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Redefining Culinary Expectations- How the Fast-Casual Sector Is Dominating the Industry

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Redefining Culinary Expectations- How the Fast-Casual Sector Is Dominating the Industry ™ Redefining Culinary expectations HOW THE FAST-CASUAL SECTOR IS DOMINATING THE RESTAURANT INDUSTRY How Often Do Consumers Eat Out? Source: Restaurant Success in 2019 Industry Report 45% 24% 20% 6% 3% 2% Multiple Times A Couple Times Once a Every A Couple Times Multiple Times a Week a Month Week Day a Year a Day The prolonged economic expansion can be a what has remained the same is their need good indicator of how the fast-casual dining for speed and convenience. Fast-casual has sector is performing. The unemployment rate is at taken over this in-between establishment a 50-year low and wages are steadily increasing, by appealing to a demographic on the move meaning people can afford to eat out more. through creative cuisine and dining concepts. Today’s consumers are beginning to question what’s in their food, creating a health-conscious demographic. Fast-casual restaurants have important qualities in restaurants for guests stepped in to accommodate the new demand for Source: Restaurant Success in 2019 Industry Report a healthy lifestyle while providing convenience. But what is fast-casual? It’s a new-age concept 1 QUALITY OF FOOD 72% that provides a mixture of elements offered in full- service restaurants and quick-service restaurants 2 TASTE/FLAVOR PREFERENCES 63% (QSR). According to the National Restaurant Association’s 2019 State of the Industry Report, the restaurant industry is expected to reach $863 3 VALUE 48% billion in 2019 sales. 4 PRICE POINT 33% In this article, Matthews™ takes a look at the restaurants that are dominating the limited- 5 CONVENIENCE 12% service sector and how their strategies make them stand out among their competitors. 6 RELATIONSHIP WITH THE RESTAURANT 11% As of fall 2018, there are 25,312 fast-casual units in operation in the U.S., and customers increased their visits by three percent over the year, revealed Ordering food online, through mobile apps a restaurant report conducted by NPD Group, a or text, has increased by 23 percent in the last market research company. Technomic’s 2019 Top four years, which accounts for $26.8 billion or 3.1 500 Chain Restaurant Report shows that out of billion in-store visits. NPD Group predicts digital the 1,569 restaurant chains added in 2018, 1,200 orders to grow by double-digits through 2020. were fast-casual. The price to eat at these limited- “Digital ordering overall and [mobile ordering service establishments runs a bit higher than at has] provided a path to market to consumers on a fast food joint, but customers are willing to pay a one-to-one basis and offer them a restaurant extra for the quality. The average cost for a fast experience customized to their needs,” said David food meal is around $5, while the average price for Portalatin, author of Eating Patterns in America. a fast-casual meal is $12. Customer preferences are evolving as people let’s take a look at the top five fast-casual search for healthy alternatives and more variety in menu offerings. On the contrary, restaurants setting a precedent in the industry. MATTHEWS™ AVERAGE MEAL PRICE: $8.45 SIGNATURE MENU ITEM: Blaze Build-Your-Own Pizza FOUNDED: Pizza 2011 Average 2018 SALES: Meal PricE: $326 million $10 LOCATIONS: 300+ (U.S. & Canada) Blaze Pizza stands out among a sea of Blaze Pizza offers unique concepts like build- competition, ranking 125th on Technomic’s Top your-own pizza that is ready in three minutes. 500 Chain Restaurants. Blaze Pizza grew from two They also recently launched their Life Mode line franchises to 200 in four years, crowning the pizza which includes four diet-friendly pies. The fastest- franchise as the fastest-growing food chain ever in growing pizza shop started providing the option the U.S. for 14-inch “sharable” pizzas to enhance delivery and takeout sales. As Blaze Pizza continues to Since 2012, LeBron James has been an investor, cater to a new audience through new offerings, contributing to the chain’s success with viral Blaze Pizza will likely remain a top player in the commercials where James goes undercover as pizza chain sector. an employee passing out pizzas. During his four years playing for the Miami Heat, James’ goal was blaze’s annual location & sales growth to expand Blaze Pizza to Florida. This launched the Source: Restaurant Business, QSR Magazine, Forbes franchises’ fast growth, expanding from Florida all the way to Canada. 400M 400 350M 350 While fast-casual is built around a dine-in 300M 300 experience for the lunch crowd, the California- 250 250M Units based chain has taken notice of the increasing 200M 200 popularity of takeout and delivery. Blaze Pizza’s 150M 150 off-premise digital sales account for ten percent Annual Sales of sales, more than double that of last years. 