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1、January,2023How Innovative DiningChains are Shaking Up theIndustryThis report draws on the latest location intelligence metrics to identifysome of the key strategies that are helping leading dining brands standout and thrive in a challenging environment.The dining industry is struggling to regain it
2、s pre-pandemic footing.COVID-induced storeclosures,ongoing inflation,and significant labor shortages have combined to create theperfect storm for a category that relies on discretionary spending to thrive.But even in theface of these challenges,some concepts appear to be working better than others.W
3、ith rising food prices continuing to take their toll on American consumers,this whitepaper utilizes location analytics to identify winning strategies in the dining space.How aresome dining chains finding success despite the difficult overall environment?What aremoney-strapped consumers willing to sp
4、lurge on?And what can restaurants and othereateries do to maximize customer engagement and satisfaction?We dove into the data to find out.2022 in Focus:The Cheaper the Better?To get a sense of how the industry is faring overall,we first looked at 2022s nationwidemonthly dining visit patterns,in comp
5、arison to both 2021 and 2019.And given the unusualcircumstances of the past three years,the two comparisons tell somewhat different stories.To a large extent,the year-over-year(YoY:2022 compared to 2021)fluctuations reflect thevolatile visit patterns of 2021.Omicron kept people home early on in the
6、year,whilevaccines,loosening restrictions,and pent-up consumer demand drove people back torestaurants later on.As a result,overall YoY foot traffic growth to the dining industry as awhole remained positive for the first few months of 2022 peaking in February at 29.9%before dipping over the summer.Bu
7、t the comparison to 2019 highlights the pandemics long-term impact on the space andbrings the challenges facing the industry into sharp relief.While COVID did not precipitate arestaurant“extinction event,”as some had predicted,it did lead to a dramatic increase inthe number of venues permanently shu
8、ttering their doors.And even as the sector began tore-open,continued labor shortages have made running a dining establishment harder thanever.Chefs and servers on the ground describe a scramble to hire large numbers of peopleat once many of them lacking the requisite experience leading some restaura
9、nts toshorten their opening hours and undercutting others ability to provide stellar service.Addto that skyrocketing food prices,which force restaurants to pass on additional costs toalready cash-strapped consumers and the persistent 2022 year-over-three-year(Yo3Y:2022 compared to 2019)monthly visit
10、 gaps should come as no surprise.2022 Placer Labs,Inc.|More insights at placer.ai|19At the same time,zooming in on different sub-sectors within the dining category showsthat the current challenges are impacting some categories more than others,with a cleardivide between cheaper and pricier venues.Fa
11、st food and QSRs(quick-service restaurants),which offer particularly affordable meals,had one of the lowest pandemic-inducedpermanent closure rates and continued to have the narrowest visit gaps in 2022,evenoutperforming 2019 visit levels at several points during the year.The current challenges are
12、impacting somecategories more than others,with a cleardivide between cheaper and pricier venues.Next in line are coffee houses,bakeries,and dessert shops,which also provide treats thatdont break the bank.Both of these sectors are likely benefiting from the(partial)return tooffice,as many people need
13、 to grab a cup of joe or a quick bite during the work day.Andcoming in last are full-service restaurants the category most affected by COVIDrestrictions which continue to bear the brunt of economic headwinds.2022 Placer Labs,Inc.|More insights at placer.ai|19A Finger On the Pulse of Consumer DemandS
14、till,despite the challenges,some chains are seeing success by staying on top of populartrends and tweaking their menus to add sought-after items likely to generate enthusiasm.Anticipating up-and-coming consumer interests allows restaurants to expand their reachby meeting customers where they are,and
15、 introducing innovative menu items can helpguide new consumer tastes and create a buzz that drives visits and sales.Wingstops“Swicy”Approach to InnovationOne restaurant with its ear to the ground is popular chicken wing chain Wingstop.Foundedin 1994,Wingstop boasts more than 1600 restaurants nationw
16、ide with over 150 locationsadded last year alone and the chain aims to expand to 4000 domestic venues in comingyears.Ranked by Fast Company as one of 2022s top ten innovative dining companies,Wingstop has proven itself to be deft at adapting to changing circumstances.Wingstop is listening closely to
