Restaurants in Worst Tailspin since 2009/2010
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- Preston Babcock
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- Posted 04/14/2017 05:45 PM - Hide
- You better learn how to cook, Cletus
This thermometer for discretionary spending is the first to react when consumers hit their limits.
Foot traffic at chain restaurants in March dropped 3.4% from a year ago. Menu prices couldn't be increased enough to make up for it, and same-store sales fell 1.1%. The least bad region was the Western US, where sales inched up 1.2% year-over-year and traffic fell only 1.7%, according to TDn2K's Restaurant Industry Snapshot. The worst was the NY-NJ Region, where sales plunged 4.6% and foot traffic 6.3%.
This comes after a dismal February, when foot traffic had dropped 5% year-over-year, and same-store sales 3.7%. The February debacle was blamed on $65 billion in delayed tax refunds from the IRS, as mandated by Congress, to allow the IRS to get its arms around a large-scale identity-theft problem. But by mid-February, the floodgates opened and record amounts of tax refunds started pouring out. By the end of February, the IRS was pretty much caught up. So March, with all this money sloshing around in bank accounts, was expected to be better. But no.
TDn2K's Restaurant Industry Snapshot:
March's results were disappointing for an industry desperately trying to reverse performance trends; sales have been negative in 11 out of the last 12 months.
This left first quarter foot traffic down 3.6% and same-store sales down 1.6% - with both food and alcohol sales down - the fifth quarter in a row of year-over-year sales declines. According to the report: "The last time the industry experienced a similar period was in 2009 and the first half of 2010."
In Q4 2016 - which also should have been a stronger quarter, given the now dashed hopes of the economy picking up some steam - sales had already dropped 2.4%, "highlighting the difficult operating environment currently facing many operators."
http://wolfstreet.com/2017/04/13/chain-restaurant-sales-traffic-in-worst-tailspin-since-2009-2010/
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- Deplorable F*ck-up
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 05:48 PM - Hide
- I walked into a Black Angus at 6pm on a Friday last month.
The waiting area was full of Mexicans, and half of them had strollers.
I turned around and walked out.
They need to double their prices.
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- Highly Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 05:49 PM - Hide
- Preston Babcock posted:You better learn how to cook, Cletus
Why?
Struggling restaurants mean lower prices. That's a great thing for someone like me with a huuuge disposable income.
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- Deplorable Ramen Flavor
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 05:49 PM - Hide
- Some of my co-workers went to Applebee's and I tagged along. The food was horrifically bad, and nobody even takes your order. We had to plug it in on a little tablet they have on the table. The only job of the fat waitress was to take a drink order, and then my idiot co-workers still left a 15% tip.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 05:50 PM - Hide
- . posted:I walked into a Black Angus at 6pm on a Friday last month.
The waiting area was full of Mexicans, and half of them had strollers.
I turned around and walked out.
They need to double their prices.
I've noticed the local steakhouse has more and more minorities over the last few years. It can't be good for business.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 06:48 PM - Hide
- Why don't Yanks cook at home? You have these huge fuck-off kitchens, cheap meat and every ingredient known to man.
Best case, you rape half a ton of cuts in some shitty HFCS-based 'marinade' and BBQ them. A fucking macaque could be trained to do that.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 07:17 PM - Hide
- . posted:Why don't Yanks cook at home? You have these huge fuck-off kitchens, cheap meat and every ingredient known to man.
Best case, you rape half a ton of cuts in some shitty HFCS-based 'marinade' and BBQ them. A fucking macaque could be trained to do that.
Lack of time. Usually both husband and wife work, and the average salaried worker works about 54-57 hours per week to avoid being laid-off.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 07:27 PM - Hide
- . posted:You have these huge fuck-off kitchens
It's for show. You don't think I cook, do you? I bought these fake tits so I don't have to.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 07:36 PM - Hide
- Quarter-Pounder with Cheese, fries and a Coke at McDonalds in the NJ/NY/CT metro area.
Average price: $11.38 (eleven fucking dollars for a goddammed McD Burger ?????)
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 07:38 PM - Hide
- Preston Babcock posted:It's 90% sugary/salty processed precooked SYSCO CRAP now anyway
100% correct.
If it ain't Sysco then it's AraMark / ARA Services.
All of it bulk-institutional grade crap 80% of it from overseas.
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- Preston Babcock
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 08:06 PM - Hide
- death2rne posted:Maybe they should cut costs by staffing them with illegals.
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- I'm Deplorable
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 08:28 PM - Hide
- I go out because I work from all day, every day and its good to get out of the fucken house once a week. I hope restaurant traffic gets cut in half. I work in peace, I want to eat in peace and not have some Cletus LOLing over stupid stories
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- Preston Babcock
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- Re: Restaurants in Worst Tailspin since 2009/2010Posted 04/14/2017 08:52 PM - Hide
- . posted:I go out because I work from all day, every day and its good to get out of the fucken house once a week. I hope restaurant traffic gets cut in half. I work in peace, I want to eat in peace and not have some Cletus LOLing over stupid stories
That makes sense. I never understood the attraction of paying a premium to sit and eat a meal in a noisy room full of rude total strangers and their screaming crotchfruit anyways.
But that's just me.