We read and hear a lot about the damage the corona virus pandemic and the associated restrictions are having on the hospitality industry including restaurants. For example, as the Commercial Drive BIA reported at the last GWAC meeting, revenue for local bars and restaurants is down 50-75% this year over last. However, random headlines would also suggest that fast food franchises are thriving.
Every once in a while I find myself perusing the news at Nation’s Restaurant News (mainly to look at fascinating new menu options) and just today I saw the following four stories being reported.
- Jack in the Box Restaurants increased sales by 12.2% and are planning on expanding;
- A franchise called Torchy’s Tacos just found $400 million in new financing;
- The restaurant arm of a California venture capital company just expanded their holdings to add 37 new Pizza Hut locations; and
- In-N-Out Burgers‘ new location in Colorado caused a 12-hour wait and miles of traffic jams.
And that was just a quick look today.
Clearly that sector — perhaps because of their long history of drive-through contactless pickups — is doing OK during the pandemic.