17、 what people likeand incorporating up-and-coming trends intoits offerings.And the chains commitment to innovation extends to its menu as well.Wingstop“isquestioning consumers current chicken sandwich tastes and calling for a breakup,”theeatery proclaimed in an August 2022 press release debuting new
18、chicken sandwich flavors.But while Wingstop may invite customers to step out of their comfort zones,it is alsolistening closely to what people like and incorporating up-and-coming trends into itsofferings.Last June,Wingstop introduced its limited-edition Hot Honey Rub a“swicy”(sweet andspicy)dry rub
19、 that offered delicious tangy flavor with none of the sticky gooeyness oftraditional honey wings.The rollout came just weeks after leading food-industry datatracking company Tastewise ranked spicy honey as a top flavor trend for the summer noting that while discussion of the term on social media had
20、 gone up 49%over theprevious year and its use in online recipes had jumped 60%only 2%of restaurantsincorporated the flavor into their menus.While the Hot Honey Rub was available onlythrough the summer,it appears to have been a hit,generating plenty of online buzz.2022 Placer Labs,Inc.|More insights
21、at placer.ai|19Wingstops nimble approach to menu offerings appears to be working.In Q3 2022,the fastcasual franchise posted a 18.4%increase in net income compared to the third quarter of2021.And between May and December 2022,foot traffic to its restaurants was up both YoYand Yo3Y,with November seein
22、g a whopping 49.1%increase in visits compared to 2019.First Watch Sails AheadFirst Watch is another dining chain that has been quick to respond to shifting consumerdemand.Named after sea crews first shift of the day,First Watch specializes in breakfast,lunch,and brunch,and is only open from 7:00 AM
23、to 2:30 PM.Since going public in 2021,the company has continued to expand and now has 455 restaurants in 29 states.And likeWingstop,First Watch experienced significant growth in 2022,reporting a 29.6%increase insame-restaurant sales compared to 2019.First Watch CEO and President Chris Tomasso has hi
24、ghlighted the companys system ofidentifying early trends and quickly rolling out new menu items as a key element of itssuccess.And the importance of this innovation-driven strategy is borne out by a look atsome of the eaterys recent menu changes.In early 2022,First Watch introduced Superseed 2022 Pl
25、acer Labs,Inc.|More insights at placer.ai|19Protein Pancakes a new product geared towards health-conscious customers who crave anutrient-packed sweet treat.The decision to launch the product appears to have anticipated unmet consumer demandfor high protein breakfasts:According to Tastewise data,2022
26、 saw an 18.0%year-over-two-year(Nov.2022 compared to Nov.2020)jump in use of the term“highprotein breakfast”on social media,and a 26%drop in menu mentions.AdditionalTastewise data indicates that pancakes were among the most popular prepared foodpairings for“high protein”last year,and that there was
27、an uptick in interest inenergy-fuelling breakfast foods as well.Foot traffic data indicates that consumers are receptive to First Watchs menu innovations,and the company has seen significantly more foot traffic growth than the dining industry asa whole.Despite an already strong performance in 2021,Y
28、oY foot traffic for the brand wasup for most of 2022,and Yo3Y foot traffic growth ranged between 11.4%and 39.5%.Whilethe chains fleet expansion undoubtedly contributed to this remarkable visit growth,thevisit increase likely also reflects increased demand for the companys offerings.2022 Placer Labs,
29、Inc.|More insights at placer.ai|19Health and Wellness Driving VisitsWhile some chains have been driving visits by keeping pace with hot trends,others aremaking their mark by leaning in more broadly to current consumer interests includingthe increased focus on personal well-being.Brands that can emph
30、asize their healthfulofferings at reasonable prices are positioned todo better than most.In the wake of COVID,health and wellness have become major priorities for consumersacross industries and dining is no exception.The pandemic,which saw more peoplecooking and eating at home,changed how we think a
31、bout food,and recent survey dataindicates that more Americans and especially GenZers are following specialhealth-based diets.Brands that can emphasize their healthful offerings at reasonableprices are positioned to do better than most.Chipotle Puts a Lens on WellnessOne chain that has been doing exc
