Latest news with #Hottovy
San Francisco Chronicle
4 days ago
- Business
- San Francisco Chronicle
S.F. has more workers returning to the office than Los Angeles
San Francisco's return-to-office rate is gaining steam and jumped ahead of Los Angeles and Denver in July for the first time since the pandemic, according to new cell phone data from location tracking firm San Francisco office visits were down 34.2% in July compared to 2019, narrowly ahead of Los Angeles' 34.6% and Denver's 40% declines in the same period, data released Monday showed. San Francisco is still near the bottom for return to work — it's far below nationwide office visits, which were 21.8% below 2019 levels in July. 'It's obviously a far cry from pre-pandemic,' said R.J. Hottovy, head of analytical research at of San Francisco. But the artificial intelligence boom is bolstering the return to office, he said, and driving up apartment and office rents. BART reported higher downtown ridership in June as well. As a result, San Francisco saw the biggest percentage jump in office visits in the past 12 months, 21.6%, among the cities that tracks. In contrast, Los Angeles has seen a weaker return to office in part because of lingering disruption from Hollywood actor and writer strikes in 2024 and 2023, Hottovy said. Denver's low ranking reflects a heavily remote working culture, especially for tech, according to The data uses anonymized cell phone location data to measure foot traffic to offices, with 'predefined criteria specific to employee behavior.' Higher return to office rates measure not only workers coming back, but also population and job growth compared to 2019. San Francisco saw a big population drop of 6.3% during the first year of the pandemic, according to census data, but has been growing again modestly. Downtown events like First Thursday and Unstaged street parties are also helping draw office workers and visitors back, businesses and organizers have said. The leaders for return to office are New York, which was 1.3% above its 2019 level, and Miami, which was only 0.1% below its 2019 level in July. It was the first time New York beat its 2019 numbers on data, which Hottovy attributed in part to large employers like banks requiring five days in the office again. 'I don't think we're ever going to quite get to 100% nationally,' Hottovy said. Despite some companies like Amazon and JPMorgan bringing workers back full-time, many companies have embraced at least a couple days at home each week.
Yahoo
4 days ago
- Business
- Yahoo
Earnings Show Fast-Food Giants Embroiled in a Game of Chicken
Where's the beef? No one cares — show us to the poultry, please. Last week delivered a bevvy of earnings reports from fast-food giants — including McDonald's, Wendy's, Yum! Brands, and Restaurant Brands International — with the results showing the industry's biggest trend continues apace: Customers can't get enough chicken, especially when offered at a discount. READ ALSO: Ford Crosses into Fast Lane With $2 Billion Affordable EV Plan and Paramount Ponies Up $7.7 Billion to Win UFC Rights Winner, Winner, Value Chicken Dinner First things first: Amid a prolonged period of economic uncertainty, the value menu remains invaluable. But even a price war among the world's biggest restaurant chains isn't enough to keep low-income consumers coming through drive-throughs. Instead, they continue to flee fast food in favor of value grocery stores, R.J. Hottovy, head of analytical research at told The Daily Upside. In what may be a macroeconomic bellwether, Hottovy also said low-income consumers are increasingly shifting down even from value grocery chains like Aldi to cheaper convenience stores and dollar stores. Still, value remains a big driver. So much so that in its second-quarter earnings call on Friday, Wendy's said a major driver of a sales decline (that still beat analysts' expectations) was having too many promotions, which interim CEO Ken Cook said 'sent too many different messages' to customers. 'We learned that when we have too many priorities, we have none,' Cook added, before saying that Wendy's will have one top priority through the rest of the year: chicken. (McDonald's seemed to crack the code this past quarter, citing the return of its McCrispy Chicken Strips driving sales growth.) For more evidence of chicken fever, look no further than Yum's portfolio: True, not even chicken could save the colonel: Same-store sales at US Kentucky Fried Chicken locations slid 5%, as the chain continues to suffer amid increased competition from the likes of Raising Cane's and Wingstop. But Taco Bell saw US same-store sales growth of 4%, with Yum citing a new line of Crispy Chicken menu items and the reintroduction of chicken nuggets. In fact, Yum CEO David Gibbs said Taco Bell's chicken sales are up 50% in the past two years. 'Most people are reporting negative quarters. We haven't even had a negative week for Taco Bell,' Gibbs said. Extra Guac, Please: Pricier chains are facing the same pressures — and struggling. Shares of Sweetgreen plunged more than 25% on Friday after the chain lowered its profit guidance for the second consecutive quarter. Meanwhile, Chipotle experienced its second straight quarter of same-store sales declines, with CEO Scott Boatwright saying the chain needs to figure out how to 'communicate value and showcase value.' Did you catch that, Chipotle employees? To our ears, it sounds like your CEO is practically begging you to give us a scoop of guacamole on the house. This post first appeared on The Daily Upside. To receive delivering razor sharp analysis and perspective on all things finance, economics, and markets, subscribe to our free The Daily Upside newsletter.
