This is an excerpt from Big 7 Media‘s 100-page report on The Future of the Restaurant Industry in 2020.
This detailed report provides current operational guidance and insight into emerging hospitality trends for 2020-21. We investigate the trends that are impacting the industry, both currently and in the future. You will learn: how to increase sales, current and future trends, supply chain issues and more.
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Independent Small Businesses Compared to Larger Operations
Viewing the industry in terms of both independent restaurants and larger franchise operations, we can see it is small businesses that could be forced to submit. An early study shows that small businesses in the restaurant industry seem particularly vulnerable to a long-term crisis. Restaurateurs in the US believe they have a 72% chance of survival if the direct impact of the crisis lasts one month, but if it lasts four months, they give themselves only a 30% chance of survival.
In an op-ed published by The New York Times on March 24, a group of high-profile New York restaurateurs and chefs estimated that 75% of independent restaurants are likely never to reopen. One of the chefs, Tom Colicchio, has since lowered his estimate to between 40-50%. Despite such an assessment, this remains a devastating figure. It’s clear that independent restaurants will be the hardest hit.
Big 7 Media Report: The Future of the Restaurant Industry in 2020 – Download Here
Table of Contents:
- Restaurant Industry Overview
- Covid-19: Steps & Barriers to Reopening
- Produce Supply Chain: Impact on Menu Model
- Key Trends & Developments in Restaurant Sectors
- Food Delivery Trends & Technology
- Marketing & Social Media
- Beverage Trends within the Restaurant Industry
- Looking to 2021 – The Future