Finally, there is some “Egg”cellent news for those in the breakfast segment: egg prices nationwide are at the lowest they have been in the last ten years.
As Bloomberg recently reported, increased numbers of egg-laying hens following previous bird-flu kill-offs have led to a huge surplus of eggs in the marketplace. The result is a long-awaited price drop for the breakfast essential.
"The market was temporarily starved for eggs, and now it’s drowning," Tom Elam, president of Carmel, Indiana-based consulting firm FarmEcon LLC, told Bloomberg back in June. "There’s just too many eggs out there.”
The lower egg prices were just a matter of time, according to Famous Toastery Founder and CEO Robert Maynard, though he says it took longer than he would have liked.
“It’s about time,” said Maynard. “A couple years ago they were off the charts, we were paying four times as much.”
Still, the news of reduced egg prices comes at a great time for the 22-unit breakfast concept based in Charlotte, NC. In fact, Famous Toastery is in the midst of huge expansion with plans to open an additional 20 restaurants within the next year. The brand is specifically looking to continue building out the Southeast while developing up the eastern seaboard.
Maynard says that while unexpected events like the bird flu can cause problems, things were always going to even themselves out eventually.
“I don’t look at it as a favor, I see it as what comes around goes around,” said Maynard. “So now it’s even, whereas years ago you couldn't even get eggs.”
Now that flocks have adjusted and prices have settled, the lower overhead and ease of finding product is making the breakfast segment especially appealing. Famous Toastery is no exception, as the brand hopes to use the new surplus to scramble the competition and whip up expansion throughout the East and Southeast.