The restaurant industry is a very tough one to succeed in mostly because you have so much competition and wages on tbe rise is making it tough for companies to make profit. When you have to raise your hourly rate 3 to 4 dollars an hour and still get the same amount of work out of people it is not really beneficial to your company at all. The only thing we can really do is hope that raises wages will bring in better quality of employees.
- Restaurants in the food service industry experience decreasing food costs in 2016 after seeing record prices in years prior.
- While the savings in food cost was significant, the cost of eating out remained nearly unchanged seeing a minute 0.6 percent decrease in 2016.
- Raising labor costs effected many restaurants and were the main contributor to the almost unchanged cost of sale to the customer.
“Food costs for publicly traded restaurants fell in 2016 as commodities, especially beef, came down from record prices.”