The Data Is In
The word on restaurant sales has been out in the public for a while now. Same store sales are down for many segments. And for some of the most recent months, the industry overall is down.
Two factors lead to negative same store sales: declining customer traffic, or customers spending less on each visit. It has been well documented that restaurants have been increasing their prices over the past few years. The National Restaurant Association measured price inflation at 2.7% in July 2016, while the average cost of ingredients fell -3.5%. The increased margin dollars have helped some restaurants cover the increases in labor.
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