New York Post
11-06-2025
- Business
- New York Post
Popular fast-food chain explores potential $1.5B sale as demand for fried chicken booms: report
Popular Southern-based fast-food chain Bojangles is exploring a potential sale of its business as demand for fried chicken heats up, according to a report on Wednesday. The company could fetch more than $1.5 billion – three times what it sold for in a 2019 buyout, sources familiar with the matter told the Wall Street Journal. The chain — known for its chicken, biscuits and cavity-inducing sweet tea — would likely draw interest from restaurant operators and private-equity investors, though it could still decide against the sale, sources added. 3 Fried-chicken chain Bojangles is reportedly exploring a potential sale of its business. Alamy Stock Photo Bojangles did not immediately respond to The Post's request for comment. Private-equity firms Durational Capital Management and TJC took Bojangles private in an all-cash deal in 2019 that valued the company at more than $590 million. Bojangles, founded in Charlotte, NC, in 1977, boasts about 800 locations mostly across the southern US, with more than 100 restaurants in Georgia alone, though it has started to expand to the northeast. It opened its first New Jersey location in April and its second Pennsylvania restaurant in 2022. The company is likely looking to take advantage of an advantageous market as fried chicken restaurants continue to outperform competitors. That's largely thanks to chicken's versatility, according to R.J. Hottovy, head of analytical research at 'This adaptability has enabled a number of brands to stand out by offering a wide range of customizable spice levels, sauces and sides that appeal to a broader customer base,' Hottovy told The Post. 3 A Bojangles meal including fried chicken, biscuits, sweet tea and sides. Total sales at US chain restaurants grew 3% last year, according to Technomic. Sales at burger chains rose just 1% – while chicken restaurants largely outperformed with 9% growth. Sales at fast-casual chicken chains like Raising Cane's and Wingstop increased 24% compared to the year before, according to Technomic. Visits to restaurants like Raising Cane's, Dave's Hot Chicken, Super Chix and Huey Magoo's Chicken Tenders far outpaced overall visits to fast-casual chains in the first quarter of 2025, according to data. The growth was driven in part by expansions as hot demand for chicken allowed restaurants to open new locations. 3 Dave's Hot Chicken recently announced a sale to Roark Capital that values the company at $1 billion. AP Dave's Hot Chicken – which recently clinched a $1 billion deal to sell to Subway owner Roark Capital – saw the most significant year-over-year visit growth of 60% in the first quarter, according to That followed visit growth of 67.2% in the fourth quarter of 2024. Other fast-food chains have tried to hop on the chicken trend. McDonald's added its McCrispy Strips to the permanent menu this spring, while Taco Bell re-launched its chicken nuggets. Several other restaurant mergers and acquisitions have been reached over the past few months. Blackstone took a majority stake in Jersey Mike's Subs that valued the company at $8 billion, while Sycamore Partners bought acai bowl chain Playa Bowls. The terms of the Playa Bowls deal have not been announced.
