climate is down. No surprise there. According to the NPD Group, a Chicago business research company, there are a net of 4000 fewer restaurants now than a year ago with independents suffering the worst net loss.
The issue for the industry is when will the indexes start to show some recovery? In my opinion, it’s simple. If people don’t have a job, they don’t eat out. When the employment picture improves there will be a direct correlation to the future of the restaurant industry. As unemployment numbers grow, so do the number of people eating at restaurants.
Recognizing the facts of our economic situation helps restaurant owners plan for next week, next month and next year. Your marketing needs to be tailored to the current data and trends. While there is some indications that there are some leading indicators that point to a recovery soon, that doesn’t mean new jobs will be available for some time to come. The job statistics still show an alarming loss rate.
Planning your future means finding the facts that suit your needs as a restaurant owner or manager.
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