Past weeks counts. Weekly Net New Opening counts and Sit-Down versus Counter-Service openings week ending 05/22/20.
No discernible change from the prior week. We seem to be rumbling along the bottom. The floor seems to me right around 300 net new filings per week.
-Net new openings Independent-wise are (still) stubbornly more than 50% sit-down.
Q&A- Typical questions we are asked:
1. Q- How can there be any net new openings at all right now?
A-It’s a big country and enthusiasm is softened but not fully gone. There are also deals in the pipeline that have yet to come to fruition.
2. Q-Why would anyone open a sit-down restaurant today?
A- (opinion) Sit-down restaurants are a long held bastion for independent operators. It has never changed and will take time to shift some more. In addition chains are seemingly (by and large) better at adopting the technologies of today in having well functioning apps/technology and the intimidation factor is real for many independent operators.
3. Q- Where do you get your information?
A-Legal filings only of public information. For more than 23 years, we obtain new filings issued by states and municipalities.