Latest news with #Technomic
Yahoo
27-05-2025
- Business
- Yahoo
Chipotle and Chick-fil-A helped increase new restaurant locations among top brands in 2024
Chick-fil-A and Chipotle were the tip of the spear in augmenting new restaurant locations last year among top brands, per a new report from food service research firm Technomic. Chick-fil-a grew its footprint by 4.9% in 2024 to a total of 3,109 restaurants, while Chipotle Mexican Grill (CMG) expanded 8.1% in the same period to a total of 3,644 locations, according to the firm's 'Top 500 Chain Restaurant Report.' It was the fourth year in a row of U.S. restaurants expanding their number of overall locations. 'Location development buoyed Top 500 performance,' the company said. 'The Top 500 footprint expanded by 1.6% in 2024 to a total of over 236,000 restaurants, marking the fourth consecutive year of robust location development for chain restaurants.' Chipotle CEO Scott Boatwright said in a February earnings call that part of the company's success rested on 'tremendous progress' in expanding its footprint in Europe. The company, though, reported a 'slowdown' in consumer spending during the first quarter of 2025, citing customers foregoing restaurant visits to save money along with adverse weather. Meanwhile, Chick-fil-A had its sales slow in 2024, per Nation's Restaurant News. The fast-food chain is charting a $1 billion international expansion overseas starting with five new locations in the U.K. and one in Singapore this year. Chick-fil-A is also automating as part of a bigger strategy to reduce labor costs and improve company efficiency. It's tapping into other revenue streams as well, like selling lemon oil to the beauty and fragrance industries. The increased competition among chicken-based restaurants is prompting more jockeying to increase market share, especially as consumers get pickier about where and how they spend their cash. Raising Cane's was another chicken-based fast-food establishment that grew enormously last year. In 2024, it expanded by 13.9% and reached 828 destinations, according to the Technomic report. For the latest news, Facebook, Twitter and Instagram. Sign in to access your portfolio
CNN
16-05-2025
- Business
- CNN
Bahama Breeze just closed more than one-third of its locations
Bahama Breeze abruptly closed more than one-third of its restaurants this week, further compounding the casual dining segment's problems. Darden Restaurants, Bahama Breeze's parent company, said in a statement that the closure of 15 locations was the 'right decision because it will allow Bahama Breeze to focus on its highest performing restaurants and strengthen the brand's overall performance.' Restaurants that closed include five in Florida, four in New Jersey and one in Illinois, Massachusetts, Michigan, Nevada, New York and Tennessee. A spokesperson said that affected employees will try to be hired at nearby Darden-owned restaurants or be given severance. The Caribbean-inspired chain has just 29 restaurants remaining. The closures comes after a tough year for Bahama Breeze, with sales falling 7.7% last year, according to data given to CNN from Technomic, a restaurant analysis firm. Bahama Breeze's struggles underscore the 'tough times casual dining restaurants are facing,' said Maeve Webster, president of consulting firm Menu Matters. Those chains typically cater to lower and middle-income families looking for a sit-down meal, but diners are abandoning these companies as their disposable income shrinks because of inflation. American consumer sentiment plunged to a near-record low this month, the University of Michigan reported Friday. Webster told CNN that 'closing poorly performing units can be better for the chain overall than trying to fix them' because pouring resources into rescuing the poorly performing locations can 'undermine the entire chain.' 'It's similar to rationalizing a menu: Better to eliminate items that aren't selling or rarely selling to improve the quality and consistency of what remains,' Webster remarked. Darden, which also owns Olive Garden and LongHorn Steakhouse, had a tough quarter, particularly at those two brands, which are often standout chains for the company. Both concepts had weak same-store sales growth that came in below analysts' expectations.