32、eptionally well is Chipotle.With close to 3100restaurants nationwide up from around 2500 three years ago the chain plans to add250 more venues in 2023.And throughout 2022,monthly visits to the chain haveconsistently exceeded 2019 levels.While this growth in foot traffic was surely driven,inpart,by t
33、he eaterys expansion,it also appears to reflect growing demand for what Chipotlehas to offer.One of Chipotles key strategies in recent years even prior to COVID has been to reachout to fitness and health-conscious consumers by embracing the growing interest inwellness.In 2019,Chipotle first launched
34、 its line of“Lifestyle Bowls,”designed to helpcustomers keep to their diets,whether keto,paleo,high-protein,grain-free,or justgenerally more nutritious.That same year,the company announced enhanced mentalhealth and wellness benefits for all workers,including discounts at fitness centers.In 2021,as t
35、he pandemic highlighted the need for increased attention to emotional well-being,thechain launched a company-wide mental wellness platform,offering its workers tools to setpersonalized wellness goals.And most recently,Chipotle kicked off 2023 with new Lifestyle 2022 Placer Labs,Inc.|More insights at
36、 placer.ai|19Bowls geared towards GenZers and Millennials,as well as a Snapchat lens promotingphysical activity and general well-being.Chipotle Mexican Grill Restaurant in Naples,Florida,Image:Perhaps due to the brands emphasis on health&wellness,Chipotles True Trade Area(TTA)has shifted in recent y
37、ears to encompass agreater share of younger customers and fitnessbuffs.Given this focus,it should come as no surprise that Chipotles True Trade Area(TTA)hasshifted in recent years to encompass a greater share of younger customers and fitnessbuffs.The data shows that Chipotles TTA changed between 201
38、9 and 2022,bringing downthe median age of the chains visitor base from 35.3 to 33.8.At the same time,the share of 2022 Placer Labs,Inc.|More insights at placer.ai|19residents in Chipotles TTA who also visited a Planet Fitness gym increased from 15.9%in2019 to 21.0%in 2022.Juice It Up!Goes Mainstream
39、Juice It Up!,a regional franchise specializing in handcrafted smoothies,raw juice andsuperfruit bowls,is another popular chain that appears to be benefiting from the wellnesscraze.Despite its limited regional reach about 80 venues in California and several moreacross New Mexico,Texas,Oregon,and Ariz
40、ona the juice bar was ranked one ofAmericas favorite restaurant chains by Newsweek in December 2022.And fresh on the heels of three successful years,Juice It Up!has reiterated its goal ofexpanding to 200 locations over the next four years.Foot traffic data shows consistentYo3Y visit growth throughou
41、t 2022,ranging from 16.2%to 60.2%.Yearly visits per venuealso increased by 20.5%between 2019 and 2022.2022 Placer Labs,Inc.|More insights at placer.ai|19The success of Juice It Up!may be partiallyattributed to the brands affordable andhealthy offerings that give consumers on abudget the opportunity
42、to invest in theirhealth.The success of Juice It Up!may be partially attributed to the brands affordable and healthyofferings that give consumers on a budget the opportunity to invest in their wellness.Indeed,a deeper dive into the data reveals that the health-focused chain is attracting amore econo
43、mically diverse customer base.In 2019,only 30.5%of the population in Juice ItUp!s TTA earned a yearly household income(HHI)under$50K.But by 2022,the chainstrade areas shifted to bring this share up to 37.1%.The proportion of households in Juice ItUp!s trade areas making less than$25K per year also j
44、umped over the same period from11.7%to 17.1%.This means that,despite economic pressures,Juice It Ups healthy offerings appear to begaining more traction among lower-income Americans possibly indicating the furthermainstreaming of wellness-based eating.And as some have pointed out,inflation may alsob
45、e leading less affluent consumers to seek out juices and similar products as healthyreplacements for pricier prepared meals.2022 Placer Labs,Inc.|More insights at placer.ai|19Eating Out at C-StoresWhile convenience stores might not be the first things that come to mind when thinkingabout restaurants
46、,c-stores have been doing especially well in the current environment.And recent years have seen them emerge as new quick service favorites,with severalc-store leaders adding sit-down and drive-through venues and building out their menuswith dinner and hot food offerings.Even when times are tough,bus
47、y families and harriedworkers need prepared foods and c-stores provide affordable,easily-accessiblealternatives to regular restaurant fare.Cheap Treats:The“Slurpee Effect”C-stores appear to benefit from a“Slurpeeeffect”the culinary equivalent of the beautyindustrys“lipstick effect.”As one-stop shops
