Past weeks counts. Net New Openings, week ending 05/15/20. Restaurant count activity is status quo for Covid times.
New trends, no trends and counter trends-
In looking at this week’s numbers we’re on the cusp of two full months of data. Some comments:
-Chains are still on almost complete lock-down on any new activity. Filing trends are 1/5 of Pre-Covid times whereas Independents are close to 1/2.
-Net new openings Independent-wise are 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 the past 23 years, we obtain new filings that are issued by states and municipalities.