Over the last few years, the restaurant industry has experienced a broad range of significant changes that have made it very difficult for so many mature brands to achieve a level of meaningful profitability.
- The restaurant landscape has become very competitive and over-saturated.
- Many mature brands fail to innovate and have become fatigued.
- Once-loyal guests have gravitated to more innovative brands that meet their dining needs and fit their lifestyle.
In addition, rents continue to soar, staffing continues to be a real challenge, and continued pressure from minimum wage increases and numerous delivery options have made it extremely difficult to achieve a reasonable ROI or operating profit. Finally, many mature brands have lost or watered down their company culture, which is impacting their morale and the ability to attract best-in-class talent.
Many of the guests that frequented your restaurant 10 to 20 years ago have new dining needs, and their food and beverage expectations have evolved to demand a more contemporary experience. If your restaurant décor hasn’t been refreshed in over ten years, there is a good possibility the restaurant is looking a bit outdated. This could be having an impact on your guest frequency and top-line revenue.
While updating your decor is important, the bigger issue is your menu and your innovation engine. Are your food and beverage creativity and plate presentations keeping up with the changing dining trends? The reality is if your guests are not taking pictures of your food for their Instagram feeds or talking about your food and beverage on social media, that’s a problem.
If you agree with my basic assumptions, then you need an innovation strategy to pivot so you can refresh your food and beverage while updating some of your key décor needs. When it comes to menu innovation, the Synergy Team can truly help your drive frequency and top line sales with practical solutions that deliver results based on your budget. Give us a call; it will be one of the best decisions you make for the sustainability of your restaurant brand.