Just a few days ago, Reuters announced that global food prices hit a six-month low last month. This can be attributed to the decline of dairy, grains and oilseeds, the news source reported, along with the rising prices of meat and sugar. With this, large multi-unit operators like McDonald’s and Burger King are likely to get hit.
Just a week before, Bloomberg featured Burger King’s “winning menu formula” — essentially, breaking down the fast food brand’s implementation of cross-utilizing ingredients when trying out new products to add to the menu. A few examples include last year’s French Fry Burger, the BBQ Bacon Whopper, and the Extra Long BBQ Cheeseburger. All include ingredients already on the menu. With rising food costs, this is obviously an approach — not a new one — that restaurants, especially QSRs and fast casuals, should keep in mind when it comes to innovation. Simplifying can have other positive effects, as well. Read More