100M 100 Furthermore, the company has partnered with 50M 50 Postmates, a delivery app, to create even more 0M 0 delivery options, specifically in Southern California 2014 2015 2016 2017 2018 2019 and Arizona. Annual Sales # of Units MATTHEWS™ AVERAGE MEAL PRICE: $10 SIGNATURE MENU ITEM: panera broccoli cheddar soup FOUNDED: bread 1987 Average 2018 SALES: Meal PricE: $5.8 billion $10 LOCATIONS: 2,300+ (u.s.) Ranked 10th in the Top 500 Chain Restaurants Panera Bread’s impressive annual revenue by Technomic, Panera Bread is well-positioned and consistent performance were the primary in the fast-casual restaurant industry. reasons for the takeover. The acquisition Uncoincidentally, it is also the 10th largest has fueled Panera Bread’s growth even U.S. chain with over 2,300 locations. In 2018 further with the recent announcement alone, Panera Bread reached $5.8 billion in of plans to open locations in airports. sales, a 4.7 percent year-over-year growth. After finding that the bulk of their sales fell After a steady rate of growth through the into lunch and dinnertime, Panera Bread has recession, founder and CEO, Ron Shaich, focused on its breakfast strategy to retain loyal positioned Panera Bread as a healthier and young consumers. Additionally, with the alternative to their competitors. With claims increasing popularity of online orders, delivery as one of the first fast-casual restaurant chains has become a new priority. In order to build to offer one hundred percent clean food, the traffic, ordering through their online app bakery-café is successful with the on-the-go presents the option to reorder a customer’s demographic seeking quick, healthy cuisine. “usual breakfast” and have it delivered to Just last year, Panera Bread’s launch of breakfast their office. Guests can use the technology sandwiches influenced their decision to provided to remain on-the-go by skipping the petition the Food and Drug Administration’s register altogether through “Panera Tap.” (FDA) definition of the term “egg.” The petition demonstrates their commitment to Delivery is now available in 56% of Panera serving only clean food in its restaurant. Bread locations. Panera Bread was acquired for $7.5 billion by JAB Source: Restaurant Business Holding Company in 2017. JAB owns other big- name brands such as Keurig Dr. Pepper, Krispy 200,ooo app downloads Kreme Doughnuts, and Einstein Bros. Bagels. Source: SensorTower MATTHEWS™ AVERAGE MEAL PRICE: $11 SIGNATURE MENU ITEM: chipotle Chicken Fajita Bowl mexican FOUNDED: 1993 grillAverage 2018 SALES: Meal PricE: $4.8 billion $10 LOCATIONS: 2,500+ (u.s. & canada) The blockbuster of fast-casual, Chipotle Mexican locations in the summer of 2018 and has now Grill, is ranked 12th in the Top 500 Chain spread to 2,000 stores. These assembly lines not Restaurants by Technomic with over 2,500 U.S. only improved pickup times but also serve as a key locations as of February 2019. In 2018, the company strategy for their industry-leading delivery time. reached $4.8 billion in sales, an 8.7 percent increase compared to last year. Of those sales, 18.2 Back in March of 2019, Chipotle debuted a percent were digital sales, which is nearly double rewards program that’s already acquired that of the previous year. The burrito chain’s same- five million members. The company is store sales rose 9.9 percent in Q2 2019, marking seeing results from the program, with an the fifth quarter in a row of increased sales. increased number of member visits. Chipotle’s most recent success can partly be 50% of Consumers say the availability of a attributed to the latest CEO, Brian Niccol. As former CEO of fast-food giant Taco Bell, Niccol customer loyalty and reward program would has plenty of experience with digital technology, make them choose one restaurant over another. brand innovation, and restaurant operations. After Source: National Restaurant Association his success with Taco Bell by reimagining the brand through marketing efforts and changing Chipotle is a limited-service restaurant focused demographics, Niccol will likely bring that on catering food that is good for its consumers. momentum to Chipotle. With the motto “Food with Integrity,” the company portrays its goals to serve naturally It’s no accident that Chipotle’s digital sales grown and produced food. After a tremendous accounted for 20 percent of total sales with the recovery from the food safety outbreak in recent shift in efforts to prioritize pickup times. 2015, Chipotle’s recent performance shows it’s The company began implementing “second capable of survival. With 20 new restaurant make” assembly lines in which workers fulfill openings in Q2 2019 alone, Chipotle shows no online orders. This practice was started in 350 indication of slowing down any time soon. MATTHEWS™ AVERAGE MEAL PRICE: $9 SIGNATURE MENU ITEM: slim chicken tenders FOUNDED: chickens 2003 2018 SALES: $129 Million LOCATIONS: 82+ (U.S., U.K., Kuwait) As a 16-year old franchise, Slim Chickens ranks Slim Chickens recently made headlines with the number 241st among the Technomic’s Top announcement of a private-equity investment.
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