48、 for groceries,inexpensive meals,and sweet pick-me-ups whereconsumers can treat themselves while purchasing essential items c-stores thrived in2022.Indeed,as we have noted,when inflation is rampant,c-stores appear to benefit from 2022 Placer Labs,Inc.|More insights at placer.ai|19a“Slurpee effect”th
49、e culinary equivalent of the beauty industrys“lipstick effect,”in whichmoney-stressed consumers splurge on cheap discretionary treats that make them feelgood.And like other c-stores,7-Eleven enjoyed significant Yo3Y foot traffic growth throughout2022,peaking at 9.9%in July.While September saw a slig
50、ht visit gap,foot traffic appearsback on an upward trajectory,closing out the year with 4.2%Yo3Y growth in December.The Evolution of 7-ElevenIn particular,7-Elevens“Evolution”stores in which the chain has embraced QSR most fully are standing out as overperformers.7-Eleven entered the dining space in
51、 2019 with aseries of Evolution stores that boast wine sellers,curated specialty offerings,and on-sitesit-down restaurants featuring 7-Elevens own Laredo Taco Company and Raise the Roosteateries.The venues serve as“lab stores”for testing new concepts and are customized tothe specific areas they serv
52、e.Customers can stop in for an affordable burrito,a margarita,or an ice-cold beer and pick up a snack on their way out.To quantify the draw of these enhanced locations,we compared the number of visits pervenue at two Evolution stores with visits at nearby 7-Elevens and with the average numberof visi
53、ts per venue at other 7-Elevens in the same CBSA.We also looked at data on 2022 Placer Labs,Inc.|More insights at placer.ai|19customer loyalty,which shows the percent of consumers that visited a particular locationmore than once over a given time period.And the Evolution locations are outperformingt
54、heir standard counterparts,both in terms of visits and in terms of loyalty.In San Diego,the El Cajon Blvd Evolution Store received,on average,35%more monthlyvisits per venue during 2022 when compared to 7-Elevens average visits per venue in theSan Diego CBSA as a whole.The El Cajon Blvd Evolution st
55、ore also saw 74.6%and 145%more visits,respectively,than nearby standard locations on Meade Ave.and University Ave.The number of customers who visited the store more than once over the year was alsoabout 20%higher for the Evolution store than for the University Ave.location,and about26%higher than fo
56、r the Meade Ave.location.Similarly,the Abrams Rd,Dallas Evolution store saw,on average,50.1%more monthly visitsper venue during 2022 than 7-Elevens in the Dallas CBSA as a whole,and more than twice 2022 Placer Labs,Inc.|More insights at placer.ai|19as many visits as other standard 7-Elevens on the s
57、ame street.The number of loyal visitorsto the Evolution location was also significantly higher.The success of the 7-Eleven Evolution storesreveals the potential of enhanced one-stopvenues,where customers can grab a meal andtreat themselves at the same time.The success of the 7-Eleven Evolution store
58、s reveals the potential of enhanced one-stopvenues,where customers can grab a meal and treat themselves at the same time.Whenprices are high,cash-strapped consumers may cut down on forays to the grocery store andlimit basket size,leading them to make more frequent trips to neighborhood venues for 20
59、22 Placer Labs,Inc.|More insights at placer.ai|19essential items.And if they can grab a cheap coffee while theyre at it or even a tasty mealwithout the sticker shock all the better.Experience,Experience,ExperienceIn dining,like in other walks of life,the importance of experience has only grown since
60、 thepandemic.And some chains are rising above the pack by making their restaurants primelocations not just to eat,but to have fun and hang out with friends.Taco Bell Embraces“Fast-Social”Taco Bell,the popular Mexican-inspired QSR chain with over 7000 restaurants nationwide,is known for its affordabl
61、e Tex-Mex fare.But since 2015,when the chain launched its firstTaco Bell Cantina,the quick-serve has been upping its experiential game.Cantina locationsoffer the full Taco Bell menu,but with a twist:customers can order shareable appetizersand alcohol to go with their burritos,including the chains si
62、gnature“Twisted Freezes.”Taco Bell Cantina in Newport Beach,California,Image: 2022 Placer Labs,Inc.|More insights at placer.ai|19The restaurants whether on the beach or in town are also designed with ambiance inmind,making them ideal spots to hang out with friends and linger over a nice meal.Cantina
63、s have also become community hubs,boasting wedding chapels,gaming rooms,fire pits,and even drag shows.Dwell times at the Taco Bell Cantina locationsanalyzed are significantly longer than theaverage dwell time for Taco Bell locations inthe CBSA and state.Cantinas,meant to promote what Taco Bell execs
