It's no secret that several fast food chains that used to reign in the restaurant industry are now struggling to compete with the thousands on new innovative concepts offering guests an elevated experience, whether it be with the higher quality food product or dining experience.
Even the quick-serve chain McDonald's, which has recently completed a brand revamp, said in a call last week that it's difficult to bring in customers due to the "market share fight."
Yum Brands CEO Greg Creed expressed similar sentiments and also called the marketplace "very tough," after Taco Bell's new Nacho Fries didn't foster the sales they had hoped for.
"You have to be really good to survive," said Michael Osanloo, CEO of PF Chang to "Business Insider.:
The industry has quickly been overpopulated with concepts, but Osanloo argues that in this market the bad restaurants just fail quicker.
"It's been a constant dynamic. There are too many bad restaurants, for sure," said Osanloo. "And, I think what happens is that bad restaurants have really short shelf life. Good restaurants do really well."Read More