There are 2 Ways to Compete in the Restaurant Industry

There are 2 Ways to Compete in the Restaurant Industry

You finally open up that restaurant of your dreams. You’ve been working in other industries and finally decided to take that leap into restaurant ownership. Or maybe this is your next concept and you’ve seen the success of similar cuisines in your industry. Or maybe you’re a chef who is finally excited to be opening up his or her first restaurant.

You think to yourself, “I can do way better than this person. I could blow them out of the water and they wouldn’t be able to compete with me!”

This mindset is a dangerous one to fall into because there are only two ways to truly compete against another similar concept. Do you know what they are?

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Agents of Change: What’s Shaking Up the Food and Beverage Industry?

Seafood

The premium phenomenon (customers willing to pay for higher quality) is having an impact on today’s food and beverage market.

However, the pillars of quality (freshness, health and wellness, transparency, and culinary values) are changing, as attendees at The Hartman Group’s A.C.T. Food Culture Forecast 2016 found out, driven by socioeconomic trends, broadening competition, and a redefinition of quality as it relates to premium experiences.

In terms of freshness, consumers equate higher quality with straight-from-the-farm ingredients and made-from-scratch dishes that are less processed and more pure — whether or not that is actually true. Transparency helps to reveal details about production and sourcing.

Hartman is not only seeing a change in what consumers eat, but also where and how they are eating and cite an “erosion of formal eating rituals,” with almost half of daily eating being snacking, which leads to less communal and family meals.

These change agents, and others, will impact many foodservice business models and present new opportunities for growth and revenue. Read more