Levendary Cafe: the China Callenge
Multi-unit Restaurant Business concepts are represented by units with independent operators. The concepts are categorized into three industry segments 1) specialty establishments, 2) quick service restaurants, and 3) casual dining. An excellent example of this concept business is The Darden family of restaurants, founded from Lakeland, FL, which features the following most successful and recognizable brands in full- service dining: Red Lobster, Olive Garden, Long Horn Steakhouse, Bahama Breeze, Seasons 52, The Capital Grille, Eddie V’s, and Yard House. According to their last SEC 10-k report filing, they own and operate worldwide more than 2,000 restaurants, employ 185,000 people, and serve more than 423 million meals a year. The restaurant and foodservice industry are highly fragmented.
The restaurant and foodservice industry is a powerhouse that has the ability to connect with other industries. With it employing over 13.1 million Americans, its impact and influence on the economy is significant. The overall restaurant and foodservice industry made up over $600 billion in sales in 2010, in the US alone, with over 960,000 locations as referenced in the article. It has since seen an increase of 3.5 % year over year or $632 billion in 2012. The projected sales for 2013 are $660.5 billion. The total restaurant industry sales are 4% of the US gross domestic product (GDP). With all that has been stated, it should come as no surprise that there continues to be positive trading volume within the restaurant sector.
For further economic afforded benefit, the National Restaurant Association sees employment in the industry hitting 12.9 million, which would represent roughly 10% of the total American workforce. According to Dawn Sweeney, chief executive officer of the National Restaurant Association, "As our nation slowly recovers from the economic downturn, restaurants continue to be a vital part of American lifestyles and our nation's economy".
The restaurant and foodservice industry is a powerhouse that has the ability to connect with other industries. With it employing over 13.1 million Americans, its impact and influence on the economy is significant. The overall restaurant and foodservice industry made up over $600 billion in sales in 2010, in the US alone, with over 960,000 locations as referenced in the article. It has since seen an increase of 3.5 % year over year or $632 billion in 2012. The projected sales for 2013 are $660.5 billion. The total restaurant industry sales are 4% of the US gross domestic product (GDP). With all that has been stated, it should come as no surprise that there continues to be positive trading volume within the restaurant sector.
For further economic afforded benefit, the National Restaurant Association sees employment in the industry hitting 12.9 million, which would represent roughly 10% of the total American workforce. According to Dawn Sweeney, chief executive officer of the National Restaurant Association, "As our nation slowly recovers from the economic downturn, restaurants continue to be a vital part of American lifestyles and our nation's economy".
References: http://darden.q4cdn.com/612e43e4-dd91-4ed1-8ba6-8f665f3f51ae.pdf?noexit=true http://hbswk.hbs.edu/item/6424.html http://www.restaurant.org/Industry-Impact/Employing-America/Jobs-Careers-Powerhouse http://www.nasdaq.com/article/restaurant-industry-stock-outlook-oct-2012-industry-outlook-cm179883 H.G. Parsa and Francis A. Swansa, Quick Service Restaurants, Franchising, and Multi-Unit Chain Management, (Phychology Press, 2001) Business and Economics , page 201 http://www.xinhuanet.com/english/ http://news.xinhuanet.com/english/photo/2012-02/22/c_131425718_16.htm http://online.wsj.com/article/BT-CO-20120201-713562.html Theodore Levitt, “The Globalization of Markets” Harvard Business Review May-June 1983 page 92