Franchise News
SPONSORED
CEO of Famous Toastery, a full-service breakfast and brunch restaurant based in Charlotte, NC, discusses inflation rates and their effects on the restaurant industry and its business.
In a recent podcast interview with Nation's Restaurant News, Famous Toastery CEO, Robert Maynard, discussed current inflation trends, how it affects menu pricing, wages, and more in the restaurant industry, and how the brand has adjusted to inflation.
In April, it was reported that restaurant traffic was down, especially in restaurants with family atmospheres. Households with children saw an 8–9% decrease in restaurant visits. Restaurants now have to change their business model and even their menus to adapt to inflation.
“It’s being creative. It’s being creative about what you will put on and take off the menu. You also have to know that it’s a work in progress,” says Maynard. “It’s like we’ve been dealt a whole new hand in the restaurant business, and you can’t sit around and debate anymore. There is no time left. People have to make decisions quickly and precisely, and even if they make a mistake, I would rather make a mistake than just not make decisions.”
Listen to the full podcast here at NRN.com.
Sign up for the 1851 Franchise newsletter to get our biggest stories before everyone else
By signing up, you agree to our user agreement (including class action waiver and arbitration provisions), and acknowledge our privacy policy.