Yahoo
14-05-2025
- Business
- Yahoo
McDonald's to Hire a Massive 375,000 U.S. Workers This Summer
McDonald's is the largest U.S. restaurant chain by systemwide sales, so when they act, it's a big deal. The longstanding fast-food chain plans to expand their offerings to 50,000 global restaurants by 2027, so don't be surprised if you see more McDonald's establishments popping up in your area. McDonald's was founded way back in 1940 by the McDonald brothers, Richard and Maurice, in San Bernardino, California. After trying their hand in the movie business, the brothers started operating successful drive-in restaurants, and in 1948, they went on step further to launch their Speedee Service System featuring 15 cent hamburgers. The idea took off, and the rest of McDonald's history. Now, McDonald's is planning to go on a big hiring spree this summer and offer many Americans jobs. They plan to hire 375,000 new employees across the United States, which is the fast-food company's largest hiring spree in years. In 2020, McDonald's announced that it was hoping to hire 260,000 workers, which was also significant. It's worth noting that McDonald's new positions are both for new roles in new restaurants, as well as filling turnover numbers for workers who have left the company. The hiring spree is part of the larger picture for McDonald's. The chain plans to open 900 domestic locations by 2027, and last year, it added 100 locations in the United States, according to Technomic. "I often think about the time I spent working in our restaurants as a general manager, and it was immediately clear that crew members are the heart and soul of this brand," McDonald's USA president Joe Erlinger said in a statement. "They go above and beyond to take care of our customers, and it's our job to take care of and create opportunities for them." Erlinger added, "When you put on an apron for a shift at McDonald's, you're building skills you'll carry with you for life." The hiring spree also happens as McDonald's Archways to Opportunity program celebrates its 10th 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
Fox News
14-05-2025
- Business
- Fox News
Steak beats pasta as Texas Roadhouse becomes top casual dining destination
There's a new king in the U.S. casual dining scene. Texas Roadhouse has surpassed Olive Garden as the No. 1 casual dining destination based on systemwide sales, according to new data from Technomic on the 500 largest restaurant chains in America. The Louisville, Kentucky-based steakhouse chain overtook Olive Garden, which had held the top spot since 2018. Texas Roadhouse sales surged 14.7% last year to $5.5 billion, while Olive Garden sales rose just 0.8% to $5.2 billion in 2024, according to Technomic. Olive Garden has tried to lure more customers with its $6 take-home entrées and endless soup or salad and breadsticks. The Orlando, Florida-based Italian restaurant chain, owned by parent company Darden Restaurants, opened 15 new restaurants in 2024, compared to 26 new locations for Texas Roadhouse, Restaurant Business reported. Fox News Digital reached out to Texas Roadhouse and Olive Garden for comment. Steakhouses represented three of the top 10 casual dining restaurants on the list. LongHorn Steakhouse, which is also owned by Darden Restaurants, jumped Tampa, Florida-based Outback Steakhouse, according to the data. Below is Technomic's list of the top 10 casual dining restaurants in America.
Yahoo
07-04-2025
- Business
- Yahoo
This Southern-Based Business Just Beat Olive Garden As The Biggest Chain In The Country
Olive Garden held the title for the U.S.'s largest restaurant chain for seven Roadhouse has taken top billing this year per a report by Technomic. Texas Roadhouse saw an increase of sales of 14.7%.There's a new top-selling chain in town. According to newly released Technomic data, Texas Roadhouse has taken over the number one casual dining spot and beat out the beloved Italian restaurant, Olive Garden. Sorry Olive Garden lovers, but the Louisville, Kentucky-based chain is growing faster than you can say "pasta". According to "Texas Roadhouse's U.S. systemwide sales surged 14.7% last year, to $5.5 billion, per Technomic. It also opened 26 new locations, a 4.1% change." While we know that Texas Roadhouse has clearly been growing rapidly over the past few years, how has it overtaken Olive Garden? It could be their high-quality hand-cut ribs and steaks, but it's also due to new store development and how they are always keeping their prices low despite inflation. Olive Garden held the crown for seven years and while still performing well, this year they were slightly edged out by the competition. Olive Garden's "sales rose just 0.8% in 2024, to $5.2 billion. It opened 15 new restaurants for a total of 923, an increase of 1.7%," per Restaurant Business. Following closely next to Olive Garden in third place is Chili's Grill & Bar which is known for its southwestern-inspired appetizers and drinks. Chili's managed to make $4,571,300 in sales which was a whopping 15% increase. Trailing after Chili's is Applebees who took a major hit in 2024. The laid-back chain's sales decreased by almost 6 percent and even closed 35 locations. Read the original article on Southern Living Sign in to access your portfolio
