One decade has passed since the 2008 global financial crisis, but the restaurant industry still has yet to fully recover. However, some leaders of companies within the industry have discovered key strategies that can bring about proven results as businesses struggle to recover from losses. Some of these tested strategies include returning to the brand’s origins while simultaneously embracing what it means to be a truly modern business; prioritizing the needs of franchisees; understanding the customer; and managing growth, among others.
- The recent recession brought a lot of hardy, iconic food purveyors close to going under, proving that The restaurant biz is far from recession-proof.
- Some sterling, but sinking, restaurants were abject readjust their sinking ships by re-focusing on the core concepts that initially put them in the map.
- Staying innovative, and keeping up with modern trends and technology, is critical to staying afloat and speeding ahead in the restaurant business.
“With consecutive years of sales declines and drastically reduced spending from value-conscious consumers, the recession left much of the limited-service segment desperate to turn their fortunes around in the post-recession landscape.”