Yahoo
14-05-2025
- Business
- Yahoo
As Budgets Tighten, Frozen Pizza Becomes a Telltale Sign of Economic Strain
Frozen pizza sales have surged since the pandemic, rising to nearly $7 billion in 2024, as consumers sought convenient, cost-effective meals. Economic uncertainty and rising prices are driving continued growth, with experts predicting a 6.6% increase in sales as more people choose frozen pizza over takeout. Both budget and premium frozen pizzas are thriving, with popular low-cost options like Aldi and upscale offerings from Giordano's seeing strong years ago, when COVID-19 restrictions shuttered indoor dining, many consumers turned to home cooking — though not necessarily from scratch. Instead, they leaned heavily on a familiar standby: frozen pizza. Sales of frozen pizza jumped by $1 billion in 2020, climbing from $5.6 billion in 2019 to nearly $6.6 billion. Even after restaurants reopened, demand remained strong. By 2024, U.S. frozen pizza sales reached nearly $7 billion, contributing to a global market worth $18.5 billion. Now, as economic uncertainty grows amid rising tariffs and recession fears, analysts predict frozen pizza could become an even bigger player at mealtime. Greenwich Capital Group projects the category will grow by 6.6% over the next few years. 'During periods of economic uncertainty, it's common for consumers to shift from takeout to frozen pizza as a cost-saving measure,' says R.J. Hottovy, head of analytical research at which monitors retail trends. Related: The 5 Best Pizza Stones, According to Our Tests data shows year-over-year increases in foot traffic at value-focused grocery stores, while visits to pizza chains have been inconsistent. 'That suggests budget-conscious consumers may be adjusting their dining habits,' Hottovy explains. Economists and market watchers often view a surge in frozen pizza sales as an informal recession indicator. Like other 'comfort essentials' such as boxed macaroni and cheese or canned soup, frozen pizza tends to see a boost when consumers start tightening their budgets. It's not just about cost — it's convenience, long shelf life, and the sense of familiarity that make frozen pizza a go-to choice when economic anxiety rises. When sales of these products spike, it's often seen as a sign that households are preparing to spend less on dining out and more on affordable staples. There are signs that budget pizza is gaining traction. Each year, Aldi releases its list of fan-favorite items — products that stand out across various categories based on customer preferences. In 2024, Mama Cozzi's Pizza Kitchen Take and Bake Deli Pizza earned a spot on that list. Sold in Aldi's deli section, the 16-inch pepperoni pizza retails for $7.59 — more than $20 cheaper than a similar pie from a pizzeria. But the frozen pizza boom isn't limited to value options. Premium brands are seeing growth too. For over a year, Giordano's, the iconic Chicago pizzeria, has been promoting its frozen pies online, offering them through its website and gourmet delivery platform Goldbelly. A two-pack of Giordano's full-sized deep dish pizzas sells for $84.99, or $42.50 each. Prices drop with bulk orders: a six-pack goes for $159.99, bringing the cost per pizza to $26.67. Customers can also opt for variety packs, including six individual-sized pizzas (two each of plain, pepperoni, and sausage) for $84.99 — about $14.10 per pizza. Related: It's Official: The Best Pizza in the World Is in New York City 'In general, our ecommerce business has grown significantly over the last 12 months,' says Dan Gilland, Giordano's director of ecommerce. 'I couldn't say that the economic uncertainty is responsible for an uptick in sales because our growth has been strong for over a year now, but we certainly continue to see customers valuing our frozen pizza even in the current environment.' Gilland acknowledges the premium pricing, but believes customers see the value. 'One pizza is enough for a family dinner, and customers who may not be able to make it to a Giordano's restaurant can still experience an authentic Giordano's pizza,' he says. While demand appears poised to keep climbing, Greenwich Capital warns that supply chain infrastructure may not keep pace. 'Cold storage, which accounts for only 1.7% of the industrial market, faces persistent capacity challenges due to high costs, specialized requirements, and changing technology,' the firm noted in an analysis. Whether you're saving or splurging, there's likely a frozen pizza that fits your budget — and in uncertain times, that little bit of comfort can go a long way. Read the original article on Food & Wine Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