64、 have dubbed“fast-social,”wereintroduced in response to the realization that customers crave social experiences.And intodays post-pandemic reality,that insight is more relevant than ever before.After years oflockdowns,social distancing,and online gatherings,in-person interactions and experienceshave
65、 become the name of the game.To gauge the impact of“fast-social”venues oncustomer behavior,we looked at average dwell times for Cantina locations in select CBSAsnationwide,comparing them to dwell times at regular Taco Bell restaurants.The datarevealed that dwell times at the Cantina locations analyz
66、ed are significantly longer than theaverage dwell time for Taco Bell locations in the CBSA and state.In Tempe,AZ,customers stayed about twice as long at Cantina locations as they did at thechains area and statewide restaurants overall.In other areas,too,average dwell times atCantina locations was 26
67、.5%to 45.5%higher than the CBSA or statewide averages showing that Taco Bell has succeeded in creating venues that are fun to visit and that invitepeople to kick back and chill out.This is good news for the chain,since people who staylonger at a restaurant are likely to order more food.And against t
68、his backdrop,it shouldcome as no surprise that the enhanced locations are continuing to pop up around thecountry.2022 Placer Labs,Inc.|More insights at placer.ai|19Pizza Ranch Enters the FunZonePizza Ranch,founded in Iowa in 1981,is a Midwestern chain that offers pizza,fried chicken,wings and a famo
69、us all-you-can-eat buffet.With over 200 locations across 14 states,therestaurant has plans to further expand its footprint in coming years.And more recently,the chain has become an experiential arcade haven.Following the leadof franchise owners who began adding arcades to their restaurants in 2010,P
70、izza Ranchadopted the concept and incorporated it into dozens of venues.The FunZone venues,which boast multiple party rooms,have become birthday-party-central and a great placeto let the kids run around while enjoying a leisurely lunch.The concept also seems to be driving increased traffic to the re
71、staurant.Analyzing foottraffic to Pizza Ranch venues with and without arcades reveals significantly higher visitincreases to the FunZone locations,both YoY(relative to 2021)and Yo3Y(relative to 2019).2022 Placer Labs,Inc.|More insights at placer.ai|19Dining Steps up its GameInflation and cutbacks in
72、 discretionary spending have presented an alreadypandemic-weakened dining industry with significant challenges.But even in tryingeconomic times,people want to unwind and treat themselves to experiences that makethem happy.While rising food prices undoubtedly put a damper on eating out,people stillne
73、ed places to get together with friends,blow off a little steam,and grab a bite to eat.Andwork and school routines often leave little time for leisure so it isnt always possible tocook at home.In this unusual environment,innovative dining chains have found success by meetingcustomers evolving needs.S
74、taying affordable,keeping an ear to the ground,leaning intowellness,and optimizing venues to serve as social hubs are some of the strategies thathave helped brands stay ahead of the curve.2022 Placer Labs,Inc.|More insights at placer.ai|19Key Takeaways1.Cheaper wins the day.When prices are high,peop
75、le seek out less expensivealternatives.Dining venues that can provide tasty,no-frills food that doesnt breakthe bank are more likely to succeed in the current environment.2.Customers crave innovation.People may like to order their“regular”but newitems engender buzz and excitement.Leaning into popula
76、r trends can be a recipefor success.3.Prepared food may be an affordable luxury but its also a necessity.There willalways be demand for inexpensive,ready-made meals that help busy consumers getthrough the day.At the same time,when budgets are tight,people will seek outdelicious cheap treats to brigh
77、ten their days.And venues that can provide both such as c-stores carrying hot food will continue to draw crowds.4.Wellness is on the agenda.On the heels of the pandemic,an increasing number ofconsumers are focusing on wellness and following healthy diets.A health-centeredapproach that meets consumer
78、s where they are can be key to attracting audiences and especially GenZ consumers.5.Experience is king.Today more than ever,people want to get out of the house andenjoy fun experiences with friends and family.Restaurants that are more than just aplace to eat will be poised to compete in todays environment.2022 Placer Labs,Inc.|More insights at placer.ai|19