Beginning around the end of last year, restaurant chains of all kinds and sizes saw a pattern emerge.
Many consumers began “trading down,” or exploring lower-priced dining options than they normally would.
On a related note,loyalty rewards/points redeemed at restaurants increased by 26% year-over-year (!)
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in the first few months of 2023.
Longterm, Wingstop is planning on adding up to 1,200 new restaurants in the years to come.
So what’s behind the Italian brand’s recent success?
Wingstop
Darden CEO Rick Cardenas points out Darden’s strategy of pricing below inflationary trends.
“Consumers continue to seek value, which is not about low prices.
Consumers are making spending trade-offs.
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“Peak pricing for us on an annual basis is behind us,“added CFO Raj Vennam.
“Unless something dramatically changes, we see pricing coming down.”
“Our mixing is still extremely positive relative to pre-pandemic levels.”
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Pizza Hut
2022 was a tough year for pizza chains.
The chain reported last month that domestic same-store sales hadincreased by 8% in Q1.
Pizza Hut has looked tobring major value to its menuin recent months.
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BrandsCFO Chris Turner toldNation’s Restaurant News.
“A number of our strategies are working at Pizza Hut.”
After being released last summer,the French Toast Sticksquickly became Wendy’s hottest breakfast seller.
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Fast forward to this year, and Wendy’s is still red hot in terms of sales.
New units will feature a mobile order pick-up window inside and specialized parking for delivery drivers outside.
The first of these newly designed restaurants isset to open this year in Ohio.
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So far, sales this year haveexceeded both analysts' and the chain’s projections.
Revenue for the first quarter of 2023 increased by 24.5% year-over-year ($253.3 million).
