The below are tips and tidbits about local Los Angeles area retail real estate as well as related local and national news and trends. For your information, from one of our shopping center real estate development partners and experts, Sam "Bachie" Bachner.
ICSC SCTWeekly February 3, 2012
Restaurant sales to grow a record 3.5 percent in 2012
Despite the U.S. economy?s sluggish recovery, the restaurant industry will see growth this year, according to the National Restaurant Association. Total restaurant industry sales will hit a record high of $632 billion this year, up 3.5 percent over last year, the second straight year sales exceeded $600 billion, the trade group says. ?? Food costs are among the main challenges restaurateurs cite. ?Because about one-third of sales in a restaurant go to food and beverage purchases, food prices are a crucial component for operators,? said Hudson Riehle, senior vice president of the National Restaurant Association?s research and knowledge group. ?Last year we saw wholesale food prices post their strongest annual increase in more than three decades. In 2012 we will see continued increases in the cost of some commodities, while price pressures will ease for others.? ?? Operators can succeed if they understand consumer trends, says Riehle. There is substantial pent-up demand for restaurant services, he says, with two out of five consumers saying they are not using restaurants as often as they would like. To translate that demand into sales, Riehle says more restaurants are sourcing their ingredients locally and putting healthier fare on the menu.
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