As Budgets Tighten, Frozen Pizza Becomes a Telltale Sign of Economic Strain
Frozen pizza sales have surged since the pandemic, rising to nearly $7 billion in 2024, as consumers sought convenient, cost-effective meals. Economic uncertainty and rising prices are driving continued growth, with experts predicting a 6.6% increase in sales as more people choose frozen pizza over takeout. Both budget and premium frozen pizzas are thriving, with popular low-cost options like Aldi and upscale offerings from Giordano's seeing strong years ago, when COVID-19 restrictions shuttered indoor dining, many consumers turned to home cooking — though not necessarily from scratch. Instead, they leaned heavily on a familiar standby: frozen pizza. Sales of frozen pizza jumped by $1 billion in 2020, climbing from $5.6 billion in 2019 to nearly $6.6 billion. Even after restaurants reopened, demand remained strong. By 2024, U.S. frozen pizza sales reached nearly $7 billion, contributing to a global market worth $18.5 billion. Now, as economic uncertainty grows amid rising tariffs and recession fears, analysts predict frozen pizza could become an even bigger player at mealtime. Greenwich Capital Group projects the category will grow by 6.6% over the next few years. 'During periods of economic uncertainty, it's common for consumers to shift from takeout to frozen pizza as a cost-saving measure,' says R.J. Hottovy, head of analytical research at which monitors retail trends. Related: The 5 Best Pizza Stones, According to Our Tests data shows year-over-year increases in foot traffic at value-focused grocery stores, while visits to pizza chains have been inconsistent. 'That suggests budget-conscious consumers may be adjusting their dining habits,' Hottovy explains. Economists and market watchers often view a surge in frozen pizza sales as an informal recession indicator. Like other 'comfort essentials' such as boxed macaroni and cheese or canned soup, frozen pizza tends to see a boost when consumers start tightening their budgets. It's not just about cost — it's convenience, long shelf life, and the sense of familiarity that make frozen pizza a go-to choice when economic anxiety rises. When sales of these products spike, it's often seen as a sign that households are preparing to spend less on dining out and more on affordable staples. There are signs that budget pizza is gaining traction. Each year, Aldi releases its list of fan-favorite items — products that stand out across various categories based on customer preferences. In 2024, Mama Cozzi's Pizza Kitchen Take and Bake Deli Pizza earned a spot on that list. Sold in Aldi's deli section, the 16-inch pepperoni pizza retails for $7.59 — more than $20 cheaper than a similar pie from a pizzeria. But the frozen pizza boom isn't limited to value options. Premium brands are seeing growth too. For over a year, Giordano's, the iconic Chicago pizzeria, has been promoting its frozen pies online, offering them through its website and gourmet delivery platform Goldbelly. A two-pack of Giordano's full-sized deep dish pizzas sells for $84.99, or $42.50 each. Prices drop with bulk orders: a six-pack goes for $159.99, bringing the cost per pizza to $26.67. Customers can also opt for variety packs, including six individual-sized pizzas (two each of plain, pepperoni, and sausage) for $84.99 — about $14.10 per pizza. Related: It's Official: The Best Pizza in the World Is in New York City 'In general, our ecommerce business has grown significantly over the last 12 months,' says Dan Gilland, Giordano's director of ecommerce. 'I couldn't say that the economic uncertainty is responsible for an uptick in sales because our growth has been strong for over a year now, but we certainly continue to see customers valuing our frozen pizza even in the current environment.' Gilland acknowledges the premium pricing, but believes customers see the value. 'One pizza is enough for a family dinner, and customers who may not be able to make it to a Giordano's restaurant can still experience an authentic Giordano's pizza,' he says. While demand appears poised to keep climbing, Greenwich Capital warns that supply chain infrastructure may not keep pace. 'Cold storage, which accounts for only 1.7% of the industrial market, faces persistent capacity challenges due to high costs, specialized requirements, and changing technology,' the firm noted in an analysis. Whether you're saving or splurging, there's likely a frozen pizza that fits your budget — and in uncertain times, that little bit of comfort can go a long way. Read the original article on Food & Wine Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
